Can share what is the interest rate ?
Higher than those credit card/ ready credit 24% ?
Now bank got balance transfer.
Why don't you borrow from bank ?
Advertised interest rate is 12% per year.
But usually they will ask to do a small loan to test the payment record first. Something like loan 700, pay back 1000 in a week. That 300 is the "interest/defer fee", but they will only keep collecting the interest by giving 101 excuses why cannot clear the loan (no account to transfer, worker sick, never indicate in system, never inform 1 day before etc etc). From there, for the interest to snowball because loan never actually clears.
Also, I'm sure most people who borrow from ah longs probably don't have a good credit rating to borrow from the banks. If not why they go this route?