I WOULD like to share my encounter with two loan monsters so that the public will be aware of their modus operandi. And I urge the authorities to eradicate this menace.
On June 11, I borrowed from one such loan givers, who had advertised his services through a poster.
I wanted f to borrow RM3,000.
He came to my flat and told me I would get RM1,950 after taking off RM750 as an “upfront interest” of 25 per cent on the total amount 0 for 10 days and RM300 as a “fee” for opening a new account.
After 10 days, I could choose to pay only the RM750 interest or settle the whole loan. I agreed to it.
Later that day, I discovered only RM1,630 was deposited into my bank account.
When I asked about it, the man told me his company had deducted RM300 as “late payment deposit” that can be forfeited if I missed my payment.
If If I pay on time, I will only have to settle RM2,700, which is RM3,000 minus the “late payment deposit” of RM300.
Even though I was annoyed, as this was not agreed upon earlier, had no choice, as I did not want to create trouble and I knew I could pay the interest on time.
I also asked the man why I only received RM1,630 and not RM1,650 after RM300 deposit deduction.
He said the bank had charged RM20 for the money transfer.
When I double-checked with my bank, I was told there were no such charges.
On June 19, the man called me and gave me an account number for me to pay up.
I told him it was only nine and not 10 days, as agreed upon. He said Sunday was not counted. Since I already had the RM750 in hand, I just paid up the interest without arguing.
Nine days later, on June 28, the man called me up again about 11am.
He asked me whether I wanted to pay the interest only or settle the whole amount of RM2,700. I told him RM750 interest was confirmed, but was not sure about settling the whole loan.
He told me if I wanted to pay the whole lot, it would be made to another account. I then asked to him to SMS me the account number.
He told me if I wanted to settle everything, it must done be before 1pm. I told him we had agreed earlier that it was before 5pm. He said, “I am telling you now”, but I told him, “No such thing”.
About 3pm, I called him for the account number, but he refused to give me, saying that it was already past 1pm. I told him we had agreed earlier it was before 5pm. He them threatened me by saying that if I deposited the money on the first account, it would only be considered as interest paymen.
I ignored him, however, and deposited RM2,700 into the earlier account.
The man threatened to send back the money to me, but did not do so. He then called and threatened me, and SMSed me with threats in Chinese and English
I subsequently lodged a report the same evening at the Jalan Bandar (Jalan H.S. Lee) police station.
The man had, in fact, sent his people to pry open my house door earlier on June 19 because he could not reach me that morning, as my mobile phone was not switched on then.
In the same police report, I also mentioned another loan monster,who called me to offer a loan. He must have known that I was looking for another loan. I then wanted a RM5,000 monthly loan to clear up the first loan.
The second man told me he could give me a 25 per cent monthly interest, and I would receive RM3,750 (RM5,000 minus RM1,250) with no other charges. I agreed.
After several calls, he confirmed with me that the loan had been approved by his company.
I have told with him several times that I only wanted a monthly loan and I would receive RM3,750. He reconfirmed with me each time, saying the money was on the way.
Two days later, on June 28, the man SMSed me that his office would only lent RM1,000 for 10 days to me, not a one-month term.
I checked with my bank account which showed he only sent RM480.
The man SMSed me 10 days later, telling me that if I wanted to clear the loan, I would have to pay RM850 or else just y RM250 as interest.
I told him that was not what was agreed upon and confirmed, and the term and amount were not what I wanted. I asked him for his account number, so that I could return the loan money.
He told me he had no account. The man later SMSed threats to me in Chinese,
While at the police station, I told him that I had made a report. He then SMSed me to hold the money, saying he would call the next day. Till , today he has not done so.
Both cases show that these people have the appetite of a monster, not a shark. If anybody were to submit to them, that will be the end of him.
S.K.Y., Kuala Lumpur