Authorities and Banks Neglect, Ah Long A Beacon Of Hope
Ah Longs’ clientele come from various walks of life.
Gamblers: The addiction to fast and easy money makes this group desperate for cash when they lose money. So turning to ah long for financial help is the easiest way. The money is used to gamble again and winnings used to repay the ah long’s loan, if they lose, the cycle of borrowing continues, it is a common for gamblers to borrow from multiple ah long.
Hawkers and street peddlars: Such businesses need cash to survive daily, especially to buy raw materials and run the business. Ah long often provide this group with fast cash since there is daily income. Repayment for this group is often on a daily basis.
Small businesses: Ah long favour lending to small business such as restaurants, workshops and grocery shops where there is daily revenue. Most small business owners, especially sole traders, borrow from ah long in the event of financial difficulties as it will be an arduous task to obtain a bank loan for their small business.
Taxi drivers: An alarmingly large number of cabbies in the city resort to borrowing from ah long, especially if their cab breaks down or needs maintenance. Money is repaid either daily or weekly.
Flesh trade workers: Ah Long often work in cohorts with pimps to lend money to prostitutes. The loan is deducted from the earnings they get from each client they solicit. Many of these women borrow from ah long to finance their drug or gambling habits.
Contractors: Ah Long often provide loans to contractors, and these sums must be returned with interest on a weekly or monthly basis. Many contractors, especially those on a small jobs like renovations, need quick money to buy construction materials and pay the salaries of foreign workers, especially if their client delays payment.
Working class: Many average wage earners whose salaries are credited through banks, go to ah long if they need extra cash for marriage or maternity bills. The ah long will deduct the loan sum from the borrower’s salary.
Middle class: Ah Long also have professionals like lawyers and doctors as their clientele. Many professionals refuse to seek financial help from colleagues or friends, for fear of being looked down on. Since many ah long provide a discreet service, professionals have no qualms borrowing, and some even exchange cheques for fast cash to meet financial obligations.
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I would like to share my son’s experience in trying to secure SME, Micro, Overdraft and even Mara Loan. My son started his bakery ingredients shop five years ago. As capital was limited, the business remain small but enough for him, alone to survive. In 2007 due to personal problems, he was burdened to support us, a family of seven. He applied for the SME, Micro Loan, Overdraft and even Mara without success. The reasons for all the rejections were that his current account did not show active figure of above RM20,000 per month for three conservative months. Even if he succeeds in keeping that figure, the bank can only give him a loan of around RM2,000 which was a waste of time for the bank to do so.
At that time he wanted to only borrow RM50,000 to pay off some debts.
I would like to remind the authorities and banks that if a person has RM20,000 in their account, why is there a need to borrow. People in business borrow money to ease their burden or for expansion. Not to jolly away in some nightclub and giving tips of RM50.00 per drink.
I know of some millionaires and even two billionaires who borrow over RM600 million without any collateral and they use that money to gamble or spend on their mistresses and for illegal activities. Many have not paid back and the banks just erase the loan in their books without a blink.
What is the purpose of SME and Micro? Are they implemented so that it caters for the rich and elite group of people?
I had fought with all the banks around my area yet none, even Bank Negara can provide me with a suitable answer. They have a habit of saying “We will look into this etc……”
Any decent person when pushed to a corner will crumble and seek Ah Long’s help in time of need. Say what you like, some businesses were saved by the Ah Longs.
I would like to give my two sen about the Amanah Saham. This Saham only benefit the rich. I know of a Billionaire who purchase the maximum amount of shares from bank loans for his growth up kids and grandchildren. A millionaire singer, both husband and wife also purchase the maximum of shares. What about the Ministers who are given first priority for the purchase of such shares? The public only gets crumbs. This is an abuse and robbery by the government who is selfish.
Gamblers: The addiction to fast and easy money makes this group desperate for cash when they lose money. So turning to ah long for financial help is the easiest way. The money is used to gamble again and winnings used to repay the ah long’s loan, if they lose, the cycle of borrowing continues, it is a common for gamblers to borrow from multiple ah long.
Hawkers and street peddlars: Such businesses need cash to survive daily, especially to buy raw materials and run the business. Ah long often provide this group with fast cash since there is daily income. Repayment for this group is often on a daily basis.
Small businesses: Ah long favour lending to small business such as restaurants, workshops and grocery shops where there is daily revenue. Most small business owners, especially sole traders, borrow from ah long in the event of financial difficulties as it will be an arduous task to obtain a bank loan for their small business.
Taxi drivers: An alarmingly large number of cabbies in the city resort to borrowing from ah long, especially if their cab breaks down or needs maintenance. Money is repaid either daily or weekly.
Flesh trade workers: Ah Long often work in cohorts with pimps to lend money to prostitutes. The loan is deducted from the earnings they get from each client they solicit. Many of these women borrow from ah long to finance their drug or gambling habits.
Contractors: Ah Long often provide loans to contractors, and these sums must be returned with interest on a weekly or monthly basis. Many contractors, especially those on a small jobs like renovations, need quick money to buy construction materials and pay the salaries of foreign workers, especially if their client delays payment.
Working class: Many average wage earners whose salaries are credited through banks, go to ah long if they need extra cash for marriage or maternity bills. The ah long will deduct the loan sum from the borrower’s salary.
Middle class: Ah Long also have professionals like lawyers and doctors as their clientele. Many professionals refuse to seek financial help from colleagues or friends, for fear of being looked down on. Since many ah long provide a discreet service, professionals have no qualms borrowing, and some even exchange cheques for fast cash to meet financial obligations.
******************************************************************************************
I would like to share my son’s experience in trying to secure SME, Micro, Overdraft and even Mara Loan. My son started his bakery ingredients shop five years ago. As capital was limited, the business remain small but enough for him, alone to survive. In 2007 due to personal problems, he was burdened to support us, a family of seven. He applied for the SME, Micro Loan, Overdraft and even Mara without success. The reasons for all the rejections were that his current account did not show active figure of above RM20,000 per month for three conservative months. Even if he succeeds in keeping that figure, the bank can only give him a loan of around RM2,000 which was a waste of time for the bank to do so.
At that time he wanted to only borrow RM50,000 to pay off some debts.
I would like to remind the authorities and banks that if a person has RM20,000 in their account, why is there a need to borrow. People in business borrow money to ease their burden or for expansion. Not to jolly away in some nightclub and giving tips of RM50.00 per drink.
I know of some millionaires and even two billionaires who borrow over RM600 million without any collateral and they use that money to gamble or spend on their mistresses and for illegal activities. Many have not paid back and the banks just erase the loan in their books without a blink.
What is the purpose of SME and Micro? Are they implemented so that it caters for the rich and elite group of people?
I had fought with all the banks around my area yet none, even Bank Negara can provide me with a suitable answer. They have a habit of saying “We will look into this etc……”
Any decent person when pushed to a corner will crumble and seek Ah Long’s help in time of need. Say what you like, some businesses were saved by the Ah Longs.
I would like to give my two sen about the Amanah Saham. This Saham only benefit the rich. I know of a Billionaire who purchase the maximum amount of shares from bank loans for his growth up kids and grandchildren. A millionaire singer, both husband and wife also purchase the maximum of shares. What about the Ministers who are given first priority for the purchase of such shares? The public only gets crumbs. This is an abuse and robbery by the government who is selfish.
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