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7 Best Payday Loan Providers in Malaysia

Payday Loan Provider Malaysia 

Payday Loan Provider Malaysia 
Payday Loan Provider Malaysia 

When you are in a tight spot, and need money fast, a payday loan might be the best option for you. Malaysia has a number of payday lenders who offer short-term loans with high interest rates. So, how do you know which one is the best? We have compiled a list of the 7 Best Payday Loan Providers in Malaysia, based on interest rates, fees, and customer service. Check it out!

1. InstaDuit Personal Loan

InstaDuit Personal Loan - Payday Loan Provider Malaysia (Credit: InstaDuit Personal Loan)
InstaDuit Personal Loan – Payday Loan Provider Malaysia (Credit: InstaDuit Personal Loan)
Key ServicesPayday Loan, Personal Loan
Websitehttps://www.instaduit.com/en/
AddressPhileo Damansara 1, Block B, 10th Floor. B1009, Jalan 16/11, Seksyen 16, 46350 Petaling Jaya, Selangor.
Phone+60 17-215 9500
Emailcustomerservice@instaduit.com
Operating hoursMonday to Friday – 10am to 7pm, Saturday & Sunday – Closed

InstaDuit is an online financial services company that uses cutting-edge technology, artificial intelligence, and machine learning to enhance finance.

Personal loans are one of the most common types of loans. They come with a fixed interest rate of 12-18% per year and last 6-24 months. Applying for a loan has never been easier, faster, or more convenient thanks to innovative technology.

In reality, InstaDuit is one of the best payday loan companies in Malaysia due to their aim of offering honest and flexible financial solutions to clients who are having difficulties with traditional bank loans. Try it out for yourself and see how well they achieve this objective!

Key Differentiators:

  • Lend you money directly
  • Fast & simple application
  • Offer you the best loan they can, every single time

2. HSBC

 HSBC - Payday Loan Provider Malaysia (Credit: HSBC)
 HSBC – Payday Loan Provider Malaysia (Credit: HSBC)
Key ServicesPayday Loan, Personal Loan, HSBC Amanah Personal Financing-i
Websitehttps://www.hsbcamanah.com.my/financing/products/personal-financing-i/
AddressKuala Lumpur, Malaysia
Phone1300 80 2626

HSBC is a financial institution that offers fairly competitive personal loans.

The HSBC Amanah Personal Financing-i is based on Commodity Murabahah. Whether you are a Muslim or not, anybody may apply for this personal loan.

The loan amount you requested determined the bank’s profit rate. With a maximum expenditure of RM150,000.00, you can obtain rapid approval within three banking days.

Key Differentiators:

  • 2 years – 7 years on term loans
  • Profit rate depends on financing amount
  • Open to Muslim and non-Muslim

3. Maybank

Maybank - Payday Loan Provider Malaysia (Credit: Maybank)
Maybank – Payday Loan Provider Malaysia (Credit: Maybank)
Key ServicesPayday Loan, Personal Loan, MayBank Personal Loan
Websitehttps://www.maybank2u.com.my
AddressMalayan Banking Berhad Menara Maybank, 100, Jalan Tun Perak, 50050 Kuala Lumpur, Malaysia
Phone+603 2070 8833
Emailmgcc@maybank.com.my
Operating hoursWeekdays 9:15 am to 4:30 pm

The main advantage of using MayBank is that you won’t have to worry about monthly payments. Furthermore, you don’t need a guarantee or collateral, so that’s one more burden off your shoulders.

You’ll also get personalized attention. Aside from getting your loan approved quickly, you’ll be given personal care insurance.

Key Differentiators:

  • Fixed monthly installment
  • No processing fee, guarantor, and collateral
  • Personal care insurance protection

4. Co-op Bank Pertama

Co-op Bank Pertama - Payday Loan Provider Malaysia (Credit: Co-op Bank Pertama)
Co-op Bank Pertama – Payday Loan Provider Malaysia (Credit: Co-op Bank Pertama)
Key ServicesPayday Loan, Personal Loan, i-Sustainable Private Financing
Websitehttps://www.cbp.com.my/index.php/ms/produk/pembiayaan-individu/pembiayaan-peribadi-i-lestari
AddressWisma JCBNext No.27, Lorong Medan Tuanku 1, Off Jalan Sultan Ismail, 50300 Kuala Lumpur, Malaysia
Phone019-756 7650
Emailinfo@cbp.com.my

The name of Co-op Bank Pertama was inspired by its business model, which follows the Murabahah concept (Tawarruq). This firm is a wonderful alternative to pursue in tough economic times.

Personal loans are available at low rates of interest, and the maximum amount borrowed is RM200,000.00 There are two types of personal loans: those with a fixed rate and those with an adjustable rate (APR), which has an upper limit of 10%. Personal lending features include:

Key Differentiators:

  • Approval duration 3 working days
  • Profit rate: 3.65%
  • Financing period Maximum of 10 years

5. AmBank Group

AmBank Group - Payday Loan Provider Malaysia (Credit: AmBank Group)
AmBank Group – Payday Loan Provider Malaysia (Credit: AmBank Group)
Key ServicesPayday Loan, Personal Loan, Personal Financing
Websitehttps://www.ambank.com.my/eng/loans/#personal
AddressKuala Lumpur, Malaysia

Another financial firm that may be able to help us obtain a personal loan is Maybank. With 43 years of providing services to the Malaysian people, AmBank Group is a bank that can count on.

AMBANK Group’s Personal Financing-i is a personal loan offered by the group. This personal loan has a predetermined profit margin. As a civil servant, you receive 4.35% per year, however if you work in the private sector, you will get 6.90% each year.

Another benefit is that takaful may be used to pay off any loan interest, since there is no need for collateral.

Key Differentiators:

  • No collateral required
  • No advance installments required
  • Rebate on early settlement

6. Public Islamic Bank

Public Islamic Bank - Payday Loan Provider Malaysia (Credit: Public Islamic Bank)
Public Islamic Bank – Payday Loan Provider Malaysia (Credit: Public Islamic Bank)
Key ServicesPayday Loan, Personal Loan, Plus BAE Personal Financing-I
Websitehttps://www.publicislamicbank.com.my/Personal-Banking/Personal-Banking
Address111, Jalan Raja Abdullah, Kampung Baru, 50300 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
Phone+60 3-2692 7269
Emailloans_dev@publicbank.com.my  
Operating hoursWeekdays 9:30 am to 4:00 pm

The Plus BAE Personal Financing-i from Public Islamic Bank has a solid financial track record. They might be the personal loan you’ve been searching for.

Takaful coverage is not required for a loan with this company, as with other alternatives. Furthermore, if your records are in good shape, you won’t need a guarantor or collateral to obtain financing. Takaful coverage is also an option.

Key Differentiators:

  • Open to all existing House/ Term Financing-i or Cash Line Facility-i customers
  • Attractive margin of financing
  • Payment period up to 10 years

7. Bank Rakyat

Bank Rakyat - Payday Loan Provider Malaysia (Credit: Bank Rakyat)
Bank Rakyat – Payday Loan Provider Malaysia (Credit: Bank Rakyat)
Key ServicesPayday Loan, Personal Loan, Personal Financing- i Public Sector, i Private Sector, i for Pensioner, and i Debt Consolidation.
Websitehttps://www.bankrakyat.com.my/  
AddressMenara 1, Menara Kembar Bank Rakyat, No.33, Jalan Rakyat, KL Sentral Kuala Lumpur, Malaysia 50470
Phone+60 1-300-80-5454

Bank Rakyat provides Personal Financing services for a variety of reasons. Bank Rakyat revisits the concept of Tawarruq and offers basic loan conditions to make financial existence simpler.

Bank Rakyat’s Personal Financing-i Public and i Private is a form of Personal Financing that allows individuals to borrow up to RM200,000.00 with no need for a guarantor as opposed to Co-op Bank Pertama. Takaful insurance is not necessary, but it is an option.

Private Personal Financing-i Private, on the other hand, provides loans up to RM150,000.00 with terms of five or ten years and no guarantee required. However, takaful coverage is not required.

Key Differentiators:

  • Fixed or floating rate
  • Approval: 3-business days
  • Minimum loan tenure: 1 year – Maximum loan tenure: 10 years

Payday Loan Provider Malaysia  

Payday loans provide people with a much-needed financial relief and are an effective way to consolidate debt. They’re also typically easier than other forms of personal financing because they don’t require collateral or guarantors, but have higher interest rates. If you need help obtaining the best payday loan for your needs, speak with one of our experts today!

Since you have made it to the end, it would be great if you could check out the awesome articles that we have written for you! Maybe, it will help you add more fun to your daily lifestyle.

What is a payday loan provider?

A payday loan provider is a type of financial institution that offers short-term loans to individuals who need cash before their next paycheck. These loans are typically for small amounts and have high interest rates. payday loan providers are not regulated by the Malaysian government, but there are some laws that govern their operations.

What are the benefits of using a payday loan provider?

There are several benefits of using a payday loan provider. First, they can provide you with the cash you need when you need it. Second, they can help you avoid late fees and other penalties associated with not having enough money to cover your expenses. Third, payday loan providers can help you build your credit history.

What are the drawbacks of using a payday loan provider?

There are also some drawbacks to using a payday loan provider. First, their interest rates are typically high. Second, they can be difficult to qualify for if you have bad credit. Third, you may be required to put up collateral, such as your car or home, to secure the loan.

How much does it cost to hire a payday loan provider in Malaysia?

Interest rates for payday loans in Malaysia can vary depending on the provider, but they are typically high. Some providers may charge a flat fee, while others may charge a percentage of the loan amount. Make sure you understand all fees and charges associated with the loan before you sign any agreements.

What is the process of applying for a payday loan with a payday loan provider in Malaysia?

The process of applying for a payday loan with a payday loan provider in Malaysia is typically quick and easy. You will need to provide some personal and financial information, such as your name, address, contact information, income, and expenses. You will also need to provide the amount you wish to borrow and the date you will be able to repay the loan. Once you have submitted your application, the provider will review your information and make a decision. If you are approved, you will typically receive the funds within 24 hours.

What are some tips for using payday loans?

If you are considering using a payday loan, there are a few things you should keep in mind. First, only borrow what you need and can afford to repay. Second, make sure you understand the fees and charges associated with the loan. Third, make sure you repay the loan on time to avoid any additional penalties or fees. Lastly, if you have bad credit, payday loans can be a good way to build your credit history.