(Video) Be wary of online moneylenders

02 Apr 2019 / 18:23 H.

KUALA LUMPUR: Do not fill out online forms from moneylending services, as they could bank in money into your account without your confirmation of taking up a loan.

MCA Public Services and Complaints Department head Datuk Seri Michael Chong said this in highlighting the case of Yap Wei Yau, 25, who is now being threatened by loan sharks.

Yap said in the first week of March he filled out an online form on Facebook that was posted by a company offering personal loans. He gave his personal details, including his bank account number, as well as copies of his utility bills and three months’ payslips as supporting documents.

On March 16, he received a WhatsApp call asking if he needed a personal loan. Yap told the caller he needed to borrow RM5,000. The person then said he needed to check with his “company” and get back to Yap.

Later that day, Yap received a push notification from his bank that RM902.40 had been transferred to his account.

“I figured that it was the moneylender as he was the only person, I talked to about getting a cash advance. I was surprised that I was not asked to sign any agreement letter.“

Yap said he contacted the caller and was told that his loan was approved and his repayment amount was RM1,350. It was to be repaid within seven days of approval or an RM450 interest fee would be imposed to “renew his account”.

Seven days later, Yap settled his debt by banking in RM1,350 into the lender’s bank account. He received a call saying there was an additional RM450 interest fee.

The moneylender threatened to send debt collectors to his house to demand for RM10,000 if he didn’t pay the fee.

“I constantly receive videos of houses being burned and sprayed with red paint from the lender on WhatsApp. He threatened similar actions on me.”

The videos were shown during the press conference. Yap said he lodged a police report on the threats on March 23.

Watch one of the threatening videos here: https://www.youtube.com/watch?v=AmeD4oH-SuM

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