5 Untold Ways Licensed Money Lenders in Malaysia is Different

5 Untold Ways Licensed Money Lenders in Malaysia is Different

When we talk about licensed money lenders, the first thing that comes to mind is loan sharks. It is quite common that there will always be news on Ah Longs throwing red paint on the debtor’s house or even harassment of their families. Some even include violence when the debtors can’t pay them back. The interest rate will be quite high that you can’t even pay them back.

When you see these scenarios, these loan sharks are definitely illegal. Licensed money lenders aren’t the same as loan sharks; they operate like other legal businesses. You may be confused what’s the difference between both, and you tend to mix both up.

There are regulations under the Moneylenders Act 1951 for licensed money lenders to follow. The most important thing is knowing the difference between licensed money lenders and illegal loan sharks. This article will tell you more about how different licensed money lenders in Malaysia are.

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