As we navigate through the uncertain terrain of life, we will be slapped with bills from various major life-changing events such as a wedding, arrival of a baby, or unexpected events such as sickness needing medical attention. No matter how frugal we are in our daily spending, we will always face cashflow challenges when we must come up with the payment for these bills promptly.

As we navigate through the uncertain terrain of life, we will be slapped with bills from various major life-changing events such as a wedding, arrival of a baby, or unexpected events such as sickness needing medical attention. No matter how frugal we are in our daily spending, we will always face cashflow challenges when we must come up with the payment for these bills promptly.

When we are suddenly faced with the situation of insufficient fund, the first option that comes to mind is to borrow from a bank; however, there are many restrictions and criteria to fulfil when it comes to taking out a personal loan from them. Alternatively, licensed moneylenders offer a more tailored financial solution with greater flexibility on their approval criteria.

There are thousands of licensed moneylenders in operation in Malaysia. Their differing operating structures, services, and product offerings mean that borrowing from one can be a very different experience from borrowing the other. That being said, finding the right licensed moneylenders can be especially helpful in cases when we do not want to deal with the bureaucracy of a bank.

Banks generally tend to offer higher loans with the minimum amount exceeding RM10,000. For individuals seeking smaller loans for the purpose of paying the electricity bills, repairing the car or upgrading home appliances, this minimum amount offered by the banks is larger than necessary. Overborrowing more than the amount we need for our purpose is not a good idea as it gets us into unnecessary debt.

Licensed moneylenders, on the other hand, can offer loans as low as just a few hundred ringgits. This makes moneylenders ideal to fulfil our small credit needs, such as getting that car fixed, paying a clinic fee, paying for a flight ticket, or any other small urgent payments, without any unnecessary debt attached.

This is especially helpful during difficult times. As long as the moneylenders are confident that we have no trouble keeping up with the repayment instalment, your loan approval gets the green light.

If our annual salary is less than RM18,000, it is almost impossible to get an unsecured loan without a guarantor from the bank in Malaysia. However, a moneylender can provide unsecured loans up to RM30,000 without a guarantor.

Moneylenders also extend a helping hand to those with less than stellar credit ratings. They can offer loans to those who would normally be rejected by the bank due to low credit ratings. Borrowers with “not so perfect” credit history with delinquency as recorded on CTOS, Experian, and CCRIS can also be considered. Depending on the circumstances of each borrower, moneylenders can also approve loans for individuals with Special Attention Account (SAA) and those on the AKPK program. This shows that moneylenders offer greater credit score flexibility and opens the credit services to people who would normally be excluded from this support when they need it the most.

The long waiting times of a loan approval process can be frustrating when we need the cash to pay for an urgent deposit payment, emergency lifesaving operation fee, or a university tuition fee approaching a deadline. With a less bureaucratic loan approval process, a moneylender can get a loan approved and released within the same day or even within minutes. This makes them an ideal credit provider for any cash urgent emergency.

Borrowing from a moneylender can be the perfect solution during difficult times when you have a specific purpose for your loan. We should always borrow with a focused plan on repayment and avoid overborrowing.

We understand that looking for a suitable moneylender for your needs can be a daunting task. We can help you to search, compare and connect to the most suitable moneylender available depending on your circumstances. Get in touch now! (link to apply now page)