GO Pinjam - Understand what it means.

 

Touch & Go now launches its GO Pinjam.
 
Look at the enormous interest charge it can impose on you? 36% pa max. 36% hellooo. 36%.
And look at the illustration, it is trying to give you an impression it is cheaper to borrow even at 36% vs 18% when it quotes “RM21” vs “RM115”. 
 
This is irresponsible illustration, because one is a tenure of 6-month vs 3 weeks. 
 
We re entering a regime of easy credit, in a legal way, no splashing of red paints on your housewalls, but you will unconsciously work your whole life to be slave to these financial institutions.
Noticed the emergence of “Shoppee Pay Later” “Boost Pay Later” “Laz Pay Later”… 
 
The system is trying to make you live like you dont really feel any difference because it is all cashless, e-money, but in actual fact, the system is swallowing you bit by bit and you just “get used to it”.
Beware lest that you are a Slave to this system. 
 
Financial Literacy is very important.
May be an image of text that says "GOpinjam Loan Amount RM1,000 "A Credit" Personal Financing Tenure weeks (borrow based on need basis) Interest/ Profit Rate (Flat) 6 months (minimum tenure is 36% per annum (assume highest rate) months) 18% per annum (assume highest rate) Total Interest/ Profit ChargedRM21 Processing Fee RM90 No Fee Stamp Duty Waive RM20 (2%) You Paid Total Fees & Charges RM5 (0.5%) RM21 RM115 Note: The calculation is for simulation purpose only. Please refer to final approved loan details during loan acceptance stage." 
 
Low Chin Ann is the founding Director of Genesis Origo. 
 

Location: Malaysia

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