24-Year-Old Seeks Loan from Ah Long to Settle Unpaid Rent, Ends Up RM32K In Debt to 16 Different Loan Sharks
Challenging times often lead individuals to resort to extreme measures due to desperation. An old video depicting a 24-year-old woman trapped in a web of debt has resurfaced on X.
Despite the passage of time, the prevalence of debt and financial hardships persists, particularly among the youth who may lack financial literacy. In the video shared on PPIM's YouTube Channel, the woman acknowledged borrowing money not from one, two, but from 16 loan sharks simultaneously in an attempt to address her financial woes.
Unbeknownst to her, this decision marked the beginning of her downfall, plunging her into a staggering RM32,000 debt.
What circumstances had driven her to such desperation? The unnamed victim revealed that she sought financial assistance to settle her overdue rent by reaching out to loan sharks she found on social media. Unfortunately, she was unaware that she had engaged an unlicensed lender who imposed exorbitant interest rates.
Struggling to meet weekly installment payments, she had no option but to turn to additional loan sharks to cover previous debts. As the debts accumulated beyond her capacity to repay, the loan sharks resorted to their typical tactics—intimidation—by plastering her pictures with a label proclaiming, "This person is not paying her debt."
Describing her situation, the woman shared, "I reached out to more and more loan sharks to help cover my previous debts. I ended up owing RM32,000." Regrettably, she refrained from seeking help from her family at the time, fearing she would become a burden.
"Back then, I didn't realize that the debts I had incurred were actually a burden to my family," she confessed.