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NBC warns against local loan provider

Sok Chan / Khmer Times Share:
A representative of the Central Bank says the local loan provider used the image of Chea Serey, NBC’s director general, illicitly for marketing purposes. KT/Sok Chan

The National Bank of Cambodia has warned the public against Phnom Penh Loan Company, a local firm that promises quick access to cash.

Phnom Penh Loan Company has not received a licence from the Central Bank, and has used the image of the leaders of NBC and the Cambodia Microfinance Association in its marketing without permission, said Kith Sovannarith, deputy director-general of banking supervision at NBC.

Mr Sovannarith said Phnom Penh Loan Company, based in Phnom Penh, offers loans that customers can apply for online but added that the firm never obtained a licence from NBC to carry out this activity.

“We are asking people to be careful with Phnom Penh Loan Company which is providing loans over the Internet without a licence from the National Bank of Cambodia.

“They also use the image of the leader of the Central Bank to cheat the public,” Mr Sovannarith added.

“We do not support this organisation or have granted it a license,” he said.

When contacted by Khmer Times, a Phnom Penh Loan Company sales representative said the firm is operating legally, adding that it has two branches – on Norodom Boulevard, and on Khan Russey Keo.

The representative said that to get a loan, customers are required to present an identity card, family books and bank statements. Loans range from $500 to $25,000.

When asked if it was registered with NBC, the representative said that question should be addressed to the branch manager and hung up the phone.

According to its website, Phnom Penh Loan Company is one of the leading licensed loan providers in the country. It specialises in personal, mortgage and business loans.

The website promises low-interest loans that will be approved within 24 without complicated procedures and notes that the repayment period ranges from one to eight years.

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