This licensed money lender, do they operate like how ah longs operate?

anyone knows? need some advice

i perfer going to bank for loan....

think is, i think the bank will reject my loan,

i have outstanding credit card bills amounting to a few thousands... (more than 5 less than 10).. so yea..

does anyone here know about personal loan dat banks offers to public? does anyone here ever tried?

You could still try the bank. High outstanding amounts may be still alright as long as your credit is not overextended depending on the bank's criteria.

However if you frequently pay late then it is a different story.

Come on. Even Ah Long also operate like Banks.
Only that the interest they charged is mind-boggling.
Cos the nature of the business is high risk.

Actually, licensed money lender is also supported by Bank.
Cases which the Bank felt are too risky, they'd recommend it to money lender.

One with not much collateral, no chance with Banks. So either money lender or ah long.
There's a reason licensed money lender exist.

i think no...coz ah long really compound the interest rate and make u pay back by force with draging all ur relative in!!!!!!!!

anyone know which licensed money lender can recomended ??

hmm... i heard of kinros ... not sure if it's ok or not..

how about those ads published in the newspaper? trustable? as in they wont make trouble for u and pull your relatives in?

but most need can deduct salary from angkasa wan

if auto deduct from bank i sure take

i've asked some, and normaly they only provide 1 month salary loan for u

if need more then need collateral ....

when they advertise sure put no need collateral, but its not true

As far as I know, license money lender - with gurantor 12%, withour gurantor 18%.
Ah Long - 40% and above !!

my definition


bank - licensed Ah Long .

atleast bank won't ask u to return money while holding a knife in another hand..

i think alrajhi bank have easy loan....

This post has been edited by GSPierre: Aug 6 2007, 10:12 AM

who know licensed money lender can loan at least 5X my salary if i contract staff

Taken from http://www.alrajhibank.com.my/index.cfm?sc=58&cm=23

"Personal Financing-i

Al Rajhi Personal Financing-i is an easy way of attaining a personal trade finance facility to purchase any merchandise traded by the Bank. You may trade as many times as you like up to the line of trade granted by the bank to you. All the purchases from the bank are on deferred payment basis, and you can use or dispose the merchandise as you please once the sales contract is executed. This would include the sale of the purchased merchandise to any party as you like for you to raise cash for your personal needs"

hmmm.. i dont understand wat trade wat trade la.. hahaha... if it's personal loan, just say personal loan ma.. rite o not?

free bump for more assistance

For the loan application from Kinros you just need to submit your latest 3 months pay slip, epf statement, utilities bill and photocopy of your ic. Approval within 1 day.

*by the way, Kinros is a licensed moneylender, they won't ask you to return money while holding a knife in another hand... >.<

You applied loan from them to cover your card debts? How's the interest?

try to have session with http://www.akpk.org.my/

I think the difference between licensed and unlicensed is that with the licensed ones, you know up front what you have to pay.

With the unlicensed ones, the interest rates keep going up every time either by a lot or by a <censored> lot, depending on which way the wind is blowing.

In other words, never go near the unlicensed ones because there is only one direction you can go - downwards and fast.

Licensed money lender also got 2 type .... one is really legal, the other one is along-wannabe ...

Funny thing is, each different lender provide different rules.

There is one i inquiry them. You need to pay them rm100 each day for 5 consecutive days and they will loan you. Its to gain the trust lol ....

Those lender like Kinros i would consider as legal. But there are too much charge and interest

i guess not all money lenders behave like ah longs as long as we service our interest on time...

Those syarikat kewangan is ok. Just make sure their licensed are still valid.

bank oso licensed's Along. Anybody who owe bank b4 should know how they chased debts, how they outsourcing collection to private sectors.....

well, what else do you expect if you borrow money then don't want to pay back? if even family member also "fan lian", don't even mention gangster.

anyone who needs to seek financila help from these money lenders...do pm me...i know a few licensed (civilised) money lenders who will not only lend the money to you but also give you financial consulting based on your commitments.

How much their interest and processing fee ?

I believe that would cost a bomb especially on processing part

processing fee can be as low as rm50 one time...not such of a bomb i guess..but it depends on the amount you borrow...interest rate can be negotiated..no issues about it...

Licensed Money Lender
can be another type of biz aka mortgage biz (pajak gadai)

since the mortgage biz license is very limited to each area

Oh yea, forgot to mention

as for the loan above, any collateral needed ?

if you take huge loan then they require collateral..

I don't really know Malaysia got Legal Money Lender...I can see them being advertised everywhere, claiming themselves are legal.

Isn't that only Bank are only legal Lenders?? How about the ones advertised everywhere, a long style claiming they are legal??

This post has been edited by kennyL1692: Jul 28 2008, 12:08 AM

answer is no there are legal money lenders out there, for e.g. Insurance company providing housing loan

In fact, as long as there is certified licensed by government, it is consider legal.

I believe the term illegal is due to human phycology only lolz ..

for me, I'll still prefer bank

what is phycology ?

http://forum.lowyat.net/index.php?showtopic=496811

Check out this for licensed moneylenders for your safety & peace of mind.

http://www.kpkt.gov.my/ppw/

Another method - find a good fren who's willing to borrow u some $. Of course let him earn some % for his trouble la. I've done this for my junior who got married & bought a hse & a bit tight at the wallet.

Another way, see if a close fren willing to get a personal loan under his name for your benefit. This, i also done b4 for a fren. Both repaid everything.

Just be sure to agree on the repayment between yourselves. The best is put it in black & white so ur clear abt ur responsibility to ur fren.

Last option, look for a moneylender who never turns u away, just see if u thick face enuff. Ask ur parents

But at times a friend may stab u once he has made full use of you..when it comes to money bro..anything is possible..i would take a loan for anyone...if the person runs away, then you name is at stake..i cant let tht happen...i rather lend them my own cash than taking a loan for them

I am "lucky" to have 2 nephews working with Ah Long

One is licenced, another one I think is without licenced.

The licenced one, my nephew work in Admin & Account Dept, they have to check your financial status like income, housing loan, car loan & personal loan etc. According to my nephew, they can check your financial status whether u r blacklisted by bank.

If ur record is "clean", then u can take the loan. If your company dun bank in salary to ur bank acct, they dun want to loan to u, ur salary must bank in every month. Then they will hold your ATM card. They want to know what day your boss bank in salary to ur acct every month. When your salary bank in to your acct, they will withdraw all your money in the acct, then u have to go to their office to take the balance of salary after the deduct from your loan. The interest rate is higher than bank but lower than real Ah Long.

Another nephew of mine, he is Bo Tat Chek one, I believe his boss is real Ah Long. They are really blood sucker, example, u borrow RM10K, they pay u RM8K, after 1 week must payback RM5K, following week payback RM5K. If u can't pay them, interest is RM1K every week and keep rolling.

Interesting, right?

.....

This post has been edited by coolkid23: Nov 17 2011, 02:41 PM

as i know from what you know... all you know is from Hong Kong Movie. wake up okay?
dun bring whatever in movie to reality. If you like it , please bring Wing Chun and solo 30 ah long gang like Ip Man

But nowadays ah long also say that they are licensed money lender. Then the way they charge interest and collect money also same ah long style... Did u vet face late payment recently? If not then mostly bank will provide u personal loan. If u lucky u get offer below 10%. If u go ask urself mostly 12% liddat.

I suggest u to do credit card cash out which offers only 8-9% interest :3