Licensed Moneylenders And Pawnbrokers Agree To 3-Month Moratorium
Author Avatar

(Image: EdgeProp)

The Licensed Money Lenders Association and Malaysia Pawnbrokers Association have agreed to a three-month moratorium to ease the burden on borrowers, said Housing and Local Government Minister Zuraida Kamaruddin. Licensed moneylenders registered with the ministry also agree not to impose late charges throughout the movement control order (MCO) period.

According to Zuraida, the decision was reached following Prime Minister Tan Sri Muhyiddin Yassin’s call upon licensed moneylenders during the announcement of the additional PRIHATIN economic stimulus package earlier this week.

The prime minister had encouraged licensed moneylenders to offer a 6-month moratorium on the monthly credit repayments for SMEs, similar to what is currently being offered by the banks regulated under Bank Negara Malaysia. However, as announced by Zuraida, licensed moneylenders and pawnbrokers will only be offering the moratorium for three months as a relief measure.

During the period of moratorium, moneylenders are reminded not to charge interest rates in excess of what is stipulated under the Moneylenders Act 1951 (Act 400) – up to 12% p.a. for secured loans and 18% p.a. for unsecured loans. Meanwhile, pawnbrokers operate under different set interest rates – up to 2% interest per month.

Zuraida also stated that the premises of credit companies and pawnbrokers will be allowed to operate for two days a week from 9am to 2pm. The companies will have to comply with directives to prevent the spread of Covid-19 and should also regularly carry out disinfections of their premises.

Those with further enquiries on the Housing and Local Government Ministry’s services can call the hotline at 03-8891 3975.

(Source: Bernama)

0 0 votes
Article Rating


Comments (0)

Notify of

Inline Feedbacks
View all comments
Top Personal Finance News Articles
Post Image
Petrol Price Malaysia Live Updates (RON95, RON97 & Diesel)
The RinggitPlus Team
- 17th August 2022
We provide weekly updates on every Friday at 5pm on the prices of RON95, RON97 and Diesel in Malaysia and a chart that shows the movement of fuel prices across a 6-week period. Bookmark this page now!
Post Image
Astro 4K Ultra HD Broadcast To Be Available For Subscription By The End of This Year
Brian Chung
- 14th August 2018
By the end of 2018, Astro customers will be able to watch football matches in Ultra HD. Read on to know more about the 4k Ultra HD service.
Post Image
Touch n Go RFID: What Malaysian Road Users Need To Know
Jacie Tan
- 10th August 2018
Everyone’s talking about Touch ’n Go RFID being used at Malaysian highway tolls soon – here’s what you need to know about it.
Post Image
Best High Interest Savings Accounts In Malaysia (May 2022)
Pang Tun Yau
- 31st May 2022
Make your money work for you by depositing them into the best high-interest savings accounts in Malaysia!

Related articles

Related Posts Image

CIMB Launches New Mobile Banking App, CIMB Octo

Jacie Tan -
2nd February 2021
Related Posts Image
Related Posts Image
Related Posts Image