Compare Malaysia's Best Fast-Approval Loans in 2020

Online Fast Approval Personal Loan Application


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Compare Malaysia's Best Fast-Approval Loans in 2020

All it takes is three easy steps:

1

Tell us about yourself

Let us know about yourself and why you need a personal loan.

2

Compare you options

Search loans and compare your results according to bank and loan interest rate.

3

Submit your personal info

Provide your personal details to confirm your loan eligibility.

What Are Fast Approval / Easy Loans?

Fast approval loans are personal loans that you can get in short notice, usually within only a few hours or days. These easy-to-get loans can help you sort out all your personal and financial emergencies in a short amount of time. If you are in urgent need of money but don’t have a rainy day fund set up, fast approval personal loans are your best bet.These unsecured loans do not need any collateral and you can apply for them at a bank or non-banking institution even if you are self-employed!

Why Apply For Fast Approval Personal Loans?

Suppose you’d like to buy a massage chair to relax after a hard day of working but your funds are limited and you don’t have the cash at hand to purchase one immediately. Fast Approval Personal Loans are designed to help people in such situations, be it personal needs, emergencies, or business purposes.You can get fast approval personal loans to pay for wedding expenses, credit card debts, house repair expenses, college fees, starting a new business, or any financial emergencies.

Where To Apply For Fast Approval Personal Loans?

About 15 banks all across Malaysia provide fast approval personal loans. You can also find different sources offering fast approval personal loans, such as moneylenders, P2P, and more. However, you should not approach them before conducting extensive research.

How Fast Is The Loan Approval Process?

In Malaysia, it can take anywhere from half an hour to a week for a fast approval personal loan to be granted. However, with CompareHero, you can get a personal loan approved in a matter of hours. It will only take 2 minutes to compare and find the best loan for you; 30 seconds to fill out the information form, 30 minutes to get a call from the bank, and 60 minutes for loan approval to disbursement!

Can Foreigners Apply?

Like every other ordinary Malaysian citizen, foreigners can also submit an application for a fast approval personal loan to help pay off bills or credit card balances. While it isn’t that easy for foreigners to get approval for personal loans in Malaysia, there are some banks that offer personal loans for non-residents.

What Documents To Prepare For A Fast Approval Personal Loan Application?

With correct documents, you can get your Fast Approval Personal loan approved and disbursed in a matter of hours. Here are the typical documents you should prepare before applying for any easy loan:
Salaried ApplicantsEntrepreneur Applicants
Identity Card (MyKad/Passport)Identity Card (MyKad/Passport)
Most recent three months’ payslipBusiness Registration Certificate
Most recent 3 months bank statementLatest 6 months company’s bank statements
Most recent EA or BE form (with valid tax payment receipt)Most recent BE or e-Form BE (with valid tax payment receipt)
Most recent 6 months’ EPF statement

Table of Comparison for Fast Approval Personal Loans in Malaysia

BankApproval Time Interest Rate (p.a.)Min Income (RM per month)Loan Amount (RM)Loan Tenure (RM)Debt ConsolidationCashback
Citibank*In Principal Approval5.88% - 9.80%4,0005,000-150,00024-60YesNo
Hong Leong Bank2 days5.50% - 6.50%2,0005,000-250,00024-60YesNo
CIMB1 day6.88% - 14.88%2,0002,000-100,00024-60YesYes
RHB Easy1 day8.18% - 13.45%1,5002,000-150,00012-84YesYes
Alliance Bank1 day5.33%3,0005,000-150,00012-84YesNo

Fast Approval Personal Loans by Non-Banks in Malaysia

LenderApproval Time Interest Rate (p.a.)Min Income (RM per month)Loan Amount (RM)Loan Tenure (RM)Debt ConsolidationCashback
JCL1 day12%-18%1,000500-50,00012-60NoNo
Icon Venture Capital1 day13%-18%5,00010,000-2,000,00012-60NoNo
Emicro1 day18%1,5005,000-10,0006-24NoNo

Factors Banks Consider To Determine Your Loan Amount And Interest Rate

Banks usually look into different factors that indicate your financial health before they approve a loan. Here are the common factors banks will consider before they let you sign the dotted line:
FactorsConsideration
Financial Situation

Bank will gauge your financial situation by looking at these things:

  • total income,
  • monthly expenses,
  • debt,
  • taxes,
  • credit score.
Repayment TermsBased on your current financial situation, your bank could let you choose from 1 to 5 years loan period.
Interest Rates

Since fast approval personal loans are unsecured, these factors play a major role in determining the interest rate:

  • bad credit,
  • unstable finances.
Other factors

These factors can also affect your loan terms:

  • Previous relationship with the bank
  • Debt service ratio (DSR)
  • Your monthly salary
  • Flexible interest or loan period terms

Example Of Monthly Installment Calculation For Fast Approval Personal Loan

The fast approval personal loan is suitable for those who have an urgent need for money, usually before receiving their paycheck. This type of loan requires you to make monthly repayments until your loan is fully paid.For example, you are looking for a fast approval personal loan of RM100,000 from Bank X for 5 years to finance your wedding expenses at a flat interest rate of 10% per annum.
Loan DetailsTotal
Loan amountRM100,000
Loan tenure5 years (60 months)
Interest rate6% p.a. flat
How much interest to be paid over 5 years?=RM100,000 x 6% p.a.= RM6,000 per year x 5 years= RM30,000What is the total amount you repay over 5 years?= RM100,000 + RM30,000= RM130,000What is the monthly installment?= RM130,000 ÷ 60 months (5 years)= RM2,166.67

Debt Service Ratio Calculation Formula

Banks usually look into your debt service ratio (DSR) before approving a loan to determine if you can repay the loan in time.The debt service ratio (DSR) is calculated by dividing your net operating income by the total debt service.
Debt Service Ratio = (Total Monthly Commitments ÷ Total Monthly Income) x 100%
Here is a working example:Your salary is RM8,000 and your extra income is RM2000. You also have a car loan of RM1800 and a mortgage loan of RM2,200 every month. Moreover, for your new Personal Loan, you will have to pay RM1000 per month.
SalaryRM 8,000
Extra IncomeRM 2,000
Total Monthly IncomeRM 10,000
Car LoanRM 1,800
Mortgage LoanRM 2,200
Personal LoanRM 1,000
Total Monthly CommitmentsRM 5,000
What is your DSR?= (Total Monthly Commitments ÷ Total Monthly Income) x 100%= (RM5,000 ÷ RM10,000) x 100%= 50%In this example, you have to give up 50% of your total income every month to meet all your debt commitments. With such high DSR, you may not have enough money to cover your loan while living comfortably, and so your loan may not get approved. The recommended DSR range is between 30 to 40 percent.

Tips To Get Your Loan Application Approved Quickly

#FactorTips For Quick Approval
1Credit HistoryBanks have access to your financial history through CCRIS and CTOS. They’ll evaluate your previous financial history before they approve a loan. If you’ve always made the payment on time, you may get your loan application approved quickly!
2Credit ScoreIf you have a high credit score, you could get favorable deals from the bank. On the other hand, if your credit score is poor, you should clear the existing debts before you contact the bank for a new one.
3Debt Service RatioIf your total loan commitments are over half of your total income, chances are that your loan will not get approved. You should keep your DSR at around 33% for the loan approval.
4Credit CardIf you are just a beginner starting out and don’t have a credit history, you should get a credit card. If you spend in small amounts and repay on time, you’ll soon be building up a good credit history and credit score!
Before you apply for a fast approval personal loan, you should have the required documents on hand. If your documents are all ready, and you have a great credit score and history, chances are that your loan application will get approved without any issues. Check out the best 5 fast approval personal loans with the lowest interest rates before you apply!
Most banks will require you to be a Malaysia Citizen or Permanent Resident, aged 21 and above (but not over 60 years old) and earn a monthly gross income of at least RM3,000 or more. Proof of identification, income, and residence must also be submitted to be approved for a personal loan.Banks will also look at your credit rating before approving or rejecting the loan application.
Most personal instalment loans are repaid in fixed monthly instalments.Repayments can usually be made by mail, online, through an ATM, or at a bank branch. If the loan is from the same bank you keep your savings account in, your loan repayments can be automatically debited from this account.
Many Malaysian banks and lenders can lend from RM1,000 up to RM400,000, depending on the borrower's credit history or rating. Most banks and lenders set an upper limit on how much applicants can borrow, which can range from 6 to 10 times the amount of their current salary, or a fixed amount. Whichever amount is lower will be the highest amount the borrower can have.
What is a Personal Loan?A personal loan is a one-time loan where the principal and interest are repaid in small fixed amounts at regular intervals. Payments are usually made on a monthly basis for a predetermined period of time.When should I use a Personal Loan installment ?You can use a personal installment loan for needs that other loan types cannot cover. Examples include paying for weddings, renovations, and medical costs not covered by insurance.Some people prefer taking out a personal installment loan instead of using a credit card because the fixed monthly repayments are easier to plan for.For other purposes such as paying for cars, education fees, housing, it is usually cheaper to use a loan specific for that purpose. Ask your bank about car loans, education loans, home loans, et cetera. It is advised to only use personal loans when you cannot find a loan that matches your needs.Do I Qualify for a personal loan installment ?Most banks will require you to be a Malaysia Citizen or Permanent Resident, aged 21 and above (but not over 60 years old) and earn a monthly gross income of at least RM3,000 or more. Proof of identification, income, and residence must also be submitted to be approved for a personal loan.Banks will also look at your credit rating before approving or rejecting the loan application.How much Can I borrow ?Many Malaysian banks and lenders can lend from RM1,000 up to RM400,000, depending on the borrower's credit history or rating. Most banks and lenders set an upper limit on how much applicants can borrow, which can range from 6 to 10 times the amount of their current salary, or a fixed amount. Whichever amount is lower will be the highest amount the borrower can have.How Do I Replay My Loan?Most personal instalment loans are repaid in fixed monthly instalments.Repayments can usually be made by mail, online, through an ATM, or at a bank branch. If the loan is from the same bank you keep your savings account in, your loan repayments can be automatically debited from this account.What is The Difference between ans secured and unsecured Loan ?A secured loan means there is some form of collateral (guarantee) made to the bank. Examples of collateral include your property, car, stock portfolio, gold assets, etc. The value of the collateral must exceed the loan amount. If you do not repay the loan as agreed, the bank has the right to seize the collateral.An unsecured loan does not require collateral. There is no guarantee beyond your signed loan agreement (which is a legally binding contract).In general, unsecured loans have a higher interest rate than secured loans.What is loan Insurance ?Loan insurance, sometimes called "payment protection insurance," is insurance that helps protect loan policy holders from defaulting the loan. It provides financial support due to disability, unemployment, or other debilitating factors that prevents the borrower from repaying the loan immediately.What is a late fee?This is a fee imposed for missing repayments. There is usually a grace period of 60 days, starting from the stated date of repayment, during which late fees will not be charged.What is a processing fee? This is the amount charged for the administrative effort in granting you the loan (e.g. a legal team was required to draft the terms and conditions, staff are needed to upkeep accounts, and so on). Processing fees vary with each bank.What is a Pre payment penalty ?This is a fee imposed when you attempt to pay down your loan before the given loan tenure. To avoid this penalty, ask your bank or lending agency if they have policies on early repayment.   
A personal loan is a one-time loan where the principal and interest are repaid in small fixed amounts at regular intervals. Payments are usually made on a monthly basis for a predetermined period of time.
This is a fee imposed when you attempt to pay down your loan before the given loan tenure. To avoid this penalty, ask your bank or lending agency if they have policies on early repayment.
This is the amount charged for the administrative effort in granting you the loan (e.g. a legal team was required to draft the terms and conditions, staff are needed to upkeep accounts, and so on). Processing fees vary with each bank.
An annual fee is also known as a maintenance fee that is charged annually by your credit card provider. Some banks waive off annual fees depending on cards and promotions.
Loan insurance, sometimes called "payment protection insurance," is insurance that helps protect loan policy holders from defaulting the loan. It provides financial support due to disability, unemployment, or other debilitating factors that prevents the borrower from repaying the loan immediately.
A secured loan means there is some form of collateral (guarantee) made to the bank. Examples of collateral include your property, car, stock portfolio, gold assets, etc. The value of the collateral must exceed the loan amount. If you do not repay the loan as agreed, the bank has the right to seize the collateral.An unsecured loan does not require collateral. There is no guarantee beyond your signed loan agreement (which is a legally binding contract).In general, unsecured loans have a higher interest rate than secured loans.
The minimum payment is a sum that you will have to pay each month in order to avoid getting a bad credit score. It is calculated according to your outstanding balance, and will appear in your monthly statement. Other factors that will affect your minimum payment are unpaid balances or any balances that exceed your credit limit.If you pay the minimum amount on your monthly bill, there will still be interest charged to any unpaid amount. This will be carried on to your next statement. However, if you fail to pay the minimum fee, a late payment fee will be charged to you, on top of the interest on the outstanding balance.
You can use a personal instalment loan for needs that other loan types cannot cover. Examples include paying for weddings, renovations, and medical costs not covered by insurance.Some people prefer taking out a personal instalment loan instead of using a credit card because the fixed monthly repayments are easier to plan for.For other purposes such as paying for cars, education fees, housing, it is usually cheaper to use a loan specific for that purpose. Ask your bank about car loans, education loans, home loans, et cetera. It is advised to only use personal loans when you cannot find a loan that matches your needs.

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