LOAN sharks or ‘Ah Long’ as they are popularly known amongst Malaysians are sometimes the last resort, especially when one is in desperate need of money.
Recently, an old video has been circulating on X of a woman who had admitted to borrowing money from sixteen loan sharks at once in an attempt to aid her financially.
Little did she realise, the decision cemented her destiny, leaving her with RM32,000 in debt and little to no financial knowledge.
According to reports, the victim stated that she wanted to pay her unpaid rent, so she began contacting loan sharks found on social media for financial assistance.
The victim, however, was unaware that she had sought assistance from an unregistered dealer who charged her excessive interest rates. Unfortunately, she was then compelled to pay the payment monthly, which was too heavy of a burden for her.
Unsure what to do, she was forced to seek additional loan sharks for assistance in repaying her prior loans.
When her debts piled up and became too much for her to handle, the loan sharks frightened her by posting images of her everywhere with the statement, “This person is not paying her debt.”
Unfortunately, she went on to say, “I’m turning to more and more loan sharks to assist pay off my earlier loans. I ended up owing RM 32,000.”
Following that, the woman stated that she did not contact her relatives in order to avoid burdening them. Fortunately, a recently published video from the PPIM YouTube page revealed that they were able to clear the girl’s debts for her.
Money saving and investing are equally vital, and this instance demonstrates how important financial knowledge is for the younger generation.
