Pawnbrokers Companies in Malaysia

Pawnbrokers companies in Malaysia are licensed moneylenders that offer collateralized loans to individuals. Pawnbrokers typically charge higher interest rates than banks and other financial institutions, but they offer a convenient way for people to get quick access to cash.

Pawnbrokers companies in Malaysia must be licensed by the Ministry of Finance. They are regulated by the Pawnbrokers Act 1951 and the Pawnbrokers Regulations 1952.

Pawnbrokers companies in Malaysia must display their license prominently at their premises. They are required to keep proper records of all transactions and must submit quarterly reports to the Ministry of Finance.

Pawnbrokers companies in Malaysia must not charge interest rates exceeding 15% per annum. They are also not allowed to accept jewellery or other valuables as collateral.

If you are considering taking out a loan from a pawnbroker, you should shop around and compare interest rates before making a decision. You should also be aware of the risks involved in pawning your valuables.