Two Clear Reasons for #SayNoToAhLong
Even if you need cash, borrowing from “Ah Long” is definitely not the way to go and here’s why:
1. It can be very dangerous
There is no exaggeration here – loan sharks are a dangerous species that prey on vulnerable people who are in dire financial situations.
When borrowers are unable to pay, loan sharks are reportedly threatening borrowers and their family members, violent harassment, and even worse …
2. It is very, very expensive
You will never get a fair offer because Ah Longs operates ‘freely’ and charges interest and fees at will.
A well-known case is a loan shark that charges a penalty fee of RM1,600 a day which cannot be borne for a loan of RM2,000.
Some even continue to blackmail borrowers after full payment is made!
This is definitely a reason to stop you if you plan to borrow from a loan shark.
Here are some of the safer and cheaper options to consider when you need cash:
1. Personal Loans
While a personal loan is one of the best options for securing cash, it is not a good option for everyone.
Potential borrowers who have tried to apply for a personal loan and were turned down are people who are at risk of getting the services of a lender when in despair.
But the important thing to note is that there are many types of personal loans out there.
Therefore, when applying, look for homework and find a loan that suits your situation. This can increase the chances and get it.
For example, if you get a modest salary, look for a low-income personal loan.
Government officials and officials, check the options and personal financing plans offered specifically for those in the civil service.
You may also want to request a secured personal loan (requires collateral and collateral), if you are considering your credit history.
However, if personal loans are not an option for you, check out the other suggestions on our list.
2. Credit Card Cash Installment Plan
The method and credit card, details and maybe you want to use the credit card cash installment plan provided with the card.
How does it work? The cash installment plan is commonly used and the balance has credit and becomes a loan with a fixed payment plan.
Interest rates range from standard credit card financing rates of 15% p.a. up to 18% p.a. or more attractive promotional prices.
The application process for cash installment plans is different from banks but you may be able to apply online or over the phone.
Production speeds also vary but generally range from 24 to 48 hours, sometimes more.
If you need to borrow cash on the spot, then ATM cash via credit card is an option to consider. For Pinjaman Wang Segera Malaysia Berlesen , please contact us.
But keep in mind, ATM credit card cash advance is a very expensive way to get the cash you need and if you can wait for it, then the best is what you do.
3. Licensed Money Lenders
If you do not have a credit card and a small opportunity for a personal loan, then a licensed money lender can prove a better option.
And the good news is that licensed money lenders are the opposite of lenders, for a number of reasons.
For one, licensed lenders are not allowed to charge too high an exploitative interest rate.
In fact, because they are licensed and regulated, they can only charge up to 12% p.a. for secured loans and 18% p.a. for unsecured personal loans.
Another important way for money lenders is different from lenders, is that they are not allowed to intimidate or harass the borrower for repayment.
This, along with the much worse effect, as mentioned above, is the calling card from the lender!
Therefore, it is safer and cost-effective to find a licensed lender instead.
Check the directory of licensed lenders from the Ministry of Urban Wellbeing, Housing and Local Government (KPKT) to find out who is in your district.
You can also see JCL, a licensed money lender that allows you to apply online and promise fast processing within two days (if your documents are in order, etc.).
4. Cash Refinancing
So what is cash refinancing?
This is a method of withdrawing money out of the equity you have built in your home as its value increases and your mortgage debt balance is reduced.
With cash refinancing,