Dangers of loan sharks

6 Reasons Why You Should Never Take Loans From Loan Sharks

Loan sharks or ‘Ah Long’ as they are popularly known amongst Malaysians, are illegal money lenders that usually target the desperate and the poor.

They’re known to tempt and lull you into a sense of security by being friendly and helpful at first, offering you financial help when the banks would not accept your loan application – due to poor credit rating or if the amount requested is too low.

But the money that you borrow will come at a very high price, not to mention risk. You may think that it won’t be so bad if you’re only borrowing a small sum of money and intend to make the repayments within the shortest period of time possible, but it doesn’t work that way with these illegal money lenders. Here’s why: 

  1. Never-ending interest charges 
  2. Hidden costs and as-you-go-along terms and conditions 
  3. Important personal possessions taken as ‘security deposit’
  4. option for full settlement
  5. Be pressured to take another loan to pay for the other
  6. Violence and harassmen

Ref : https://www.comparehero.my/personal-loan/articles/why-never-take-loans-loan-sharks

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