Is moneylender legal in Malaysia ?

Bank Negara Malaysia does not issue money lending licences. Money lending business is governed under the Moneylenders Act 1951 and administered by the Ministry of Urban Wellbeing, Housing and Local Government(KPKT MALAYSIA).

 

Most of malaysia think moneylender is not legal in Malaysia because many SCAMMER and LOAN SHARK (ah long) keep advertising in social media like Google, Facebook, Instagram, Youtube, Twitter & etc. They keep showing fake moneylending license to some customer then those customer will apply loan from them.

 

SCAMMER

First, scammer will ask you to pay upfront payment, deposit, processing fess & etc. After he received all the payment, mostly will blocked your phone number and you can’t find him back anymore. Otherwise they will have other excuse like they not received your payment and some transaction is missing. Scammer will not give any loan to you but he will collect some fees from you. If you really need money and try borrow from them, they still calling u to pay any fees to them. U feel logic ?

 

LOAN SHARK

Second is LOAN SHARK. Some of the loan shark is even more excessive ! They will ask you to pay by Weekly or Daily.

I heard before their interest is around 30-40% per phase. If you loan from them RM1000 x 30% (DAILY) = RM300 (DAILY) just for the interest, RM300 is not included RM1000. If you have RM1000 then you just can clear your loan from them. If they ask you to pay WEEKLY RM1000 x 40% (WEEKLY) = RM400. You need to pay interest RM400 per week ! This is too expensive, 1 month u just get 1 time salary. If loan weekly you need pay 4 times a month. You think if you clear RM1000 they won’t find you back ? Most of the loan shark will also find u back if you clear their loan, they will say after clear the loan you still need to pay processing fees around 10-50% of the amount you borrow.

 

LICENSED MONEYLENDER LEGAL ?

Moneylender is legal in Malaysia but first you need have a moneylending licensed in office. How to proof the moneylender is legal or not. First, you can go to their office and request for the licensed. They will show you their licensed if they are legal moneylender in Malaysia. Make sure their moneylending license un register under Kementerian Perumahan dan Kerajaan Tempatan (KPKT Malaysia) not register under Bank Negara Malaysia (BNM).

 

I can recommend 1 of the moneylender in Petaling Jaya area. Their company name is Fantastic Greeting Sdn Bhd located in Damansara Jaya. They also has a webiste https://www.pinjamansalute.com you can apply personal loan in their website. The website is just for apply with your name and contact, after they received your application they will call or whatsapp you to come to their office sign document. Before you come to their office you need to send some document to them for review. They will make sure your personal loan can be approve.

 

Just few document needed to apply personal loan from them:_

  • 3 month latest payslip
  • 3 month latest bank statement
  • IC
  • Utility Bills

 

Here is the number that you can call or whatsapp

016-673 6475 Shawn

 

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