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?