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Malays are the prime targets of loan sharks in M'sia

Publication Date : 04-02-2014

 

Loan sharks in Malaysia find the Malays easiest to bully, reported Malay-language daily Utusan Malaysia.

Quoting Malaysia Chinese Association (MCA) Public Services and Complaints Department chief Michael Chong in a special report on illegal moneylending, the daily said borrowers were often cruelly and mercilessly treated by the ah long (loan sharks).

He said the loan sharks found it easier to dupe the Malays into borrowing 1,000 ringgit (US$298.91) for a repayment of 10,000 ringgit ($2,996) as the interests on instalments were hefty.

Furthermore, the Malays are easily humiliated and frightened, encouraging the ah long to brazenly put up posters of the borrowers’ faces in public places to coax them into paying up faster.

Chong said there was an increasing number of Malay women taking out loans, adding that most Malay borrowers were desperate due to failed business ventures and get-rich-quick schemes.

He said the Chinese mostly borrowed from loan sharks to support their gambling habits.

 

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