WhatsApp ah long is those deferred payment type old school ah loan is those let u pay in 5installment weekly
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.