Legal lenders @ E-Maps

Thursday July 9, 2009

By AU YEONG HOW

 The public can access information on 3,000 authorised moneylenders nationwide through E-Maps:

Electronic Money Lender and Pawnbroker System, a government portal to assist borrowers. If you need to borrow money urgently, do not take a loan from unlicensed moneylenders or Ah Long. Instead get the service from any licensed moneylender. The Housing and Local Govern­ment Ministry Secretary-General Datuk Ahmad Kabit said people can get loans from about 3,000 authorised moneylenders nationwide.

Ahmad Kabit: This will invariably prevent the Ah Long menace and educate our society and prevent people from borrowing from unscrupulous individuals. He said to facilitate the public to check on these licensed moneylenders, the ministry has a portal called E-Maps: Electronic Money Lender and Pawnbroker System to assist borrowers.

Man loses RM5,000 to online phishing scam

The Star online

Tuesday June 23, 2009

 

By CHEN PELF YEEN, MALACCA:

A 23-year-old victim of an on-line phishing scam wants the authorities to investigate a website similar to that of  a reputable local bank who duped unsuspecting account holders. University graduate Tey Hock Lin, from Batu Berendam said he lost RM5,000 to the scam after transferring money to a third party.

Victim of scam: Tey showing the email sent to him. “I received an email from a sender whose name and website interface was very similar to that of a famous local bank. “The email requested me to update my account due to inactivity on May 12. “Soon after, I keyed in my username and password and received a SMS with a transaction authorisation code number which was required to confirm the procedure on-line,” he said at a press conference here.

Online beauty products deal turns ugly for 66

The STAR online

Tuesday June 9, 2009

 KuAlA LUMPUR:    At least 66 people paid the price for their ignorance when they were cheated of their money after making Internet purchases of skincare products from someone named “Big Pussycat.” The victims made online transfers amounting to RM73,445.10 for the products which came under names such as “My Beauty” and “My Sherman Beauty” that had been advertised on “Big Pussycat’s.” website.

Salesman ordered to pay for car and summonses

The STAR online

Thursday May 28, 2009

By GLADYS TAY

JOHOR BARU: Vehicle owners wanting to change cars must make sure the documents for the transfer of ownership are in order before surrendering their used cars.

Consumer claims tribunal president Rungit Singh said that car owners should not be in a hurry to sell their vehicles to use the money as down payment for a new car.

“Make sure the vehicle owner’s name is changed to the buyer’s. Also, inform your bank about the car’s disposal and clear all debts before purchasing a new car,” he said.

Different interest rates for different customers

Wednesday May 27, 2009

The STAR online

Plain Speaking – A Column by Yap Leng Kuen

Under new system, rates may be set based on portfolios of loans and creditworthiness CONSUMERS may not be getting flat rates on their loans once a new pricing approach called risk-based pricing takes place. Under this new system, different interest rates may be set not just based on different portfolios of loans but also different types of customers.

The more creditworthy consumers who show, among other things, that they can repay promptly and do not over-borrow, will likely obtain better interest rates. This also depends on the banks they use, as banks with more efficient capital and risk management will be able to give lower rates.

Untangling HP interest rates and such

Saturday May 9, 2009

A QUESTION OF BUSINESS

By P. GUNASEGARAM

Banking products are never easy to understand but clearly stating their effective interest rates will go a long way to helping customers make their choice.

IT is unfortunate, for the customer that is, that old, archaic banking practices such as hire purchase continue to be foisted on them.

They are a problem because hire purchase companies, most of whom are now banks, still quote a flat rate.

That means the rate is quoted on a principal that does not decline with payment. While on paper the rate looks low, the effective interest rate is actually high, sometimes as much as two times depending on the tenure of the facility.

Thus, many unsophisticated consumers are seduced into buying all manner of consumer goods from cars downwards because they think they are paying low interest rates when effective interest rates are much higher.

For illustration, a flat rate of 10% with tenure of five years works out to an effective over 17%, quite a difference!

Consumer groups: Review hire purchase act, rules added burden

Friday May 8, 2009

By DALJIT DHESI PETALING JAYA:

The “archaic” Hire Purchase Act is in urgent need of review, especially more so in the current tough economic environment, say consumer groups and economists. Many view the legislation, which is over 40 years old, as among others, imposing additional burden on consumers and defeating the Government’s initiatives in stimulating the ailing domestic economy. Consumers Association of Penang (CAP) president S.M. Mohamed Idris said amendments to the Act were urgently needed as current quoted rates did not reflect real or effective interest rates. S.M. Mohamed Idris … The current quoted interest rate gives the wrong impression.

 “Bank Negara should make a ruling that all interest rates quoted for loans should be the effective rates as they reflect the true cost of borrowings,” he told StarBiz.