GOPinjam is an electronic personal loan service jointly launched by Touch ‘n Go eWallet and CIMB Bank. Users can apply for loans directly through the e-wallet. GOPinjam will adopt CIMB e-Zi Personal Loan to provide lending services.
GOPinjam offers personal loans ranging from RM100 to RM10,000, loan terms from 1 week to 12 months, and interest rates ranging from 8% to 36%. The loan interest rate will be determined according to the loan amount and loan period. Applicants must be Malaysian citizens aged 21 to 63 with a monthly income of at least RM800.
The GOpinjam plan sparked a dispute over high-year interest rates, and the Bank Negara made a statement that it would intervene once financial service providers were found to have seriously harmed financial consumers. Bank Negara stressed that the authorities would not interfere with the pricing of retail financial products, saying it was a commercial decision by financial service providers.
Bank Negara issues statement against GOpinjam
The statement said that when offering financial products to consumers, financial service providers must comply with regulatory requirements for fair treatment of consumers. Suppliers need to consider the interests of consumers in product development, marketing and sales; ensure that products are suitable for target consumers and take into account their financial needs; through appropriate and clear disclosure of key features, terms, conditions and risks associated with products, Let consumers make informed decisions.
Financial service providers must also conduct affordability assessments and adhere to prudent debt service ratios to ensure consumers can afford to repay their loans over the financing term.
Think twice before borrowing
In this regard, the National Bank reminds the public to consider the principles of responsible borrowing before applying for loans, including:
• Only for production purposes and genuine needs.
• Ensure the ability to meet all future repayment obligations in a timely manner to avoid late fees or undue financial distress.
• Shop around and compare to find the facility that best meets your needs and situation.
• Make sure you understand the key features, terms and conditions of any new financing scheme before applying.
For those facing financial difficulties, free financing advice and debt management services can be obtained from the Credit Counselling and Debt Management Agency (AKPK) official website (www.akpk.org.my), the statement said.
