What Are Fast Approval Loans? And How Do You Get One?

Need to pay off your credit card debt? Need emergency funds?

These emergency scenarios are often unexpected and can really mess up your financial flow. If you don’t have a rainy-day fund set aside, then taking a loan would be a good bet. However, it is unlikely that you can wait for a long and tedious loan approval process.

That’s where fast approval loans come in. They’re personal loans that can be approved and disbursed to your bank account in as fast as an hour or up to 2-working days.

Keep these fast approval loans in mind!

JCL Personal Loan

JCL’s Personal Loan comes in handy when you need quick cash and a fast. The loan is suitable for those who want a smaller loan amount that’s less than RM50,000.

Features:

• Maximum financing amount: RM50,000
• Interest Rate: 12% - 18% p.a.
• Tenure: 12 - 60 months

Benefits:

• No early settlement penalty
• 0% interest for the first month repayment
• 48 hours approval and disbursement
• Flexible credit-check
• No hidden charges
• Low-income requirement of RM1,000 monthly gross salary

Personal loan usage:

• Credit card debts
• Hospital bills
• Educational fees
• Home repairing fees
• Part of wedding expenses
• Quick cash injection for business

RHB Easy-Pinjaman Ekspres

When you require access to funds urgently, you can get on the spot approval on loans with Easy- Pinjaman Ekspres!

Features:

• Maximum financing amount: RM150,000
• Interest Rate: 13.47% - 14.52% p.a.
• Tenure: 12 - 60 months

Benefits:

• Instant approval and loan disbursement
• Easy financing with no hidden fees and charges with RHB Easy
• Low-income requirement of RM1,500 monthly gross salary
• Flexible repayment terms of up to five years

Personal loan usage:

• House repairing expenses
• Hospital bills
• Wedding expenditure
• Educational expenses

Alliance CashFirst Personal Loan

With Alliance CashFirst Personal Loan, you will be able to get the financing aid you need immediately at affordable rates with flexible loan tenures.

Features:

• Maximum financing amount: RM200,000
• Interest Rate: From 8.88% p.a.
• Tenure: 12 - 84 months

Benefits:

• Low monthly instalment
• Flexible loan tenure up to 7 years
• No processing fee
• No early settlement fee
• 48 hours fast approval process
• No guarantor or collateral required
• Easy repayment via Alliance Online

Personal loan usage:

• Debt Consolidation
• Home improvements
• Vehicle purchasing
• Wedding expenses
• Starting a business

Hong Leong Personal Loan

This personal loan appeals to those who are looking for a higher loan amount with a speedy approval process.

Features:

• Maximum financing amount: RM250,000
• Interest Rate: From 6.00% p.a.
• Tenure: 12 - 60 months

Benefits:

• 5 minutes fast approval at am:pm Convenient Banking
• 48 hours Fast Approval process
• Interest Cashback, Super Low-Interest Rates and Pay-on-time rebates
• High loan amount: RM 50,000 to RM250,000
• Repayment term up to 5 years

Personal loan usage:

• Home improvements
• Vehicle purchasing
• Wedding expenses
• Starting a business

Citibank Personal Loan

Citibank Personal Loan allows you to skip the hassles of queuing or filling out lengthy application forms with Citibank’s In Principle Approval method.

Features:

• Maximum financing amount: RM150,000
• Interest Rate: From 5.88% - 9.88% p.a.
• Tenure: 12 - 60 months

Benefits:

• Personal loan of up to 10x your gross monthly income 
• Low flat interest rates of 5.88 % - 9.8% per annum
• Loan of up to RM150,000
• No processing fee
• No collateral and guarantor required
• Flexible loan repayment tenure options (24, 36, 48, and 60 months)

Personal loan usage:

• Home improvements
• Vehicle purchasing
• Wedding expenses
• Starting a business

CIMB Cash Plus

Lower interest rates and fast approval within 24 hours - CIMB Cash Plus personal loan is suitable for the dire times you need cash.

Features:

• Maximum financing amount: RM100,000
• Interest Rate: From 6.88% - 14.88% p.a.
• Tenure: 24 - 60 months

Benefits:

• 24 hours approval
• No processing fee
• No early termination fee
• 100% cash disbursement
• No collaterals and guarantor needed
• Flexible repayment tenure up to 5 years

Personal loan usage:

• New Business venture
• Home improvement and renovation
• Capital for personal investment
• Child education pursuit

AmMoneyLine

A fast approval loan with reasonable interest rates and rebates when you make prompt monthly repayments.

Features:

• Maximum financing amount: RM100,000
• Interest Rate: From 8.00% - 9.99% p.a.
• Tenure: 24 - 60 months

Benefits:

• 48-hour Fast Approval
• 5 % yearly rebate on interest and profit paid for prompt payment
• No guarantor or collateral required
• Flexible payment from 12 months to 60 months
• Financing amount from Rm2,000 to RM150,000
• No processing fee

Personal loan usage:

• New Business venture
• Home improvement and renovation
• Capital for personal investment
• Child education pursuit

If you are applying for any of these personal loans, do remember to prepare the right documents. These typically include:

For salaried applicants

• Proof of identity (MyKad)
• Latest one to three months’ payslip
• Latest three. Months’ bank statement
• Latest EA or BE form (with official tax receipt)
• Latest six months’ EPF statement

For self-employed or business owner applicants

• Proof of identity
• Business Registration Card
• Latest B form (with official tax receipt)
• Latest six months’ company bank statement