M'sian Devoted To Removing Loan Shark Ads After Settling Debt With RM24/Hour Late Fees
The security guard only borrowed RM2,000, but the debt quickly ballooned to RM20,000 due to the high interest rate and late charges.
By Yap Wan Xiang — 28 Apr 2023, 05:13 PM
A Malaysian man has taken it upon himself to remove loan shark advertisements by the roadside after escaping a vicious debt cycle that charged him late fees of RM24 per hour
25-year-old M Vikram Naidu used to carry a debt burden of RM20,000 even though he only borrowed RM2,000 from a loan shark during a difficult point in his life, reported Harian Metro.
He had to borrow the money to facilitate several matters in order for him to start working in Singapore.
Not only did the loan shark impose a high interest rate, but also charged an exorbitant late payment fee of RM24 per hour, causing his debt to balloon tenfolds.
"From when I was single until I was married, I could not repay the debt. And my RM4,000 to RM5,000 monthly salary while working in Singapore was used up to pay the ah long (loan shark)," he recounted.
"In fact, my rental house in Skudai, Johor at that time was also often visited by people who wanted to collect debt. If I didn't pay or was late, they would threaten me, which eventually caused my house to be damaged," he told the daily when contacted.
After taking three years to settle his debt, Vikram has made it his life's mission to ensure other people do not suffer the same fate
"Many also complained to me that they were often harassed by ah long, with some splashing red paint and throwing eggs to scare them," the security guard shared.
"I have also seen many posters of this offer (loan shark advertisements) around the city, which will cause desperate people to borrow money that will end up troubling them.
"So, as long as the posters are still there, it is possible that people will continue to be trapped (in debt cycles)," he said, adding that he is now afraid of taking a loan.
The security guard continued that he knows people are always afraid of coming forward and making a police report whenever they are harassed by loan sharks
"All those posters were put up without permission and they're still there. So, I took them down myself because it's obviously wrong.
"I believe that if many people support this initiative, all the (loan shark) banners all over Ipoh can be cleared. I am also ready to help those who are being harassed by ah long," Harian Metro quoted him as saying.
Vikram went viral earlier this month for posting multiple videos of himself tearing down loan shark banners in Ipoh.
One of the videos racked up over 2.2 million views:
