Of Loan Sharking and social responsibilities.....

“ Having financial difficulty ? Want to take loan but not qualified ?
Don't worry,
we are also not qualified ! Call 011 – 11581169
( Sunshines Credits Co.).
Fast processing of loan application and disbursement.... “

I would not be surprised to see advertisements by loan sharks similar to the above. As it is, my mailboxes are filled with name cards from loan sharks. The entrance of my office are defaced by the loan sharks' photograph size stickers. Occasionally, the loan sharks even placed pamphlets on the windscreen of my car. Over the past few years, there have been a very visible increase of loan sharks in town. I do wonder where did all these loan sharks came from and why are they so flush with money ?

A Loan Shark is a person or body who lends money at exorbitant interest rates, the loan, usually unsecured, is often backed by blackmail or threats. The loan shark usually target the credit facility to those who are not able to obtain loan from mainstream lenders. In Malaysia, the local Chinese nicknamed loan shark as “Tai Yee Loong (大耳窿)”. The local Malay having problem pronouncing “Tai Yee”, so they called the loan shark “Ah Loong (阿窿)”. I don't know what is the terminology in Tamil, could it be R'ler Ombedeh ?

The interest rate for loan secured from a loan shark can be as high as more than 100%. When a borrower failed to repay the loan, the loan sharks are usually very creative in convincing the borrower to pay up. Some of the tactic include splashing red paints or graffiti at the house of borrower, harassing and intimidating family members of borrower, physical violences, etc. So, for your own sake and physical well being, if possible, don't take any loan from any illegal money lenders. If you have some financial difficulties, please pray hard to God, because it is God's responsibility to take care of you. If your God failed to deliver his responsibilities, please convert to other religions. Yep, it is safer to blame your financial difficulties on God than taking the loan and be sorry later.

Well, I guess the loan shark is also doing his part of social responsibilities by offering loans to all those people who are not qualified to obtain loans from our reputable financial institutions. Let us accept the reality that, banks and finance companies are only interested to offer loans to “well off” people. For poor people, at least the loan sharks offer them a fighting chance to breakout from the financial difficulties. So until such times when all the banks and finance companies are willing to offer unsecured loans to poor people, perhaps, in the mean times, our caring government should look into the possibilities of licensing all illegal money lenders and made them legal. By licensing and legalizing the illegal money lenders, more monies will be available to the poor, and a standard code of conducts can be implemented to ensure the borrowers are not abused.

It would be interesting to see all the loan sharks shed their perceived hooligan image, and gang up to put up a public relation campaign to improve their image. May be they should start gotong royong to clean up clogged drains, donating to welfare homes, help the housing estates to fight petty crimes, etc. Or perhaps, a public campaign of “ I Love my Loan Shark$ “ ? And a campaign of “When you run out of money and desperate, where do you go ? LOOOOAN SHAAAAAARRRRRKKKKKKKKS”.

Good NiteZZzzzzzzzzzzzzzzzzzzz.....