5 Things to ASK before getting a personal loan from a Licensed Moneylender
Making the decision to take out a personal loan for the first time is a huge step. There are various reasons why personal loans are useful, and your holiday vacation shouldn’t be on the list. Many people take out personal loans because of issues like too many debts, emergency expenses, home improvements and more.
We all know that banks can be difficult when it comes to applying for loans. There are easier alternatives such as licensed moneylenders that you can turn to for financial assistance.
Are you eligible to get a loan?
Personal loans can usually be unsecured or no collateral needed in order for you to apply. This means the more you earn, the more you can borrow. You can check for the requirements with the agent as some licensed moneylender do not approve the loan if you earn below a certain amount.
What document do you need for the application?
Compared to banks, Licensed moneylenders’ rate of approval for your loan is higher. They do require payslips, bills, and other financing-related documents depending on cases. But generally, they do not dive deep into your personal data since their main business is loans.
Saves you a lot on debt you already have
Licensed moneylenders can lend you quite a large sum but not as much as banks. It is an ideal alternative for urgent income such as hospital bills, home renovation and credit card debts.
You don’t need to wait long for the loan
Perks of licensed moneylenders are their fast loan application and approval. Some may offer a 24-hour approval while others may take only 5-7 days. If you are in urgent need of money then they are your best choice.
Do they charge absurd interest rates?
Licensed moneylenders must follow the law set by the Central Bank of Malaysia because they are supposed to be a registered business. The maximum interest rate set by the law is 18%, also depending on how much you are borrowing and loan tenure.
Though you can borrow up to a huge sum, always keep in mind to only borrow what you need. Having a large amount of cash in hand can be assuring but understand your situation before making the decision.
At Icon Venture Capital, we make sure that we have your best interest in mind. If you have financial issues, we have professional consultants that will do their best to support you.
For more information, visit Icon Venture Capital’s main page or call us at +603-7733 7688 or WhatsApp to +60162172453