KUALA LUMPUR: Touch 'n Go has clarified today that the flat interest rate per annum (pa) of GOpinjam, as with most financial products, varies and is dependent on several factors such as tenure and credit history.
For clarity, the company, in a statement today, said higher interest rates, such as 36 per cent pa, are only applicable to loan tenures below three months.
"Having said that, though, not all loans below three months in tenure are subject to 36 per cent per annum, depending on the risk assessment exercise, interest rates on loans below three months in tenure could be much lower than 36 per cent pa.
"Depending on the loan amount, tenure and creditworthiness, GOpinjam lend its user's between RM100 and RM10,000 on tenures of one week to one year at interest rates as low as eight per cent pa.
"GOpinjam also charges zero processing fees and zero stamp duties. Touch 'n Go also ensures that returning customers with good repayment history would enjoy lower interest rates in the future," it said.
Touch 'n Go has also reiterated that GOpinjam and its underlying product (e-Zi Tunai by CIMB Bank) are fully regulated with the proper codes of conduct in place with appropriate and clear disclosures.
"It also follows the Responsible Lending Guidelines issued by Bank Negara Malaysia as we ensure consumer protection is always at the forefront of our offerings.
"GOpinjam is a new first-of-its-kind low amount and short tenure financing product, and these borrowing options are not available anywhere else.
"We always ensure that adequate and effective controls are in place to resolve and monitor consumer complaints," it said.