At one time or another, you will find yourself in need of some quick cash. At that point, you will find that most of these organizations have some form of personal loan, quick cash loans or related products which you might need.
Processing Fast Loans
The main problem is that most banks or financial institutions will require you to flourish a lot of documentation before you can apply for these products. This will then in turn take longer because there will be some processing time involved. In most cases, application or a loan will:
- First, choose the product you want to apply for
- Talk to the officer and make decisions like how long and how much you want to borrow
- send in your documents
- Wait for processing
- bank will validate your credit standings and repayment ability
- Approval or rejection
- disbursement of funds
If each of the item above takes a day, it means you need at least a week before you can get hold of the funds. So, what if the situation is that you are in some urgent need of cash for emergency or last-minute spending?
So, what is a quick personal loan to begin with? What you are looking for is a loan which can be processed within a short period of time. This is referred to as between 1 to 3 working days. In most cases, you will need to pay a small processing fee when you apply which is payable once the loan is approved and will be deducted from your total amount.
Otherwise, you need to be aware that there are charges involved if you pay your instalments late while some might have stamp duty fees which is about RM10 to RM50. Take note as well about something known as the early settlement fee. This is where you will be imposed with some form of penalty for settling your loan ahead of schedule.
What do I need to prepare?
The most important thing you need to prepare before applying for a quick loan are your documents. You will be required to have the following:
- 3 months latest payslip
- income statement
- bank statement of where your salary is banked-in
- other official documents
After that, you will now need to decide which bank to borrow from. First, make a list of all the banks that offer this type of loan. If they do not mention the word Quick, it means it will take a while before you can get your money. Once you have decided which one to apply for, then its time to talk to the bank.
Another aspect that you must consider here is your credit standing. Check your CTOS score and ensure that you have a ‘clean’ record. What this means is that you have not defaulted any payment in any of your loans.
In some cases, you might have made an instalment (for car or house) a month late or so. this is usually tolerable but if you have defaulted for more than 2 months, then there is a high chance your application will not be approved.
Eligibility for a Quick Loan
To be eligible to apply for a quick loan, the standard criteria is applied. You will be required to be a Malaysian citizen or Permanent REsidnet who is at least 21 years of age and not more than 60. Your income should be at least RM2,500 per month and you will be required to show some form of identification and proof of income. Take note of some loans that are wholly intended for government servants and those in the public sector.
Meanwhile, most banks will offer amounts of up to RM500,000 depending on your monthly salary and the product they are offering. Some might be as low as RM1,000 but that would not be necessary in most cases.
This is among the most popular products in the market. RHB Easy is known for its quick processing time. In fact, you can borrow anything between RM2,000 and RM150,000 which can be processed almost immediately.
All you need to do is to show your IC at the branch and you will know if your loan is approved on the spot. However, because of this, the interest rate is among the higher ones which is about 13% per annum. This product should only be applied if you are desperate and do not mind the high interest.
Hong Leong Mach
Another popular product is by Hong Leong Bank where the MACH is known to be processed within an hour. This would surely be among the few products in the market with the fastest processing time ever. You can borrow between RM5,000 and up to RM250,000 and between 2 and 7 years. Interest rate meanwhile is quite attractive which is between 7 and 10% per annum.
Alliance Bank offers the Alliance Bank CashFirst Personal Loan. This loan is available for Malaysians and PRs with a minimum income of RM3,000 per month. you can apply between 1 to 7 years with very low interest rate (below 5%). Application process is swift and you should get your approval within 48 hours.
Standard Chartered Bank offers the Quick Cash EDGE personal loan that gives you that an option to get cash in the shortest time possible. Processing will take at most 5 working days and you apply for up to 5 years. Interest rate is not more than 10.5% and you can apply for up to RM150,000.