How Fast Is The Personal Loan Process? [INFOGRAPHIC]
You’ve heard of fast loans, but just how fast is the fast in fast loans? Let’s find out with this handy infographic that traces the steps from comparing personal loans on from application, all the way to disbursement. And aside from learning just how fast the loans are, you also get to find out which documents you need to be ready with so that you can make the application process smoother.
At least one point in an adult’s life, we take out a loan to buy things, pay for things, or even start a business. Personal loans can be a wonderful solution when you need fast cash with no collateral and a few questions asked. Sometimes, you get approved for your personal loan almost immediately. Some lenders these days boast of 5-30 minute approval to cash-out, but it can range while some still take 24 hours up to 5 business days or a week to process loan applications and approvals.
Before applying for a loan, it helps to first estimate the maximum loan amount you could borrow from a lending institution. While banks often have their own distinct standards of loan eligibility, they tend to use the same range of data to calculate how much they can lend you.
Tips for fast loan processing
- Be ready with your requirements
- Documents required include copy of MyKad, latest payslips, EPF statement, and details of your disbursement account.
- You have to be at least 18 years old.
- You have to be a Malaysian citizen or a permanent resident
- Not all banks disburse loans as quickly as an hour. Take not of the process before you choose the loan.
- Getting a personal loan from a bank you have a relationship with can also speed up the process.
You have shopped around for the best deals on personal loans, even asked friends and family for recommendations and compared the different personal loans available, to find that “perfect” loan to suit you and your financial situation. Seems like the perfect plan to cover all the bases and make an air-tight application. Yet, it still leads to a “REJECTED” stamp. So why did the bank reject your application? READ HERE.