Malaysian Loan Sharks And The Chaos That Ensues

loan sharks in malaysia Photo Courtesy of Asia One
In Malaysian news, a homeowner is menaced and her property is attacked due to one of her former tenants being pursued by an angry loan shark. While the man who fled just in time seems to be out of the aggressor’s reach, her house is being completely victimized over and over. Whether or not the loan shark is trying to make a statement or get revenge on the man, the repercussions of the debtor are falling in the hands of an innocent lady and her only property.

I was not at home when the Molotov cocktails were hurled at the house,” the woman who wanted to be known only as Lee, told reporters at the MCA office here. –

See more at: http://www.themalaymailonline.com/malaysia/article/woman-terrorised-by-loan-shark-after-tenant-reneges-on-debt#sthash.aPxjNrYT.dpuf

The debtor, known as “Ah Jack”, who briefly rented a room in the house, was most likely a gambler due to the booming industry now making their footprint in Malaysia. With 3 out of every 5 people in the country borrowing from loan sharks with a low payback rate, many homes have been visited and vandalized leaving complaints for authorities to bring the illegal industry to a halt. The problem only seems to be getting worse as all that can be done is to warn the citizens to not indulge in such deals as it is very dangerous and statistically leads to a violent outcome.

The single mother and homeowner noticed her house drenched in red paint on multiple occasions. On October 2nd and the 7th, the woman’s house was covered by a bloody red layer of paint sloppily tossed on her home by an angry man. This is a common tactic loan sharks use in Malaysia possibly to foreshadow a fatal incident if the debt is not collected. Another method of intimidation used is the hurling of decapitated chicken heads at the debtor’s place of residence. The 52-year-old woman tried multiple times to reach Ah Jack, her former tenant, so her house can be spared from the angry collector. With no contact made, the woman urges the man to hurry and pay the loan back to make everyone happy and safe.

On the 15th of October, the shark took a very serious approach in his malicious actions by attempting to burn the house to the ground. Luckily, the homeowner, known as “Lee”, and her child were not present when the man threw Molotov cocktails through the window of Jack’s room. The fire did not spread around the whole house, only leaving a portion of the property charred and unstable. A shaken and afraid Lee is concerned about the well-being of her property, and more importantly her precious cargo who is unsafe with a raging loan shark targeting their house for payback on a man who never paid back in the first place.

These events play a small roll in a huge problem in Malaysia. Most people borrow from these financial vampires in order to avoid banks and their lengthy paperwork. Once the money is in your hands it seems like a good idea, but once it is time to pay the debt, loan sharks make you wish you chose the recommended legal route.

1 Comment
  1. I an in need of a 1000$ to 500 loan bad today who can help can pay back in 2 weeks

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