Housing and Local Government Minister Nga Kor Ming warned against borrowing from loan sharks, urging the public to use licensed moneylenders regulated by the Moneylenders Act 1951. Speaking on June 28, 2025, he highlighted that licensed moneylenders are capped at 18% annual interest for unsecured loans and 12% for secured loans, with home or workplace repayment visits prohibited. Nga advised verifying moneylenders via the i-Kredikom app and reporting violations to the ministry or police. He referenced a recent fire in Penang, linked to loan shark activity, and called for police action to end their violent practices.
Loan Sharks
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