Loan payment

Hi everyone,

I actually borrowed money from this private company, i went to their office last July 3 and he released the money on the same day. We verbally agreed with my guarantors that i should pay on the day i received my salary, never told him the exact date however i mentioned not later of the last week of every month. Take note there’s a 5% interest every month.

On July 17th, i was surprised when he asked for a first payment in fact its not even a month yet and i told him i still did not received my salary but on the 24th i received my salary and took a screenshot and send it to him so that he’ll be able to withdraw my payment on my card since its on their hand my payroll card.

But last month on August 26 since i still did not receive my salary and told him maybe they will give my salary on the 28th as per my employer, he threat me saying they will complain me to their lawyer and they will double my loan if i still could not pay, i was stress out and just ask my friend to lend me money so that i could pay right away. But now i realize, i never signed any papers that i should pay every 17th of each month because he just told me that i should pay on that date which we did not agreed on in the first place.

I asked him if this is a Monthly installment, and he said but could not understand why he needs to collect money when in fact its not even a month on the release day of the Money.