Loan sharks are shifting their operations to social media platforms like TikTok, targeting students with 'emergency loans' and 'quick loans.' A 15-year-old boy from Selangor has accumulated RM13,000 in debt. Social media influencers are being used to promote these illegal services, earning them significant amounts for short advertisements.
Loan sharks are now using social media platforms like TikTok to target students, offering them ' emergency loans ' or 'quick loans' that seem easy and hassle-free. A 15-year-old from Selangor revealed he had accumulated RM13,000 in debt to 12 loan sharks . The loan sharks are employing social media influencers to promote these services, often paying them large sums to advertise their offers.
Some influencers can earn up to RM2,000 for just two days of promotion, connecting interested followers to loan shark agents
Loan Sharks Tiktok Social Media Students Emergency Loans
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