Touch ‘n Go’s Clarification on GOpinjam

Touch 'n Go would like to clarify on its product GOpinjam and its underlying product (e-Zi Tunai by CIMB Bank).

GOpinjam was introduced in order to serve a market segment that is traditionally underserved, providing credit to individual borrowers who require lower amounts for shorter periods. The aim of the product is to enable financial inclusivity for all market segments within a secure and safe environment. All applicants will also be subject to bureau credit checks to ensure proper affordability assessment and observe prudent debt service ratio.

The flat interest rate per annum (p.a.) of GOpinjam, as with most financial products, varies and is dependent on several factors such as tenure and credit history. For purposes of clarity, higher interest rates, such as 36% p.a., are only applicable to loan tenures below 3 months. Having said that though, not all loans that are below 3 months in tenure are subject to 36% p.a. , depending on the risk assessment exercise, interest rates on loans that are below 3 months in tenure could be much lower than 36% p.a.

Depending on loan amount, tenure and credit worthiness, GOpinjam lends its user's between RM100 and RM10,000 on tenures of one week to one year at interest rates as low as 8% p.a. GOpinjam also charges zero processing fees and zero stamp duties. Touch 'n Go also ensure that returning customers with good repayment history would enjoy lower interest rates in the future.

Touch ‘n Go would also like to reiterate that GOpinjam and its underlying product (e-Zi Tunai by CIMB Bank) are fully regulated with the right 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.