Taking Personal Loans From Licensed Moneylenders vs Borrowing From Banks: What’s the Difference?

Adulting is hard. It’s not nearly enough to get a job, manage your bills, and remain debt-free.

You also have to save for major life changes such as marriage, a baby (if you’re planning for one), house renovation, as well as ensure that you have an emergency fund for unexpected events like accidents.

When you’re suddenly confronted with an urgent lack of cash, most people turn to the banks for a personal loan, but if you’re faced with restrictions, you may be wondering if licensed moneylenders can help you with cash flow.

But first, is a licensed moneylender the same as an ”ah long”?

Unlicensed moneylenders, or widely referred to as “ah long”, or loan sharks, are known for their sky-high interest rates and harassment tactics.

Licensed moneylenders, on the other hand, are restricted by the amount they can lend, the fees they can charge, and the acceptable interest rate.

And how to know if your moneylender is licensed or not? You can search their company name at KPKT (Kementerian Perumahan dan Kerajaan Tempatan) website https://www.kpkt.gov.my/ or call KPKT (Kementerian Perumahan dan Kerajaan Tempatan) for confirmation. If you still can’t get confirmation from KPKT (Kementerian Perumahan dan Kerajaan Tempatan), you can go to their office (licensed moneylender) ask them to proof you they of licensed. if they ask you to come their office then mostly they was registered under KPKT (Kementerian Perumahan dan Kerajaan Tempatan). After they ask you to come their office, you can ask them to display their licensed for you. Remember licensed moneylender license if approved by KPKT (Kementerian Perumahan dan Kerajaan Tempatan) not BNM (Bank Negara Malaysia). If they show you their BNM (Bank Negara Malaysia) licensed you reject their offer directly. Because moneylending licensed should register or approved by KPKT (Kementerian Perumahan dan Kerajaan Tempatan) not BNR (Bank Negara Malaysia).

Did you know that if you borrow from unlicensed moneylenders, you are also breaking the law? Yes, as if there can be anything worse than being hounded at your own home and compromising the safety of your loved ones.

The Moneylenders Act and Rules Malaysia protects borrowers by imposing a maximum interest and late interest rate, which licensed moneylenders must not exceed. (Still pretty damn high, but nothing compared to what “ah longs” charge.)

As unlicensed moneylenders are already illegal, most of them do not care about breaking the law when trying to recover their debts. For example, it is against the law to use threatening, abusive or insulting words, behaviour, writing and so on, or commit any acts that are likely to cause harm to the borrower or his family. But loan sharks (unlicensed moneylenders) may not care.

Licensed moneylenders also have to uphold certain responsibilities towards the borrower, such as maintaining the confidentiality of borrower information. You won’t have to worry about the moneylender putting up banners in your neighbourhood naming and shaming you for not repaying your debts.


How much can you loan from a licensed moneylender?

How much you can loan from a licensed moneylender? Actually, this question has many kinds of answers. Because every licensed moneylender will check your credit score from CTOS or CCRIS first. If your credit score and your net salary are higher then you can get a higher amount loan. But Fantastic Greetings Sdn Bhd that located in Damansara, Petaling Jaya is now offering a high loan amount for people who blacklisted, akpk, low credit score in CTOS/ CCRIS. You can try submitting your information at their page first at www.pinjamansalute.com after they received your enquiry, they will call or message you to come their office for sign documents.


Fantastic Greetings Sdn Bhd

Monday to Friday: 9.00 AM to 6 PM

Saturday: 9.00 AM to 2 PM

Sunday: Will be closed


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