My experience with loan sharks (ah long)

Never go for the loan sharks ! I was in deep trouble, thinking that loan sharks could offer assistance to relief my financial constraints, eventually, I ran into deeper debts.

Ah long's flyer says " Approval of loan is easy with low interest ", and it is NOT really a truth when you approach for the loan. Ah Long will have to survey on your working environment, to take a look at your resident, to ask for a deposit of a cheque .. and the interest is definitely NOT low as advertised. I took a loan of RM 10,000.00 from an Ah Long :

Loan Amount : RM 10,000.00
Cheque deposit : RM 10,000.00
Cash deposit : RM 1,000.00
Service charge : RM 300.00
Interest for 7 days period @ 12 % = RM 1,200.00
Total deduction : RM 2,500.00
I get : RM 7, 500.00 and signed for a borrowing deed document of RM 10,000.00.

Well, I borrowed RM 10,000.00 and I was given RM 7,500.00. A computation that is a disadvantage to your side, however, given no choice, What can you do ? You do NOT know where is the Ah Long's office, the transaction is done by runners. From the day the money is banked into your account, you are liable to pay back the principle sum in a week's time, or you have the option to pay for the 12% interest for a drag of a further week.

Ah Long office girl will call up to get your confirmation on the deposit of the money into your account. The runner will call you within the 7 days every now and then to check whether you are able to pay the principle sum at the maturity period or will like to continue paying for the interest.

It was additional burden after taking the loan from the Ah Long, very soon a week ended, I was unable to find money to settle for the principle sum but opted for the payment for the interest to drag for additional 7 days - RM 1200.00 dumped unneccessary again.

Ah Long's money did NOT help me in relieving my debt problem, it escalated my debt issue and added harassment to my daily life. I decided to find money to terminate Ah Long's loan in the following week and I did. On the day of maturity, I brought cash and met Ah Long's runner at the car park of a supermarket, handed over the cash to him, however, the runner repeatedly refused to accept the cash but to pursuade me to pay for the interest and continuing to use the cash. I was firm and insisted to settle the loan by saying that I would have to travel abroad and would NOT be around for a month, hence, did NOT need the cash. The runner had no choice BUT to return my cheque deposited with them in exchange for the cash. I demanded for the borrowing deed agreement that I had signed earlier to be returned, however, the runner said it was not necessary to return at this juncture, the agreement deed was kept safely at the office, it would save the trouble for signing another agreement deed if I were to borrow in the future. I could NOT recover the agreement deed till now. I am really worry that one day the Ah Long will present the agreement deed that I had signed and claimed that I owed them RM 10,000.00, it is written in Black and White!

Even I have settled the Ah Long's money .Ah Long's runner will call from now and then to lure me into further loans. I often replied politely that I did not need borrowing anymore.

Do NOT borrow from the Ah Long .... the interest will kill you in no time. The calls from them will really harass your normal life ... Stay away from them.