What Salary?
They say that teachers have a reputation of using up their salary even before it reaches
their hands. Then when payday comes, they ask, “what salary?”
So what do they do in order to get payday loans? They use their paycheck as collateral with lending companies. Of course, you cannot acquire a payday loan from a company without providing them with a collateral, as you may run off with their money. The lending company will then cash in you check when the date on the check comes.
Okay, how do these companies earn? They get 10% of the amount on the check. Let’s say your salary is 10,000 pesos. You apply for payday loans and you have the check as your collateral. The company will just give you 9000 pesos for it. Fast money for them huh? Well, that is how the system works and that is how they make their business grow big.
I just wonder why this is so because teacher’s salaries are quite big, bigger than most people working in private companies. And why are teachers singled out? I am pretty sure that there are other kinds of employees who do that, but why are teachers notorious for their payday loans? Hmmm…that is something to think about.
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