Today we talk about licensed moneylenders should charge you an upfront payment, deposit, service charge, or any fees? Actually, a licensed moneylender won’t charge you any upfront payment, deposit, or service charge. Just loan shark (ah long) or scammer will charge you upfront payment, deposit, and service charge. Malaysia’s government has set a law for licensed moneylenders so they can’t charge you upfront payment, deposit, and service charge.
Most licensed moneylenders won’t charge you. But, loan sharks (ah long) and scammers will keep charging you upfront payment, deposit, and service charges.
Ah Long / Loan Shak
Now, we talk about loan sharks (ah long) first. Loan Shark (Ah Long) will keep charging you upfront payment, deposit, service charge but they still will give you a small amount loan like you borrow principle amount RM1000 from them but u get around RM200 – Rm500. We really do not recommend you to borrow from a loan shark (ah long) because the worst things before you loan from them, they will charge you a lot of fees, and interest is much higher than licensed moneylenders.
Now the second is loan agency scammer or online loan scammer. SCAMMER EXAMPLE: When you loan a principal amount of RM1000, they will ask you to make another payment first. Like, PROCESSING FEES, STAMPING FEES, SECURED FEES, UPFRONT, DOWNPAYMENT, AND OTHER ELSE. Do you think this is logic? When you urgent looking for money but they still keep calling you to made payment for the first. After you made all the payments to them, they will block your phone number directly. For licensed moneylenders, they will just request a document from you and check your credit score. After they check your credit score and your credit score is no problem for them. Then they will call you to come to their office sign the document.
In these recent years, many scammers and loan sharks (ah long) in social media. They will find those people that need money urgently or something else. After the call or message you, they will say they are XXXXXXX company and their company have licensed for moneylending that registers under KPKT (Kementerian Perumahan dan Kerajaan Tempatan) and will ask to pay PROCESSING FEES, STAMPING FEES, SECURED FEES, UPFRONT, DOWNPAYMENT AND OTHER ELSE.
Fantastic Greetings Sdn Bhd
Remember, the Malaysian government has set a law for licensed moneylenders so they can’t charge you upfront payment, deposit, and service charge. If you borrow the principal amount of RM1000 but they just give you less than RM1000. You can report them to KPKT Malaysia(Kementerian Perumahan dan Kerajaan Tempatan). After talking about this story, I would like to recommend Fantastic Greetings Sdn Bhd for you guys………. Fantasic Greetings Sdn Bhd is a licensed moneylender that register under KPKT Malaysia (Kementerian Perumahan dan Kerajaan Tempatan). They can display their licenses for you at their office. All of their staff is very friendly.
Fantastic Greetings Sdn Bhd
Phone number: 016-673 6475 (Call or WhatsApp)
Our Business Hour
Monday To Friday: 9.00am to 6.00pm
Saturday: 9.00 am to 2 pm (We only open for half-day at Saturday)
Sunday: Will be closed