Short time lending system

Do you experience to lend some money on someone or on a lending company that has some interest? What was your experience? Is the interest of that lending company was understandable or its not? I am writing this article because my mother once addicted on borrowing money and I am also involved on letting people borrowing my money with an interest.

Theres a lending system here in our place, they called it ST or Short time. They called it short time because the time frame of lending is one week only. For example, I borrowed one thousand pesos and after one week that one thousand pesos will add 200 pesos as an interest. If you will not manage to return the capital, every week you need to pay 200 pesos in every week that you cant pay the capital until the interest became double triple and sometimes the interest is much huge rather than the capital. Its is more heavy than five six. Five six is only five to six percent capital but this short time is different. Since many people here were having a hard time with their lives, I mean finding a decent job and having a financial problem they got to involved with this lending system.

My mother got addicted to this kind of lending system not because she has no money, my father is a good provider afterall. She involved in this kind of situation because she was the guarantor and end up paying the money she didn’t owned at all. I remember when I was still working in Manila, every year we got stress because she will reveal to us that she has dept and didn’t know how to pay it. As her children we don’t have choice but to help her because shes our mother. I remember the time that I gave to her my back pay which is 16,000 pesos and my savings which is 27,000 pesos because I want to help her. As much as I can I don’t want my father to know about the stubbornness of my mother and I don’t want my father to be stress because of that because my mother brought so much stress to my father.

The worse dept of my mother was last 2017 when her dept cost 120,000 pesos and we are force to pay for that. Imagine? We will pay for something that we didn’t know at all. She didn’t buy anything in the house or something but she got a huge dept and we found the answer why her dept became huge as like that. She borrowed some money and the interest of that money had also an interest, imagine that?

We pay that 120,000 for 10 months. Every payday my two siblings and I deposited 2,000 pesos to my Aunt in the province to pay for my mothers dept. it was 6,000 pesos in total and 12,000 pesos for a month. I remember those time that I always need to render overtime just to save for my mothers dept. After 10 months we fully paid it and our mother promised us not to repeat it again. She also decided to work as house keeper in my Aunt house in Bicol and our life became light, I mean no worries and we can think about our future. That’s the time I decided to get married because I see that I can now build my own family because my mother has changed already.

I got pregnant and my mother need to stop working because I need a help when I gave birth to my son. She went back here in province and her addiction repeat again but this time I got involved. I was blinded with the idea of having money without doing nothing. I just give the money to my mother and tadaahh! Every Sunday I received a money from the interest of my own money. At first I only gave a little which is 5,000 pesos and I was hooked until I gave my mother 20,000 pesos and got an interest every week. Even the money that is meant for buying an aircon for our room I still gave to my mother. For the couple of weeks I received an interest but on the upcoming weeks theres a problems occurred. The person who borrowed the money which is my cousin leave our province and hide. And to make the story short, we never get the capital from my cousin that until now is not here at our places. I was so ashamed to my husband that time because of what happened. I also asked my mother what to do but we cant do anything because we have no agreement on that money with my cousins signature. We choose to move on and think that those money will be back to us double or even triple.

I thought I already learned my lesson and didn’t get involve on that lending system again but Im weak. I got hooked again and give 20,000 pesos to my mother again. That 20,000 pesos is my excess money that I received on my SSS maternity loan. Like on my first time I received an interest, I also gave my mother 50 percent of the interest of my money. Let say its 20,000 pesos. The interest is 4,000 pesos per week. The 2,000 pesos is mine and the 2,000 pesos is for my mother. Pandemic came and most of the borrowers loss their jobs and their husbands job. I didn’t recieved any interest until now and it seems they forgot the money they borrowed.

Its been 1 year since it happened and I promised myself not to get involved in thar lending system and just look for a decent way of earning money. I must say life is better when you live the life that is clean and no illegal acts. I learned my lesson and I am sharing this to you as a testimony that once in my life I got hooked with that kind of system even if I know that its not good especially to those people who has financial problem and I am adding up more problem to them. Feel free to judge me guys. I just thought of it because someone message me on Facebook borrowing some money and like what I promised I will not get involved to that anymore. If they feel mad at me it's fine. I am just happy and contented inside our house making some noise and writing an article and I don't want to involve with that borrowing thing.