Since we have bank in Malaysia, why there is licensed moneylender?
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Who Can Apply:
Business Loan
Firms / Companies registered with respective Professional Bodies like SSM
Personal Loan
For Malaysian aged 18 & above with a minimum income of RM2000 per month
Required Documents
- Application form together with:
- Copy of NRIC (both sides)
- Latest 1 month salary slip
- Latest 3 months’ savings account activity/current account statements (optional)
- If you are self-employed:
- Copy of NRIC (both sides)
- Copy of Business Registration
- Latest 6 months’ Bank Statements
Fees & Charges
- No Fee will be incurred, e.g. processing fee, stamping fee, lawyer fee & so on.
- Early settlement fees: Discount will be given
Type of Loans
Personal Loan
A personal loan might be right for you if you want to fund a big expense or if you want to consolidate debt. Personal loans may come with lower interest rates than credit cards, so funding a big expense or project with a personal loan could save you thousands of dollars on interest payments. This is a loan scheme which provides loans to individual with a source of income. It comes with a monthly repayment plan to meet your personal needs. A personal loan can also be defined as a short term loan and it may be the answer to your short-term cash needs. This is because a personal loan normally has a repayment period that is shorter than other types of loan such as housing loan or a mortgage. We’ve got customized personal loan to meet your need with no hidden cost for consultation fee.
Business Loan
Take your business further with the right business loan. We offer flexible loan tenures and high financing margins. We are here to help people with their financing needs, whether they are small business or corporate group. To be truly effective as a money lender advisor, we believe it is important to offer a wide range of services and solutions. Our offerings provide funds for running your business, such as for purchasing of stock, managing overheads and other business activities, to fulfil your working capital needs.
Features and Benefits
No hidden fee
No guarantor required
We do not require any ATM card
1 day Approval
Where to file complaint if you encounter scammer?
Website: http://www.pacsu.com.my/ Hotline: 03-2266 2222 (open 24 hours)
We | Scammer | |
License | License issued by Ministry of Housing and Local Government In Malay is KPKT (Kementerian Perumahan Dan Kerajaan Tempatan) | Most of the scammer don’t have a license. They might steal other license to use if they have one. |
office | Yes | No |
Meet up | Client can choose to meet up in the company’s office, or at the any designated place decide by client | Don’t dare to meet you. Afraid that you will recognize them. |
Various fees Application fee / Registration fee/ Lawyer fee / Admin fee | Definitely no fee that you need to pay | Yes, scammer will give you any reason to get money from you. |
Application documents | The basic information must be met before the company will allow your loan application to pass. | Regardless whether you are eligible to apply or not, scammer will say that they can grant you a large loan amount so that you will fall into the trap. |
interest | Will solve your financial difficulty at a reasonable rate | They will even tell you there is no interest at all. |
Application process | Loan will only approved upon both parties agreed to proceed. | Any excuses will be used for client to you to pay them. In many cases, they will shirk their responsibility to the employees. They have fired the employees who cheated on your money, and they have called the police. |
Since we have bank in Malaysia, why there is licensed moneylender?
Unlike commercial banks, licensed moneylenders offer loans out of their own capital at a rate capped by the Moneylenders Act 1951.
Section 29B of the Act also makes it a punishable offence for a licensed moneylender to resort to harass or intimidate borrowers, as most people can recall about cases of loansharks violent methods that make news headlines.
Most borrowers turn to licensed moneylenders because they offer greater flexibility in financing terms and faster fund disbursements while still regulated by the authorities under the Moneylenders Act 1951 and its subsequent amendments in 2003 and 2011.
This sets moneylenders apart from Loan Sharking, which involves the illegal activity of offering loans at extremely high interest rates and even resorting to blackmailing or threats of violence when borrowers default.
Need Financial Help?
Who issued the license for moneylender?
Bank Negara Malaysia (BNM) does not issue any moneylending licences.
Picture 1: fake license
Picture 2: real license