As an alternative, here are a few less risky and more affordable solutions to take fast cash loans online Malaysia.
1. Personal Loans
A personal loan is one of the safest methods to get fast cash, but it’s not always a choice that fits everyone’s situation.
Borrowers who have been turned down for a personal loan are more likely to turn to a loan shark when they are in a tight spot.
Personal loans kl come in a wide variety of forms, which is something to keep in mind.
Make sure that you do your research before applying for a loan, and choose one that fits your needs. This may increase your chances of getting one.
A low-income personal loan may be an option if your income is minimal.
Those in the public sector may be eligible for specific financing alternatives and schemes. Those in the public sector should check them out.
Concerned about your credit history? A secured personal loan (requiring a cosigner and collateral) may be an option for you.
2. Instalment Plan for Credit Card Cash
With a credit card, you may choose to apply for a credit card cash instalment plan, which is available on most cards as a fast cash loan online Malaysia.
What is the procedure? A cash instalment plan normally enables you to convert your remaining credit limit into a loan with a predetermined payback schedule.
Regular 15 per cent p.a. credit card financing rates may vary up to an enticing 18 per cent p.a, or even lower promotional rates.
Banks have different procedures for applying for a cash instalment plan, but you may most likely do it online or over the phone.
Disbursement times vary, although they often fall within the range of 24 to 48 hours.
ATM cash advances with a credit card are an alternative if you want immediate access to funds.
A cash advance from an ATM is a highly costly method to get your hands on the money you need, so it’s better if you can wait it out if possible.
3. Licensing of Money Lenders
With no credit card and little hope of being approved for a personal loan kl, you may be better off going with an authorised lender.
A bonus: A properly regulated money lender is the exact opposite of a loan shark.
As a starting point, a licenced lender is prohibited from charging excessive interest rates.
When it comes to unsecured personal loans and secured loans, they are only allowed to charge a maximum rate of 13% and 18% per year, respectively.
The borrower cannot be threatened or harassed for repayment by a money lender, which distinguishes them from a loan shark.
A loan shark’s calling card is this, as well as more severe consequences, as previously described!
As a result, a licenced lender is significantly safer and more cost-effective.
4. Withdrawal of EPF Benefits
With an EPF withdrawal, you may get the money you need quickly, easily, and at a low cost.
EPF II accounts may be used to pay for a wide range of expenses, including:
- Repayment of your mortgage
- Expenses related to health care
- The cost of schooling
- Investing in the Hajj
Although there is no interest charge on this cash (since, after all, it is your money), you will miss out on potentially lucrative dividends.
There is a lot of potentials here since dividends have traditionally earned between 6% and 7% each year, tax-free.
If you’re thinking of taking out a loan instead of utilising your EPF money (where appropriate), you may do so by calculating the cost of funding.
5. Refinancing with Cash Out
It’s a way to cash in on the equity you’ve built up in your house when its value rises and your mortgage debt decreases.
Refinancing with cash out means borrowing against the increased worth of your house and using the difference to pay down the new loan.
Owning a property long enough will need that it has accrued some worth before you can use this strategy.
Is a personal loan kl a good way to get started? With so many secure options for obtaining money, you should never have to turn to loan sharks again!!