02 Apr '11, 3am

Moneylenders say licensed rates too low to make a living in Malaysia: A moneylender operating in the capital, sa...

Moneylenders say licensed rates too low to make a living in Malaysia: A moneylender operating in the capital, sa...

PETALING JAYA - Most licensed moneylenders do not comply with the MoneyLenders Act as they feel the interest rates required under the licensing conditions are outdated. Many argued that it is impossible that loans could be disbursed based on interest rates of between 12% and 18% per annum as required under the law, pointing out that the MoneyLenders Act 1951 had not been amended for more than 50 years. A moneylender operating in the capital, said the interest rates stipulated under the Act were too low, adding that it would be difficult for those in the industry to make a living. Under the 1.5% maximum monthly interest rate on non-collateral loan, he said moneylenders could earn only RM15 for every RM1,000 (S$416.60) loan given. "This is ridiculous as this means I can only earn a meagre RM1,500 per month on every RM100,000 loan disbursed. It means, I need to invest million...

Full article: http://www.asiaone.com/News/AsiaOne%2BNews/Malaysia/Story...

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