MCA public services and complaints department chief Michael Chong said that with the increase in the number of loan sharks in recent years, the competition for new “customers” has become tough as well, The Star reported.

“From the 636 loan shark cases involving some RM58 million in unpaid debts that we received last year, nearly 70% of the borrowers never met with their lenders face-to-face.

“Just call the loan shark, give them the address for them to check and bank account number, and they will bank in the money,” Chong told the daily.

He added that some loan sharks also seemed to be working together to “expand their business”.

“If the borrower still cannot repay (the debt), the loan shark will ask them to take even more loans from another loan shark.

“As a result, a person who originally took a RM1,000 loan but then struggled to repay it, will find their debt eventually piling up to RM10,000 due to the multiple high interest loans they are forced to sign on,” Chong was quoted as saying.

Aside from the usual stickers seen in public, on walls, lamp posts, and other outside display means, loan sharks are now expanding their reach by advertising their services online.

Some even use Facebook to harass borrowers who have not settled their dues, Chong said.

“They post pictures and wait for the borrower’s response.

“If they (borrowers) still don’t pay up, some even post pictures of the defaulter’s family members to shame them,” he was quoted as saying by The Star.

After three decades of dealing with cases of people harassed by loan sharks over unpaid debts by their family members and threats to the borrowers themselves, Chong said he was surprised many still chose to seek out such moneylenders despite knowing the dangers.