Chong: Even Ah Long are selective these days

PETALING JAYA: Many businesses are facing difficulty in obtaining loans from licensed financial institutions in the face of a dampened economy, with some saying even loan sharks are more selective nowadays.

MCA Public Services and Complaints Department chief Datuk Seri Michael Chong said he had received complaints from businesses which were unable to get loans from licensed money lenders during the movement control order (MCO).

He said this could be due to them having to close during the MCO.

“Even illegal money lenders have stopped advertising their services since the start of the MCO because of the uncertainty in getting their money back.

“They are being selective by only lending money to those who have taken loans from them before, ” he said yesterday.

Chong said the loan sharks were being selective because of the limited movement due to the MCO which could hinder their debt-collecting rounds.

“Some loan sharks are also choosing to obey the MCO because it gives them the opportunity to stay at home with their families and to stay safe from Covid-19.

“This period of MCO might be the safest time for debtors to safely stay in their homes, ” he quipped.

Chong said as a result, many scammers were taking the opportunity to pose as money lenders to exploit desperate business owners.

“There are scammers now pretending to be ‘ah long’, ” he said adding that there were fewer options for businesses as many of the licensed financial institutions had to close in accordance with the MCO.

Chong urged the banks and other licensed financial institutions to be more lenient in approving loans, especially in the current economic climate.

He said small businesses were not able to hold out for a longer period compared to larger companies.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

ah long , loan shark , debt , business , michael chong , MCO


Next In Nation

Return of flights from China to Senai airport to boost tourism industry recovery
Think-tank Masa shortlists 27 for policy development grants
Bankruptcy cases involving entrepreneurs drop to 5,695 last year
Reintroduce tax relief for SSPN depositors as it helps parents, says Dr Wee
Govt to return to two political parties, family RM2.1mil allegedly linked to 1MDB
Govt to gazette 30 items under Hari Raya maximum price scheme, says Salahuddin
Social activist wants govt to clarify status of National Ombudsman
Four Thai nationals nabbed by MMEA for fishing in unauthorised areas
Five more highways to implement open toll payment system
I will continue to be involved in politics as my services still needed, says Dr M

Others Also Read