The likely caller is “John”, a loan shark or Ah Long who loaned her RM10,000 to ease her COVID-19-related financial problems. theSun theSundaily COVID19 pandemic FinancialCrisis Malaysia
Afiza does not pick up her phone. The phone falls silent, only to ring again after a few minutes.
Afiza is among the estimated thousands of Malaysians who are believed to have turned to unlicensed moneylenders for funds before and after COVID-19 shut down the world in March 2020. For those who do not have much time, collateral or have a poor credit score, the money loan sharks are willing to lend without much fuss can be the difference between a hawker being able to earn an income – such as buying bananas to make and sell fritters – and earning nothing.
He warned since illegal moneylenders are not governed by any regulation or guideline, such arrangements usually come with strings attached. “I once lent RM2 million but it was to a somebody, a Datuk. He paid back but by the time he paid back, it was 5, 6 million already,” he said. Afiza shuddered, remembering those days when she failed to settle her second loan of RM10,000. She said that was when the trouble started.
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