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Old 12-07-2018, 10:03 PM   #1915
25chic
Junior Member
 
Join Date: Jul 2018
Posts: 69
Actually my friend recently educated me that even old school ah long have a few types.

1) Daily loan (loan 1k, repay 1200 spread over 30 days, each day pay 40)

2) weekly loan (loan 1k, repay 1200 in 7 days, which is 1k loan + $200 interest)

3) instalment loan (loan 1k, repay 300 every week for 4 weeks)

4) "chop head" loan (loan 1k, cash back 800, repay 1k in 7 days)

Also, the standard old school ah long rate outside is $200 interest for every $1000 loan. So you can keep paying only the interest every week if legit cannot come up with the $1000 to clear the loan.

Got a few types lah, but old school ah longs don't ask you to make defer payment when you can clear, because either way they will get their "interest" when you clear. It's the WhatsApp ah longs that keep asking for defer payment because that's where they earn money from. All the so called clearance payment just goes to other borrows so they don't earn any from there.
Iím just wondering how much loan is considered big in their context? Also, I noticed the ones I deal can speak english well, not the typical ah bengs kind. When i first told them Iím jam with the repayments, they even offered a monthly loan provided I can clear at least near half of my loan. In the end, I got tricked again and again before I finally think its enough. Initially I thought ok I will take up the monthly loan so i can pay them monthly rather than every 3-7 days and they even offered table talks. Coz a loan is a loan and I want to repay at least the principal loan. But then, all of a sudden they asked me to open a new bank account or work with them and when I declined, they started all the threatenings. Now they are silent, so Iím afraid they might have something up their sleeves. Im gonna make police report later tonight. Very stressful and unfortunately I put myself in this and I have no one to share with until I saw this forum.
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