Money Lending Activities Companies in Malaysia

In Malaysia, there are many money lending activities companies which are regulated by the Moneylenders Act 1951. The act provides for the licensing and regulation of moneylenders and sets out the rules for moneylending. Moneylenders must be licensed by the Registrar of Moneylenders, and must comply with the act's requirements.

The Moneylenders Act 1951 prohibits moneylenders from charging interest at a rate exceeding 15% per annum. Moneylenders are also required to keep proper records of their transactions, and to provide borrowers with a statement of account at the end of each month. Borrowers have the right to repayment plans, and moneylenders are not allowed to seize a borrower's property unless the borrower has failed to repay the loan according to the repayment plan.

If you are considering borrowing from a moneylender, you should first check that the moneylender is licensed and compliant with the Moneylenders Act 1951. You should also be aware of your rights and responsibilities as a borrower, and make sure that you understand the terms of the loan before you sign any agreement.