What is an Ah Long? As described by Wikipedia,
That's why Malaysia is warning their citizens on these illegal money lenders. But one reason why the people are also being drawn to them is that because money could be loaned fast and without a collateral and therefore pay their outstanding debts from other people/establishments fast. But the problem is, it's illegal and the Ah Longs are tough. They could have gone to legal companies that offer debt loan consolidation or better yet they could have managed their finances well and lived within their means so as not to owe anyone.
Ah Long (derived from the Cantonese phrase "daai ji lung", 大耳窿) is a term for illegal loan sharks in Malaysia and Singapore. They lend money to people who are unable to obtain loans from banks or other legal sources, mostly targeting habitual gamblers. They charge a very high interest rate (about 40% per month/fortnight which equals 1422%/33087% per annum due to the constantly compounding interest.) and frequently threaten violence (and administer it) towards those who fail to pay in time.That's why there are a number of cases in Malaysia where the lenders were being harassed, tortured or blackmailed by the Ah Longs or loan sharks. Sometimes, when the lenders are unable to pay and the pressures and threats of the loan sharks are too unbearable, they tend to take their own lives. This is such a pitiful state.
That's why Malaysia is warning their citizens on these illegal money lenders. But one reason why the people are also being drawn to them is that because money could be loaned fast and without a collateral and therefore pay their outstanding debts from other people/establishments fast. But the problem is, it's illegal and the Ah Longs are tough. They could have gone to legal companies that offer debt loan consolidation or better yet they could have managed their finances well and lived within their means so as not to owe anyone.
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