A personal loan application in Malaysia is a popular option to borrow money from a bank or financial institution. Unlike an auto or home loan, it is a general-purpose loan and you can use the money to meet any of your financial needs. However, some lenders may put conditions on how you can use the money. But the more popular form of personal loans comes without any restriction on how you can use the money. This means you can use the money for whatever you think is fit.
Typically, people go for a personal loan for amounts that they don’t want to put on their credit cards. But, sometimes, you may not have an option but to go for a personal loan. A personal loan is offered without any collateral. This makes a personal loan a popular option to seek quick credit to meet an unexpected financial obligation in Malaysia.
Since no collaterals are required for this kind of loan, it is normally sanctioned based on the income of the borrower. Due to these reasons, personal loans are available more easily to salaried and self-employed people who have enough papers to prove their income and paying capacity. The amount of personal loan that a bank or financial institution can sanction someone depends on their monthly or annual income. For example, it can be x times the monthly or annual income of the person. It can also depend on the individual’s credit status.
A sure way to ascertain someone’s income is to check his salary slip or income tax filings. The banks normally ask these papers to evaluate the borrower’s capacity to repay the loan. Though no collateral is needed for taking a personal loan, the lender ensures that you pay the monthly installments directly from your salary or business account.
A personal loan attracts a higher interest rate than other kinds of secured loans. This is why it is not one of the best borrowing options. But since you can get it without much hassle, it is one of the most favorite borrowing options for urgent financial needs.
People normally take personal loans in the following situations:
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To Meet Unexpected Financial Needs
We all have to face unexpected expenses once in a while. Sometimes, it’s to fund an important purchase and at the other times, it could be that you want to complete a home renovation project. Personal loans are one of the best options to quickly get the money to deal with these circumstances.
To Fund Children's Education or Marriage
Both education and marriages can be expensive affairs and they relate to your children whom you don’t want to disappoint. Taking a personal loan to fund the college fees or a marriage ceremony is quite common among middle-class families.
Sunnytrix Marketing Malaysia
Sunnytrix Marketing is a digital platform that arranges personal loans for government officials in Malaysia. It is an official representative to process personal loan requests for some of the important banks and financial institutions in Malaysia. In particular, it represents Yayasan Ihsan Rakyat, Public Islamic Bank MCCM, and Yayasan Dewan Perniagaan Perlis.