The National Bank of Cambodia has warned the public against Phnom Penh Loan Company, a local company that promises quick access to liquidity.
The Phnom Penh Loan Company did not receive a license from the Central Bank and used the image of the executives of NBC and the Cambodian Microfinance Association in its marketing without authorization, said Kith Sovannarith, deputy managing director of the banking supervision at NBC.
Mr Sovannarith said that Phnom Penh Loan Company, based in Phnom Penh, offers loans that customers can apply for online, but added that the company has never obtained a license from NBC to operate the business.
“We ask people to be careful with the Phnom Penh Loan Company which provides Internet loans without a license from the National Bank of Cambodia.
“They are also using the image of the leader of the Central Bank to deceive the public,” Sovannarith added.
“We are not supporting this organization or licensing it,” he said.
Contacted by Khmer Times, a sales representative for the Phnom Penh Loan Company said the company was operating legally, adding that it had two branches – on Norodom Boulevard and on Khan Russey Keo.
The representative said that in order to get a loan, customers are required to present identification cards, family books and bank statements. Loans range from $ 500 to $ 25,000.
When asked if he was registered with NBC, the rep said the question should be directed to the branch manager and hung up the phone.
According to its website, Phnom Penh Loan Company is one of the leading approved loan providers in the country. She specializes in personal, mortgage and business loans.
The website promises low-interest loans that will be approved within 24 years without complicated procedures and notes that the repayment period ranges from one to eight years.