Cash woes? A personal loan to the rescue!
  • Best Personal Loan Alternatives

    Applying for a personal loan can be quite a hassle. With stringent bank guidelines, high interest rates, and the need to have a good credit score, many people are looking for more viable alternatives for borrowing a sum of money at better interest rates.

    Following are some of the feasible options you could consider:

    Credit Cards

    Many people have misconceptions about credit cards. But if you know how to use your card smartly, it can help you in the long run. A credit card is a powerful tool when you need cash. With a balance transfer credit card, you can get the amount of money you’re looking for at great rates. Many banks have balance transfer credit cards which come with an introductory offer of 0% interest for a particular period.

    Applying for a balance transfer credit card is simple and the approval process is quick as well. It is advisable to finish off your outstanding debt within the introductory period of the card, otherwise, you will have to pay the outstanding balance with interest. The key is to pay off as much as you can or via the minimum monthly payment option. Since every bank has different guidelines, read the terms and conditions before applying for a new credit card.

    Mortgage Refinancing

    If you are a homeowner, mortgage refinancing is another way to get cash conveniently. When you refinance your home mortgage, you take out a sum of money in order to pay off your existing loan. This not only helps in lowering your monthly payment, but also eliminates the need to pay Private Mortgage Insurance.

    With mortgage refinancing, you can also reduce the interest paid during the loan term. Furthermore, you can use cash-out refinance for enhancing your credit score. Before opting for refinancing, it is recommended to check the fees and charges and compare the rates of interest.

    Bank Overdraft Facility

    A bank overdraft is a borrowing facility which allows the customer to withdraw any amount of cash from their current account. This is a temporary facility, and there is a limit for cash withdrawal. It is a flexible facility which ensures that the payment is made on time, as you don't need a specific balance amount in your account. Even though taking an overdraft facility is a great alternative to applying for a personal loan, it is better to opt for this facility when you need cash for a short term. Also, the bank has the option to alter your credit limit from time to time.

    Legal Money Lenders

    Not just banks, you can also borrow money from legal money lenders in Malaysia. Licensed money lenders in Malaysia follow the rules and rates as per the discretion of the Ministry of Housing & Local Government, under the Money Lenders Act 1951. They provide bespoke loan packages at the rate of interest set by the government. The entire application and approval process is hassle-free, and you can get the amount you want at a short notice. Since there are many money lenders in the country, you need to make sure that are licenses. Read the lending agreement and the terms and conditions properly.


    If you are looking for an affordable way to get urgent cash other than applying for a personal loan, you can opt for any of the above options. Analyse your needs and implement the most practical financial solution keeping your requirements in mind.

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