A 15-year-old boy from Selangor found himself drowning in debt after borrowing money from loan sharks just to pay for a single meal.
The teenager, desperate to fulfil his girlfriend's craving, didn’t want to admit he was short of money. To keep up appearances, he borrowed RM500 from a loan shark to treat her to Siakap 3 Rasa (Barramundi cooked in spicy, sweet, and sour sauce).
In his search for quick cash, he stumbled upon a loan shark's advertisement on TikTok and decided to take the plunge. Sadly, the RM500 was only the start of his financial woes.
Photo via Bloomberg
Fariz Izhar Adrus, manager of the Darul Muttaqim (DM) Fardu Ain and Al-Quran Studies Centre, revealed to Utusan Malaysia and Kosmo that the boy’s debt quickly spiralled out of control.
“Unable to pay the first loan along with the interest, he resorted to borrowing from 11 other loan sharks. His total debt eventually reached RM13,000,” Fariz explained.
The teenager, no longer living with his parents, is now staying with his uncle. He reportedly dropped out of school and sought help from Fariz after feeling ashamed to turn to his family.
The centre has since informed the boy’s parents and is working to resolve the issue. Fariz noted that this case is one of over 3,700 instances involving individuals aged 15 to 60 who have sought the centre’s assistance in dealing with loan sharks over the past three years.
He also highlighted the alarming frequency of such cases. “Every day, we receive about 50 reports of people falling into trouble after borrowing money from loan sharks.”
This unfortunate incident serves as a stark reminder of the dangers of borrowing money from loan sharks. While it may seem like a quick fix, the high-interest rates and predatory practices can quickly lead to insurmountable debt and distress.
Malaysians are urged to explore safer alternatives such as financial assistance from trusted family members, friends, or legitimate financial institutions. If you are struggling, don’t hesitate to seek advice from organisations or centres that specialise in debt management.
Always be cautious of advertisements on social media promoting easy money, as they are often traps designed to exploit your vulnerability. Educate yourself and those around you about the risks, and remember that no meal or momentary indulgence is worth sacrificing your financial stability and peace of mind.
