Licensed Money Lender in Malaysia for Business Loan

1. What is the difference between a licensed moneylender and a loan shark? The main difference between these two entities is that a licensed moneylender can be a lifesaver, whereas a loan shark is a ruthless, illegal practice that will prey on you until you pay up on a massive interest amount. In order to stay away from such a horrible situation, you should understand the difference between licensed moneylenders and loan sharks:  Licensed moneylenders like https://easyloan88.com/ will always explain the terms of your loan in a language you can understand. You will be aware of the interest rate, payment method options, and repayment period. Loan sharks, on the other hand, will cloud everything and be confusing.  Licensed moneylenders have unsecured loans based on income. If you happen to speak to a lender that offers an unusually high amount, you may be dealing with a loan shark.  Licensed moneylenders will always have you sign a contract that has been written by a lawyer. Interest rate, late payment fees, the repayment period, and other terms you both agreed upon will be found within this legally binding contract. Loan sharks will loan you money without a contract or have blank spaces within the document.  Licensed moneylenders will never charge above-market interest rates. Loan sharks, however, are known to charge 40% per month or more.  Licensed moneylenders will be listed on the government website (mentioned above). Obviously, loan sharks will not be registered.  Licensed moneylenders always have a physical address and office for you to visit. Since loan sharks are running an illegal business, they will not have an office and may claim to operate solely on the internet. Lastly, loan sharks will sometimes use a licensed moneylender's name, address, and license number to develop a false sense of security. Always double check the SSM number on the official directory to make sure it matches with what is listed on the website. Also, insist on signing the contract at the registered office.