Nowadays, financial institutions such as banks and even credit companies are very careful in giving out loans. Loan defaulters, blacklisted people, people who even pay late would have a very hard time in getting loans from these institutions. Even those with a very high outstanding commitments such as with credit cards, personal and housings loans are not excluded. These are all new Bank Negara guide lines as Non Performing Loans are very high.
Central Credit Reference Information System (CCRIS) and CTOS are two databases that these financial institutions use to check on your credit rating. So don't believe what you hear outside regarding failure to pay up your debts will not result you being blacklisted. Failure to even pay your Celular bills, furniture /electrical item loans will result you being listed as a loan defaulter. Mind you some people are not even paying for their PTPTN loans and they want to get a new loans for a car or a house.
So the only solution is to borrow from Illegal Moneylenders a.k.a Ah Longs. Even these 'Ah Longs' are very careful in who and how much loans they give out too. High interest rates and high processing fees are the highlights of borrowing from these people not to mention when failure to pay up will result you being harrassed, splashed with red paint, get beaten up or worst if they go extort from your families.
