Moneylending Industry in Malaysia - Perspectives of Consumers, Licensed Moneylenders and the Regulator

by Daljit Kaur Sandhu, Afida Mastura Muhammad Arif, Elistina Abu Bakar & Husniyah Abd. Rahim

   
My Siswa Place - Finances/Business Management

Publisher - UPM Press

Category - Finance & Investments

Moneylending is a growing industry that provides credit to many people in Malaysia. Regulated by the Moneylenders Act 1951, licensed moneylenders support the funding needs of consumers who do not qualify for personal loans from the banking sector. To fully understand the fundamental issues underlying consumer protection in the moneylending transaction, the perspectives of consumers, licensed moneylenders and the regulator in the transaction are explored in this book. Besides underscoring the pathway for consumers to make informed decisions when dealing with licensed moneylenders, the significance of consumers’ self-protection is highlighted. This book advocates self-regulation and law-abiding moneylending services to eliminate the stigma associated with bad moneylenders in society. Furthermore, the regulator’s critical role to educate consumers about moneylending and monitor moneylenders is emphasized to ensure consumer protection. This book is prepared in a simple language so that people from all walks of life can comprehend the valuable information for making informed decisions when borrowing money from licensed moneylenders. This book is ideal for anyone involved in the moneylending industry or is simply interested in learning more about consumer credit issues.

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