If you are not from where I am now, you have probably not heard of the term Ah Long” (plural, Ah Longs).
It’s a name given to unlicenced individuals who offer instant cash loans to desperate Joe Publics but with exhorbitant interest, some reaching as high as 300 per cent and short re-payment period, some just a matter of days.
They are the notorious loan sharks, whom people are still coming for quick cash despite all the stories of harrassments and threats and actual physical harm inflicted by debt collectors hired by these Ah Longs.
Just Google the keywords “Ah Long Threats” and you’ll see what I mean; which got me into thinking why hasn’t anyone thought about starting what is known in the United States as Payday Loan.
Payday loan or cash advance, to me, is the answer to the financial woes of those in need of short term emergency cash.
In the U.S., Oasis Payday Loans is among cash advance providers, offering a loan in between paydays ranging from as low as $100 to $1,500 with no credit checks. Application can be made online and in most cases, customers don’t need to fax any paperworks.
But the service is available only for those earning $900 and above, for assurance that he or she is able to pay the loan back. I think, cash advances are a much better option than resorting to obtaining loans from Ah Longs.
Someone ought to start the service in Malaysia.
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