Michael Chong: Stop borrowing from loan sharks

KUALA LUMPUR: The loan shark problem in the country is getting out of hand, said MCA Public Services and Complaints Department head Datuk Seri Michael Chong.
Chong revealed that barely two months into 2016, his department had already received 58 loan shark related cases amounting to at least RM4 million with the majority of it involving the Chinese community.
“Despite the many press conferences I have organised, coupled with the advice I have provided, people are still turning to loan sharks for their financial problems,” he said during a press conference at his office today.
To make matters worse, Chong added that the situation could get worse in the coming months, particularly with Chinese New Year around the corner and the current economic situation.
“For example, my department received 621 loan shark cases amounting to RM76 million last year, and this does not take into account the number of cases other political parties or non-governmental organisations received with regards to the loan shark issue,” he said.
Chong then advised the public to borrow from licensed money lenders instead of resorting to loans sharks.
“You will be on the receiving end of continuous harassment if any of your family members fail to settle their loans.
“Furthermore, taking a loan with a loan shark will put you in a situation where you will end up making countless payments ... you might end up paying for the loan until the day you die," he said.