Stop transacting with a lender that shows signs of being a loan shark.Beware of lenders who reach out to you. Loan sharks typically use public records to get the contact details of their potential victims. If you get an email or text message from a stranger offering you a loan, just ignore it. Legitimate lenders don’t do that.Check if the lender is licensed. Use the Securities and Exchange Commission (SEC) website[6] to verify if the lender is authorized to operate in the Philippines. If you can’t find the lender’s name on the list of SEC-registered companies, you can also check the SEC’s list of lenders with revoked or suspended certificate of authority.Explore other ways to borrow money. If you’re declined for a personal loan from a bank or government agency, try other licensed private lenders who may consider approving you for a loan even if you have a low credit score or low income.Manage your loans responsibly so you don’t have to resort to transacting with loan sharks as payment for your outstanding balances.