Loan Sharks & Ah Longs
In these challenging times, we need solidarity and resilience to survive this COVID-19 pandemic. A lot of workers lost their job because businesses were forced to shut down their operations like in the tourism and F&B industry.
The government has a preventive measure to secure the country and its citizens. Even in the business industry have an option to tap on government grants but they need to complete their business project to have the full grant amount and a lot of illegal lenders, also known as loan sharks and ah long find that opportunity to promote their monkey business with their flowery words to individuals and business.
They use social media advertisements for a personal loan and business loan that encourage the borrower to send their application online. A lot of police complaints have been filed and be one step ahead to outsmart the scammers of our modern time.
Here are some tips that you need to remember not to be a victim of illegal lenders:
• Never trust any loan advertisement on social media, SMS, and on WhatsApp, that’s their bait to get your attention
• Never give and send a copy of your NRIC or work permits (for foreign workers) online
• Never provide important details and documents about you online especially to someone that you just met on the web because they might use them to blackmail you
• Never give you bank account details so they cannot send any amount without your consent then they will force you to pay double, triple, and worst 10x the amount they send.
Be cautious for your own safety, as they always say, prevention is better than cure and that is applicable in every situation especially if the outcome may cause a lot of damage.
If you know someone who needs help from those illegal lenders or loan sharks, we are willing to help the victim so they can overcome their struggles emotionally because of the harassment, please send us a message at Contact Us.