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Compare Fast Approval Personal Loans - Online Application

  • 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 disbursed to your account from as quick as 24 hours to 2-3 working days.
  • For instance, RHB Bank 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.
  • 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.  
  • Approval times of fast approval loans vary from provider to provider.
  • The quickest approval time is immediate with RHB Easy or within 1 hour with Mach by Hong Leong.
  • Followed by 24 hours approval with CIMB
  • 48 hours approval with AllianceCitibankHong Leong, and Ambank to name a few.
  • But of course this is just an estimate, and it could be more (or less) depending on each customer’s circumstance and the completeness of your application.
  • You can make advance payments by paying a little more than your fixed monthly installment amount.
  • For example, if your monthly repayment is RM800, you can make an advance payment by paying RM1,200. When you make advance payments, the extra amount will reduce the principal outstanding loan amount.
  • However, for early settlement when you intend on repaying the entire outstanding amount in a lumpsum, you will need to check the terms of your agreement.
  • Review it to see if you will need to send in prior notice, if you will be penalised with an early settlement fee, or if there are any special conditions attached to the term.
  • You should be thinking about ways to improve your credit score before applying for a personal loan.
  • There’s a good chance that your loan application with be declined/rejected with a bad credit score.
  • Give yourself at least 6 months to improve your credit score before you apply for the personal loan.
  • However, if you are in dire need of cash, try to appeal to the bank and enlist a guarantor in your personal loan application for added security, someone who will be able to repay the loan on your behalf if you default on it.
  • But the best course of action would be to fix your current financial situation before taking on more debt.
  • Most banks will require you to be a Malaysia Citizen or Permanent Resident
  • Age of 21 and above (but not over 60)
  • 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 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 EPF 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.
  • Your personal loan’s processing time depends on the bank or lender.
  • Some banks send an approval-in-principle as quickly as an hour; others may take a day.
  • Depending on the lender, the loans may be disbursed as soon as a day after approval.
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.
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.
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.
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.