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If you're in urgent need of financing and cash, or need to pay for an emergency and a standard personal loan application will take too long, then a fast approval loan could be the right solution for you.
These loans can be disbured to your account from as quick as 24 hours to 2-3 working days. For instance, RHB offers the RHB Easy personal loan which can be immediately approved for loan amounts between RM2,000 to RM150,000. All you need is to bring your NRIC to the RHB branch. However, it has a pretty high interest rate of 13.75%, so while it may be easier to get the personal loan, it comes at a higher cost.
The more common fees and penalties that may come with a fast approval personal loan include: processing fees, late payment fees and early settlement fees.
In general, most banks charge a 1% fee per year on the outstanding balance for late payment fees. For processing fees, some banks do not charge this, while others may charge anything from a 0.5% stamp duty fee, RM10 or RM50. Early settlement fees also differ from bank to bank, there may be a zero early settlement fee but the bank might require you to submit a letter of notice at least 3 months before the settlement date. While other banks may charge 3% on the outstanding balance or RM300, whichever is higher, as your early settlement fee. Fees and penalties vary from bank to bank, therefore be sure to review the different fees when you are comparing fast approval personal loans to suit your needs.
Most banks will require you to be a Malaysia Citizen or Permanent Resident, at the age of 21 and above (but not over 60), with a monthly gross income of RM3,000 or more. Proof of identification, income, and residence must also be submitted to be approved for a personal loan.
CompareHero.my lets you compare Fast Approval Loans, Islamic Loans, and Civil Servant/GLC Employee loans from various Malaysian banks and lenders.
You will usually need to produce your CPF statements or pay slips dating back three months (or six months if you are self-employed).
Banks will also look at your credit rating before approving or rejecting your loan application.
Many Malaysian banks and lenders provide loans 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.