Licensed Moneylender are not Banks
In a newspaper published, the report highlighted that many Malaysians are confused when it comes to how moneylenders are different from banks. They operated exacly like bank but they are not banks.
The different between Licensed Moneylender and Banks
- The amount they lend
Broadly speaking, banks have more than one resouces so they can lend more amount when you need. Moneylenders tend to loan out their own funds, so their lend amount will more smaller than banks. But the processing time between Moneylender is much faster than between banks. Banks will took around 1 to 2 weeks to process and approved your loan but Moneylender will took less than 1 day to process and approved your loan. If you really need a urgent fund for your expences I suggest you to borrow from Moneylender because Banks really need to took a long time to process and approved. Any recommend Moneylender Company in Selangor ? Of course yes, we fully recommend Fantastic Greetings Sdn Bhd. All their staffs are really friendly and interest rate is much lower than other money lender company and they approved loan amount is always more than others. I do a survey before so I’m much clear about their interest rate.
2. Credit Checks
Do you heard about credit checks before ? Credit checks is very important for them ( Moneylender and Banks ) because they need to know your credit score. If your credit score is low you will very hard to borrow from them ( Moneylender and Banks ). If your credit score is very low Banks will just reject the loan you apply from them, they don’t care which type of loan you apply like Personal Loan, Mortgage Loan, Business Loan, Car Loan and etc. If the bank rejected your loan, your will get a record in CTOS / CCRIS and most of the other banks will also reject your loan if you apply apply with them. the record will keep in your CTOS / CCRIS around 6 months. But the way, no worry if banks rejects your loan. You still can try borrow from Licensed Moneylender. Licensed Moneylender still can approved your loan if you blackisted, akpk, bankrupcy and etc. But DON’T BORROW FROM LOAN SHARK ( AH LONG ) / ONLINE LOAN SERVICE ( SCAMMER ) !
3. Rate of interest
Now is rate of interest, in Malaysia both banks and moneylenders are strictly regulated. Banks generally charge interest on an annual basis, at rates ranging from 10% to 18% per annum. The better your credit score, the higher your chances are of getting a more affordable rate of interest. Moneylenders tend to charge a higher rate of interest, broadly speaking. Given the relaxed eligibility criteria and the easier credit checks, this is understandable because they are Licensed Moneylender not Banks (BANKS HAS MORE RESOURCES BETWEEN OF THEM). Maybe Moneylender interest rate is much higher but their process and approval time is much faster than banks.
IF YOU REALLY NEED A URGENT FUNDS BUT DON’T WANT BORROW FROM LOAN SHARK (AH LONG) OR BANKS. YOU CAN TRY BORROW / APPLY FROM THEM.
FANTASTIC GREETINGS SDN BHD
LOCATED IN DAMANSARA, PETALING JAYA
WHATSAPP: 016-673 6475
Apply from them just 4 document needed :
- 3 months latest payslip
- 3 months latest bank statement
- Utility Bill (Water either Electrical Bills)