Top 10 reasons why teachers should not pawn their ATM card to lending institutions

Reasons why teachers should not pawn their ATM card

Teachers nowadays tend to run to private lending institutions for help when broke. This is a reality that is obvious in the community of public school teachers in the Philippines. It is because of the arising needs that they tend to do this. Their salary cannot guarantee to provide and cater the needs of their family.

It is a suicide decision to pawn their ATM cards to the private loan sharks that are waiting. This act is usually done by teachers whenever they are desperate to look for means to survive. Now, they get the money that they needed but in the long run it is still them who suffer the consequences of this action.

Here are the top 10 reason why teachers should not pawn their ATM cards in lending institutions:

1. Private loan sharks have very high interest rate.

2. You can’t get your ATM card that easy because you have 10 years’ time contract with most of these loan sharks.

3. You always tend to apply for re-loan which means an extension of years.

4. Private institutions offer big amount of money which will lure the teachers.

5. There is no mercy for teachers in the private lending institutions.

6. Low customer service.

7. Hidden charges and unclear computations.

8. Very hard for you to get statement of account balance.

9. Their ATM is very expensive and you can’t use it anyway.

10. All they care is about your interest and not their clients.

If you are a teacher and still no experience in this type of loans, better to avoid this and don’t doom your life. There are still any other means out there. If you want to experience smooth life as a teacher read this article. This will help you not to fall into the pit most of the teachers are in recently. – Avril | Helpline PH