Alongs now go for credit cards - Sangkancil

Message from discussion Alongs now go for credit cards
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Date: Thu, 24 Apr 2008 06:24:43 -0700 (PDT)
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Subject: Alongs now go for credit cards
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<table cellspacing='0' cellpadding='0' border='0' ><tr><td style='font: inherit;'><H1>Alongs now go for credit cards</H1>
<H2></H2><I>By: Kong See Hoh (Thu, 24 Apr 2008)</I> <BR><BR>
<P><FONT size=2><STRONG>PETALING JAYA (April 24, 2008):</STRONG> Alongs or loan sharks, have a new trick up their sleeves.</FONT></P>
<P><FONT size=2>All the borrowers need to do is to swipe their credit cards at outlets run by these illegal moneylenders. No question asked, no agreement signed, and no "along" chasing after you when you defaulted on your payment.</FONT></P>
<P><FONT size=2>They give you the amount you have swiped minus the 3.5% to 5% one-off interest on the amount borrowed.</FONT></P>
<P><FONT size=2>But the innocent party in such transactions, the banks, are left to bear the risk of bad debts.</FONT></P>
<P><FONT size=2>According to a report in Nanyang Siang Pau today, it is learnt that borrowers have swiped more than RM2 million in one month before a bank pressed the panic button and lodged a police report.</FONT></P>
<P><FONT size=2>The "new service" offered by "alongs" came to light only after the bank became suspicious when the card transactions done at a discotheque in Penang were to the tune of thousands of ringgit.</FONT></P>
<P><FONT size=2>Police have not discounted the possibility that "alongs" are using the discotheque as a front for its lending business. However, police find the case tricky as there is no report of card fraud by cardholders.</FONT></P>
<P><FONT size=2>It is learnt that for every RM1,000 swiped, the borrower will get RM950 to RM975 upfront.</FONT></P><BR><BR>
<DIV><STRONG><FONT size=3>In matters of conscience, the law of the majority has no place-Mahatma</FONT></STRONG></DIV>
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