is a person or body that offers illegal unsecured loans at high interest rates to individuals, often backed by blackmail or threats of violence. They provide credit to those who are not willing or are unable to obtain it from more respectable sources, usually because interest rates commensurate with the perceived risk are illegal.

A Loan Turtle

is a new name given by Jerry, which descibe a Legal Body offers legal secured loan at goverment approved interest rates to individuals BUT provide "Slow, Complicated & unprofessional" financial service. Why i say so…..?

Photo Source from Wikipedia

Why i called them Loan Turtle?

Recently, i think of buying a car from a friend for my family member! So after survey few banks hire purchase package, i found something "interesting" about Malaysia’s bank, let see the following conversation…..

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After 3 minutes dialing and passing to hire purchase department…… 

Me    : Hi, I would like to enquiry about your 2nd hand car hire purchase interest rates and so, can you brief me more?

Bank M officer    : U car dealer or personal?

Me    : Personal, not car dealer…..i’m buying from a friend!

Bank M Officer    : Kita tak buat Hire Purchase la! (we did not do hire purchase)

Me   : HUH?? How can? i have a car loan with your bank wor?

Bank M Officer    : Kita tak layan direct case (we do not entertain direct case)

Me    : Huh???~~~

Phone hung without saying "Thank You" or "Goodbye"

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After Googling, i decide to try another newly merge bank – Bank C

Still the same, you need to wait for hell long untill someone care to pick up your call…

Me    : Hi, I would like to enquiry about your 2nd hand car hire purchase interest rates and so, can you brief me more?

Bank C Officer    : New Car or second hand? model?

Me    : 2nd hand BMW…..bla bla bla….

Bank C Officer    : Mr. Jerry, as a direct case without Car dealer involve, your interest rate will be very high and approval of loan also harder & longer!

Me    : ??? Why ? I think my profile was good, shouldn’t have any problem….why need car dealer?

Bank C Officer    : If you want a good interest rate & fast approval within 3 days, i can recommend our bank panel car dealer to help you …..his name is XXXX and contact number is 019-3xxxx

ME    : wait wait wait……. Why i need a car dealer? i just want to apply directly from your bank, how long will it take & what is the interest rate?

Bank C Officer    : (not so happy) If you really want to apply direct will take 3-5 weeks to process and your interest rate will be very high & you need guarantor……..bla bla bla…..

Me    : Wah! but you haven’t see my profile how you know i need guarantor?

Bank C Officer    : This is our bank policy, if you call my friend(car dearler) he can help you to process easier and faster !….. What is your mobile number? i ask him call u now, he know what to do !

Me    : errmmm…… ok ok ! why not you give me the number i’ll call later!

Bank C Officer    : No no no, give me your number i ask him to call you immediately! 

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Finally, I found Bank H a bit friendly and willing to layan (entertain) me!

So i submitted my profiles & related document & wait……..

and WAIT………..

& Wait………………….

wait………………………….

after a week, i called the Bank H Officer , !@#$%^&*  he said, need JPJ V2 report, i faxed to him the next day!

So i WAIT again………………..

and Wait………………………….

& wait………………………………..

Another week passed, i called again, Bank H Officer said : Oh, we need seller to issue a invoice to prove he want to sell the Car. Thats all….. !@#$%^&*

And i WAIT………..

and Wait……………..

& wait…………………….

CAN YOU IMAGINE NO NEWS FROM THEM AFTER 5 WEEKS?

Everytime you called them, they said will call you back later, busy & so.

The Worst Part is….. After 5 Weeks waiting, Bank H officer ask me to try Bank P if i cannot wait, Bank H Officer said Bank P interest rate better and faster! Walau……..what da hell is this, ask people don’t come to your bank!!!!

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Now you know, buy a car(2nd Hand) in Malaysia wasn’t as easy as you think! Never to mention any other kind of Loan………

thats why AH LONG(Loan Shark) still can find customer & active in Malaysia.

thats why you can see Ah Long news in The Star Newspaper almost everyday.

thats why you can still see Ah Long Advertisement everywhere!!! Yes everywhere !!!

Wikipedia Note: Ah Long (derived from Chinese word "Dragon" (Chinese: 阿é¾?) or short for the Cantonese meaning "tai yee loong" which loosely means someone with huge earrings worn so heavily that the earlobes elongates) is a term for illegal loan sharks in Malaysia and Singapore. They lend money to people who are unable to obtain loans from banks or other legal sources, mostly targeting habitual gamblers. They charge a very high interest rate (around 120% p.a.) and frequently threaten violence towards those who fail to pay in time 

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