Hi there, no judgement here, just looking for y'all 2 cents.
I found a website that offers "friendly loan" from a guy, the way he talked, we know he is an educated person. His words and the way he communicates. Problem is, I'm already high commitment with my family background and all. Therefore, I need extra cash to cover some expenses.
This guy offered "friendly loan" with an agreement although he is not registered with KPKT. Anybody here ever loan with someone who is a stranger and called it a friendly loan? We are meeting in 2 days to discuss the repayments and sign the agreement if I agree. He said I can either cancel it, think about it or to proceed He is ok either way.
Help me out, I want no judgement, just your thoughts or anyone with similar experiences borrowing from this type of person/company.
I've searched in FB groups and even TruCaller. Nothing shady about their contact number.
Friendly loan in Malaysia
byu/PinkAdvocate44 inpersonalfinance
Posted by PinkAdvocate44
1 Comment
I’d be careful here… “friendly loans” from unregistered lenders are a big risk, even if they seem legit at first. In Malaysia, if they’re not registered with KPKT, you have very little protection if something goes wrong, terms can change, fees can be hidden, or things can get uncomfortable fast. Safer options are bank personal loans, credit unions, or even talking to your bank about restructuring what you already have. It might feel slower, but it keeps you protected. If you do meet them, don’t sign anything on the spot… take time to review everything properly.