To Carry On The Business As Pawnbroking Companies in Malaysia

Pawnbroking is the business of lending money on the security of personal belongings. Pawnbroking companies in Malaysia typically lend money to people who may not be able to obtain loans from traditional financial institutions such as banks. The interest rates charged by pawnbroking companies are usually higher than those charged by banks, but they offer a convenient way for people to access credit.

Pawnbroking companies in Malaysia are regulated by the Pawnbrokers Act 1951. Under this Act, pawnbrokers must be licensed by the Ministry of Finance. Pawnbrokers are required to keep records of all transactions and to maintain a register of pawns. They are also required to display their licence prominently at their place of business.

Pawnbroking is a popular form of lending in Malaysia. This is because it is a convenient and accessible way for people to obtain credit. Pawnbroking companies typically offer loans of up to RM500, which can be helpful for people who need access to quick cash.