Malaysians borrow $12.5 million to celebrate Hari Raya

PHOTO: The Straits Times file

Malaysians keen to have a lavish Hari Raya celebration have borrowed about RM37.5mil (S$12.5 million), reported Kosmo!.

Malaysian Punjabi Licensed Moneylenders Association deputy president Amrinderjit Singh said more than 7,500 loans had been given out by about 1,500 moneylenders from the association for this festive period.

“The total might be higher as there are 3,000 moneylenders in the country,” Amrinderjit told the daily.

He said the average loan was usually RM5,000 (S$1,687), but there were those who borrowed twice as much.

Most borrowers, he said, wanted extra cash to buy Hari Raya necessities and for expenses to return to their hometown.

Some also borrowed to buy new motorcycles or cars, he added.

He said moneylenders usually got an average of five new customers during the festive season.