Licensed Money Lending Companies in Malaysia

Money lending in Malaysia is regulated by the Moneylenders Act 1951. Only licensed moneylenders are allowed to operate in Malaysia.

There are two types of licensed moneylenders in Malaysia:

1. Licensed moneylenders who are allowed to lend money to individuals.

2. Licensed moneylenders who are allowed to lend money to businesses.

Individuals who wish to borrow money from a licensed moneylender must first provide the moneylender with a copy of their identification document, such as their identity card or passport. They must also provide proof of income, such as payslips or bank statements.

The maximum amount that an individual can borrow from a licensed moneylender is RM100,000. The interest rate that a licensed moneylender can charge is capped at 18% per annum.

Businesses who wish to borrow money from a licensed moneylender must first provide the moneylender with a copy of their business registration certificate. They must also provide financial statements for the past two years.

The maximum amount that a business can borrow from a licensed moneylender is RM500,000. The interest rate that a licensed moneylender can charge is capped at 24% per ann