PERSONAL LOAN
Personal loan is known as an unsecured debt because they are not backed or supported by collateral such as your home or car. Lenders would probably use your credit score in order to determine whether you are qualified to be given the loan and at what kind of interest rates. Personal loan can also help you cover your immediate expenses without breaking your bank. The amount that you can get might be up to RM50K. For those who have bad credit score or none of it might make your loan application become a bit of a struggle.
Why do you need personal loan?
Normally individual would apply for the personal loan due to certain circumstance which force them to get immediate cash for example to cover the medical expenses, to further their or their children studies or for those who experience cash flow issue at the moment and there are some individuals who apply for personal loan in order to get them available to pursue the business opportunities that are not to be missed.
Features of personal loan
Personal loan is different from the common business related loans and these are the features that you should know when you want to apply for the personal loan. Personal loan is usually borrowed in a small amount that doesn’t exceed RM50K, they normally do not involved any collateral so that’s why they are called unsecured loan, normally happen and going for a short tenure and it is related to no particular business.
Personal loan is also opened to those who employed by a company and also to those who are self-employed.
How to qualify for personal loan
It is not difficult to get yourself to qualify for a personal loan because all you need to do is to show your ability to repay the installment in the monthly basis as agreed during the application. Show also that your ratio of debt to income and make sure that it is 45% depending on the income, the amount of the loan applied and your credit rating.
Documents required for the personal loan
Be aware that when you are applying for a personal loan there are certain documents required for you to bring in order to get your approval process done without too much struggle. Among the documents required for the application such as:
- Identity Card
- Proof of residence
- Latest 3 months pay slips
- 3 month current bank statements
- Financial statement (for self-employed)
Difference between banks and private lenders
It is rather difficult for you to apply for personal loan when you are dealing with the commercial banks because they are tied with the new strict regulations by Bank Negara Malaysia. However you have an option with the private lenders if you are really in dire need of immediate cash. The difference of private lender from commercial banks is as follows:
- Private lenders offers easier approval process compared to banks
- There are less documents required for the approval process
- Even people with blacklist record can also apply with the private lenders
- Private lenders offers flexible tenure when it comes to repayment process
- However market rates for private lenders are higher so it might risk the borrowers.
Thus there are a lot of reasons here for you to start considering us as an alternative when you are in dire need of immediate cash because as licensed money lender, our professionalism will definitely impress you.
Alternatively, you may be interested in our services such as: SME Loan, Business Loan, Housing Loan and Refinancing.