Pawnshop Companies in Malaysia

Pawnshop companies in Malaysia are businesses that offer loans in exchange for collateral. These businesses are regulated by the Pawnbrokers Act 1951. Pawnbrokers must be licensed by the Malaysian government in order to operate.

Pawnshop companies in Malaysia typically offer loans of up to 60% of the value of the collateral. The interest rate on these loans is typically between 2% and 4% per month. Pawnbrokers may also charge additional fees for storage and insurance.

Pawnshop companies in Malaysia must keep detailed records of all transactions. These records must be made available to the Malaysian government upon request.

Pawnshop companies in Malaysia provide a valuable service to those who need access to quick cash. However, it is important to remember that these loans must be repaid with interest. Failure to repay a pawnbroker loan can result in the loss of your collateral.