Personal loans can be your go-to option if ever you find yourself in dire need of cash. Personal loans are usually taken for a shorter period of time when compared with other loans. The amount you can borrow under a personal loan is limited. Basically, though the terms of a personal loan depends on your financial history and stability, you can get loans to suit your need and purpose.
Under personal loans, you get quick approval personal loans which are more convenient and easy. Quick approval personal loans are usually approved in a shorter period of time when compared to other personal loans.
List of Easy Approved Personal Loans in Malaysia
Below mentioned is a list of fast approval personal loans that are available in Malaysia.
- Alliance Bank CashFirst Personal Loan
- RHB Easy-Pinjaman Ekspres
- Alliance Bank CashVantage Personal Financing-i
- Citibank Ready Credit PayLite
- Hong Leong Personal Loan
- AmBank AmMoneyLine
- Hong Leong Islamic Personal Financing-i
- CIMB Cash Plus Personal Loan
- AmBank Islamic AmMoneyLine Facility-i
- Hong Leong Mach IOU Personal Loan
Major Benefits of fast approval personal loans:
The reason why fast approval personal loans are the choice of many is due to their benefits. Some of the benefits are:
- Quick Approval: The major benefit of a fast approval personal loan is its quick approval and disbursement process. Some banks in Malaysia approve personal loans within an hour and have the amount disbursed within a day. For example, if you fulfil the eligibility criteria, you can get the RHB Easy-Pinjaman Ekspres loan approved and disbursed within 10 minutes on the spot.
- Minimal Documents: Personal loans require less documentation when compared with other loans such as home loans or car loans. This is one reason why personal loans are approved quickly. The documents required will be mentioned by the respective banks. Provided you have all the required documentation with you, your personal loan can be approved quickly.
- Flexible Usage: You can use quick approval personal loans for different reasons. Others loans can only be used for specific purposes such as a home loan or car loan. Personal loans can be used by you in any way you deem fit, whether it’s clearing out outstanding credit card dues or for financing a vacation.
- No Collateral Required: Most personal loans do not require you to present a guarantor or collateral. This is especially useful at times where you do not have assets to provide any collateral, but require a loan on an urgent basis. There will be times when a personal loan may require a guarantor or some form of collateral but usually happens when a borrower does not meet certain the required income criteria, is not a Malaysian citizen, or is borrowing a very high loan amount. Unsecured personal loans carry higher interest rates than secured loans.
The loan process time
The loan process time for fast approval personal loan would be quick, though the exact time would vary from bank to bank. RHB does approve and disburse personal loans instantly whereas Hong Leong would approve within an hour. CIMB takes 24 hours to approve, and few banks such as AmBank, Alliance and Citibank take 48 hours to approve a personal loan.
The time period mentioned above are just estimates. There are others factors that have a bearing on your personal loan approval such as your financial stability, credit score and application form. Such factors could increase or decrease the time taken to approve your personal loan.
Fees and charges
Processing fees would differ from bank to bank, and can range from a low amount for stamp duty to RM50. Some banks do not charge any processing fee itself.
When it comes to late payment fees, most banks in Malaysia charge 1% p.a. on the total outstanding amount or charge a specific amount on missed payments. Usually this is calculated on a daily basis until the due amount is paid.
Fees for early settlement differ based on terms and conditions imposed by respective banks. Some banks allow for early settlement without any charges, but insist on a written notice of early settlement at least 3 months in advance.
Some allow you to settle early without any fees if you complete a lock-in period of 6 months or similar. Such banks require a written notice at least a month in advance. Some banks will charge you an early settlement fee of 3% on the outstanding balance or a specific amount whichever is higher.
It is always best to check and compare various fees along with interest rates while you are looking for a fast approval personal loan.
Amount to borrow
The amount you can borrow for fast approval personal loans is varied as well. Most banks in Malaysia offer personal loans ranging from RM1,000 up to RM150,000. Some banks offer up to RM250,000 or even RM400,000 based on your credit score. There are banks that can provide personal loans up to.
The cap on personal loan borrowing amount could be a fixed amount or 6 to 10 times of your current salary. The amount you can borrow would basically depend on your income, credit history and terms imposed by the bank.
- Nationality: The basic eligibility criteria for fast approval personal loans imposed by most banks in Malaysia require you to be a Malaysian citizen or a permanent resident.
- Age: The age criteria would start from a minimum 21 years up to maximum 60 years.
- Income: The income criteria would be around RM3,000 on a monthly basis.
You have to provide various documents as proof of identification, income proof and residence proof to get the personal loan approved. Such documents include copy of MyKad, CPF statements, payslips, bank statements and such. Your credit score is an essential factor to approve personal loans.
Importance of Credit score
Banks can reject your Personal loan for bad credit score even if you fulfil the other eligibility criteria. It is best to improve your credit rating if you have a bad score before applying for a fast approval personal loan. The ideal time to improve your credit score and apply for a personal loan is around 6 months.
If you need urgent funds and have a bad credit score, you can appeal to the bank. You could provide a guarantor for your personal loan so that someone can repay the personal loan for you if you default on the loan. But the ultimate decision rests on the bank. They may or may not accept your loan application based on their discretion and terms.
Settle fast approval loans early
Most banks in Malaysia allow you to pay more than your monthly instalment amount. The extra amount you pay would be considered as an advance payment. Such advance payment can be considered as a monthly payment when the amount is equal or more than the minimum monthly due. For early full repayment, check with the respective bank for terms and conditions.
Insurance coverage for fast approval personal loan
Some banks allow you to opt for insurance coverage. Such insurance would provide security in cases of permanent disability or death. This will ensure that your family members or surviving kin would not suffer financial burden when you cannot repay the personal loan. The premium for insurance coverage for fast approval personal loans can be paid in full during your loan application. The total premium would be deducted from your approved loan amount prior to disbursement.
How to apply for fast approval personal loans?
- First check and compare various types of fast approval personal loans. Find out the eligibility criteria and required documents to apply for such loans.
- Download the application form if available on the bank website. Fill up the form with relevant and correct information.
- Visit the nearest branch with the completed application form and required documents to apply for a fast approval personal loan.