IN a recent post on the Muflis Bankrupt Facebook page, a Malaysian government employee, who wished to remain anonymous, shared his harrowing experience with personal loans.
The man, opened up about how his initial excitement over easy access to funds quickly turned into a financial nightmare.
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“Personal loan. I used to be excited about borrowing and handling a lot of money because it was easy to get and I was eligible (government staff),” he wrote.
His enthusiasm, however, soon led to a cycle of increasing debt.
“But it turned out to be a regretful decision because I misused the personal loan facility.
“It started with 50k, and when it was depleted, I would transfer the debt to another bank and borrow more bit by bit—sometimes 10k, sometimes 20k—whenever I was eligible,” he stated.
“I moved from bank to bank until the total loan amount reached 200k.
He confessed that the borrowed money was squandered on non-essential expenses, leaving him with substantial debt and high monthly payments.
“When the money was gone, I didn’t use it for anything meaningful because I had no plan for it,” he said.
“Now, due to the high monthly payments, I’m applying for a restructure with the bank. I’ll keep paying until it’s fully repaid.
“Lesson learned: unless there is an urgent need, never take out a personal loan. It can become a significant burden,” he concluded.
Netizens were quick to share their own accounts with some sharing advice and tips on how to restructure his loan.
One user called Wan Muhammad advised: “Message me. Let’s try debt consolidation. From there, we can close old loans with high interest and combine all loans into one. Any extra cash can be saved or used to buy gold.”
“It’s okay; don’t repeat old mistakes. Let’s correct them. Don’t take on debt again,” Farra Inara commented.
