Best Fast Personal Loans

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Best Fast Personal Loans

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Best Fast Personal Loans in Malaysia

Personal loans help supplement monthly income and emergency funds, allowing borrowers to fulfil individual financing needs. Primary financial institutions like banks initially set the turnaround rate for a personal loan application to 3-5 working days.

However, you can get a personal loan within 24 hours via same-day funding in Malaysia. Such fast personal loans are typically unsecured, meaning collateral and a guarantor are unnecessary.

However, which financial institution offers the best personal loan featuring a low-interest rate, an affordable monthly repayment period, and a reasonable loan amount? Below is a highlight of the best banks to borrow money for fast personal loans. But first, let’s discuss what a personal loan is:

Personal loans are a type of loan that is available from banks, credit unions, and licensed online lenders. It is usually disbursed in a lump sum with fixed repayments and interest rates. 

Personal loans are typically unsecured, so you do not have to provide the lender with collateral. Additionally, the repayment terms, ranging from one to ten years, are shorter than those of a mortgage loan. 

1. Alliance Bank Cash-First  Personal Loan

Alliance Bank is the go-to lender for a fast approval loan Malaysia, and its Cash-First personal loan tops the list as the best low-interest personal loan. The lender processes personal loan applications within 24 hours, and the qualified borrower can receive the money after reading the loan terms and signing a loan agreement. 

Alliance Bank examines several factors in a borrower's loan application for a fast unsecured loan. Such factors include current income (monthly salary or otherwise), credit score, financial background, monthly commitments, monthly expenses, and credit history.  

The First-Cash personal financing loan has a low 3.99% fluctuating interest rate per annum; the personal loan interest rate influences how much you pay back at the end of your loan tenure. You can use the LoanPanda personal loan calculator to establish and compare the interest rates against your loan. 

Unlike conventional loans like car or home loans, this personal financing loan requires zero collateral. The eligibility requirements for this fast-approval personal loan is age 21-60 years with a minimum salary of RM3000. The lender approves personal loan applications for loan amounts from RM5000, while the maximum loan amount is RM150000.

Second, the minimum loan tenure on this low-interest personal loan is a year, while the maximum is seven years. Therefore, you can choose the repayment period and monthly repayments you can afford. Although there is no loan processing fee, the bank personal loan imposes late payment charges of 1% on the outstanding balance.

2. MBSB Afdhal-i

The MBSB Afdhal-i has the lowest interest rates of any instant-approval loan in Malaysia. It is among the Islamic Financing personal financing options available on the market. According to Shariah banking requirements, it charges a 3.35% profit rate per annum rather than the standard interest rate attached to conventional loans.

A profit rate is a form of interest-sharing between the lender and the borrower from "halal" transactions, by the principle of "Mudarabah." Therefore, the lender's low-profit rate makes it the best personal loan approved low-income loan Malaysia offers. MSBN offers a financing rate of up to RM400000 to Malaysian citizens with loan applications showing that they meet the eligibility criteria, including an RM2000 minimum salary.

The bank's financing rate and other loan terms are more flexible than most. First, unlike secured loans, the low-interest personal loan does not require a loan security asset like collateral or a guarantor to ensure borrowers repay the loan.

Second, the bank does not charge loan processing fees, early settlement fees, or late payment charges. Third, the bank has a 24-hour turnaround time (TAT) and a loan tenure ranging from 2-10 years.

3. Maybank Personal Loan

The Maybank personal loan has a 6.5% interest rate per annum, translating to a 0.54% monthly flat interest rate. The financing rate allows the bank to lend up to RM100000 to qualified applicants. 

Maybank's maximum loan tenure on the loan amount is six years, allowing you to choose a comfortable monthly repayment period. Moreover, the bank waives processing and stamp duty payment on the fast-approval, low-interest loan. However, it charges a 1% late payment on the outstanding balance and approves the loan application within two business days.

The low-interest rate loan is accessible to Malaysian citizens earning a minimum monthly salary or income of RM5500. Moreover, Maybank has an Islamic personal financing loan option. The Islamic financing option offers similar low-interest rates classified as a profit rate.

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FAQs on Fast-approval Loans in Malaysia

A credit card is a convenient tool for people to pay for purchases today, offering many perks and rewards that can add up to more savings for the cardholders.

Today, consumers often use credit cards as payment for their purchases since they are convenient and often come with benefits and incentives that can result in additional discounts for cardholders. With a wide variety of these cards with various advantages, you might ask how to pick the ideal one for your financial needs. We have collected the following FAQ to enable you to understand the most relevant questions regards credit cards, including user conditions, interest rates, and primary payment terms.

Here’s a short guide LOANPANDA has compiled to help you understand the credit card requirements, interest rates and basic payment terms.

Although all 15 Malaysian banks offer unsecured loans, their TAT varies from under 24 hours to five business days. The criterion for financing typically includes borrower credit history, credit score, income level, and monthly commitments to determine the ability of borrowers to repay before they can lend.

Our research shows that Alliance Bank, Maybank, and MBSB have the lowest interest and profit rates for fast-approval personal loans. However, consider using our personal loan calculator to compare interest rates and other loan terms.

Most banks in Malaysia utilize automated online systems and can process loan applications for fast approval of personal loans within 24 hours, but some can take up to five business days.

Therefore consider using LoanPanda to compare personal financing loan approval times to find the best fast approval personal loan turnaround time. Also, do not give up on personal loans if one bank rejects your application. You can submit other applications to one or two competing banks with low-interest rates.

You can calculate the instalment repayment manually by multiplying the principal amount with the interest rate and the loan tenure to generate the total instalment. Add the principal amount to the total derived instalment to establish the borrowed amount. Divide the borrowed amount by the total months in your loan tenure to establish the monthly repayment amount.

Alternatively, you can use a personal loan calculator by LoanPanda to quickly calculate the monthly repayment. Therefore, consider calculating the instalment on different loan amounts before filling in the ideal amount in your loan application.

Malaysian banks do not extend unsecured loans to foreigners. However, they can get fast approval for a personal loan by applying for secured loans if they have a guarantor or an asset as collateral.

1. Create a positive credit history by accruing positive debt and paying it on time.

Banks consider your credit history a significant eligibility factor for a fast approval personal loan application approval. They can access your credit report via tools like the Central Credit Reference Information System (CCRIS) and the Credit tip-off service (CTOF). A poor history portrays you as a high-risk borrower, unlikely to meet your monthly instalment payment.  

Banks charge individuals with a poor credit history a higher annual interest rate without a flat interest rate. Therefore, consider building your credit history by applying for other loans and credit cards and paying the accrued debt on time.  

Besides comparing bank loan interest rates, Loanpanda has financial consultants and online calculators to help you compare credit card options with a low-interest rate. Also, you can compare the rewards available to different credit card holders, including cashback.

2. Take steps to improve your credit score

You can take several steps to improve your credit score. First, avoid applying for multiple credit lines at a go after rejection, as this flags you as a high-risk borrower. Second, develop a strategy to pay off your debts, starting with the smaller debts and progressing towards more considerable debt; you can consolidate your credit when the terms are favourable. 

Third, verify that the information on your credit score report is accurate. Fourth, avoid late payments, as any amount delayed by as little as two months lowers your credit score.

3. Regulate your debt service ratio

The debt service ratio (DSR) calculates whether you can afford to make monthly payments on the loan amount. Banks examine monthly expenses and commitments against monthly income while evaluating personal loan applications. 

Too many debts against your income shrink your income significantly and depict that you cannot afford the monthly repayment on a personal loan based on your current income.

4. Build Your Credit History

Lacking a credit history is as bad as having a poor credit history. Malaysian banks and other financial institutions give citizens aged 19 and above low-interest credit cards. Register as a supplementary card holder with a responsible adult and leverage their positive credit score to grow yours.

Ensure you have all the documents to complete a successful personal loan application in Malaysia. Most banks require the following: 

A copy of your NRIC

A unique set of nine numbers called The National Identification Number or NRIC Number is different for each individual. When applying for a personal loan, you must include a copy of your NRIC.

Copy of the salary Statement

A copy of the salary statement from the previous month or commission from the previous three months is required for a personal loan.

A copy of your bank statement

For a personal loan, you must submit a copy of your bank statement for the last 3 months stating your salary figure. 

Latest BE/EPF statement, not older than 12 months 

EPF statement is an online version of your PF status. You must submit your latest BE/EPF statement to avail of a personal loan.


Help plan your finances

The flexible tenure and fixed installments of personal loans allow the debtor to plan their payment schedule. 

You can select a repayment term of twenty-four, thirty-six, forty-eight, or sixty months for Personal Loans, but keep in mind that if you choose a long term, you will have to pay more interest.

One misbelief is that taking a personal loan can affect your credit score, but this shouldn't be a problem if you stick to a consistent payment schedule. 


Enables debt consolidation and interest savings 

Since personal loans can be used for almost everything, many users consolidate their debt and take personal loans to pay their collective debt. That way, instead of various payments to different creditors, people have only one payment to keep a record of. 

Besides, personal loans may save you money if they have a lower interest rate than your other debts, particularly credit cards. This means that you may reduce the sum you pay for instalments too. 


No collateral involved

As previously stated, emergencies in which the borrower may not have insurance or funds to cover unforeseen costs like hospital bills can benefit from personal loans. 

However, debtors are discouraged from using personal loans for non-essential or luxury spending, even if they have a pressing need for a holiday.  


It can be used for anything 

Of all the loans, personal loans are probably the most flexible in terms of how they are used. Unlike car loans, home loans, student loans, etc., it is not tied to one type of liability you pay. 

A general rule of thumb is never to take out a personal loan unless you have a solid repayment plan and consider how your expected income will fit into your payment schedule.  

Although it is possible, approval is extremely unlikely. This is because lenders and banks typically require proof of your income. Still, a borrower with a good credit score, a history of credit, and stable employment will be eligible for better terms and interest rates. 

A loan compression is also called multiple loan submissions. You can submit loan applications to various banks by working with a loan agency. A borrower may be able to get various loans that are relatively more expensive than they can afford. 

Some alternatives to personal loans are getting a credit card, refinancing your house loan, or applying for a home equity loan.