Wednesday, July 15, 2009

Loan

There has been a lot of these kind of banners hanging around my home town nowadays. Change your PD cheque for only 1% interest. That's very cheap. Even banks can't give that kind of low interest. That means for RM100 PD cheque they only charge you Rm1. For RM1000 cheque they only charge RM10. But there's a catch, it's not 1% per year or per month but per day. That means if you RM1000 PD cheque is 30 days post dated they will charge you RM300. You will only get RM700 out of RM1000. Sometimes it makes me wonder wether this kind of business is legal or not but it's everywhere and there's still a lot of people willing to change their cheque with these people.

3 comments:

My Reality and Fantasy Journey said...

this is suicide

Armetz said...

there's a lot of desperate people out there...

Chloe Ling said...

not sure if it's legal, but 1% per day is a lot of money ya know?