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Awang Adek: Lodge police report if loan interests more than 18pc
BACHOK: Those cheated by licensed money-lending companies into paying up to 30 per cent monthly interest should lodge a police report, said Finance Deputy Minister Datuk Dr Awang Adek Hussin.
"The guideline set by the government is that such companies should impose an interest of not more than 18 per cent," he told reporters after presenting the 1Malaysia People's Assistance (BR1M) to 660 farmers and fishermen from Jajahan Bachok in Kampung Pauh Sembilan here today.
He was asked to comment on a press report today which reported, among others, that some licensed moneylenders were cheating consumers by imposing an interest rate of between six and 30 per cent a month.
The report also cited companies keeping the borrowers' automated teller machine cards until full settlement of the loan.
Awang Adek noted however, that such fraud would not occur if the public were not easily influenced by the sweet promises and readily available loans offered by companies. -- BERNAMA