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Borrowers obtained RM8m in loans from registered pawnbrokers last year

PUTRAJAYA (June 20): Nearly four million borrowers went to the 593 registered pawnbroking premises nationwide last year to put up their valuables as collateral for loans amounting to about RM8 million, according to Housing and Local Government Minister Zuraida Kamaruddin.

She said this indicated awareness among the public to use the right, safe and guaranteed channels to mortgage their valuables, instead of going to illegal money-lenders or “ah long” (loan sharks).

The minister was speaking at a media conference after launching the mobile application, i-Gadaian, here yesterday.

The application was developed by the Community Credit Control Division to facilitate the public to search for pawnbroking premises that are registered under the ministry, as well as a platform to facilitate the public to lodge complaints.

The minister said the application also contained various information on pawnbroking as stipulated under the Pawnbrokers Act 1972.

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