Question 1

How much can I borrow, and for how long?

Accepted Answer

You can apply for RM1,000 up to RM100,000, with repayment terms from 6 to 60 months. Choose the amount on the slider when you apply — we'll confirm what fits your profile during review.

Question 2

What are your interest rates?

Accepted Answer

Rates range from 3.88% to 12% p.a. depending on your income, commitments, and credit profile. Your exact rate is confirmed in your offer before you sign — no surprises after.

Question 3

Are there any hidden fees?

Accepted Answer

No hidden fees. Any applicable charges (such as stamping) are itemised in your offer letter before you sign, and your total repayment is shown up front.

Question 4

Is a personal loan better than using my credit card?

Accepted Answer

For large or long-lived expenses, usually yes: a personal loan has a fixed rate, fixed monthly payment, and a clear end date, while card balances compound at ~15–18% p.a. with no fixed finish line. For small amounts you can clear next month, a card is fine.

Question 5

Will applying affect my credit score?

Accepted Answer

No. Submitting an enquiry with us does not affect your credit score. A full credit assessment only happens after you accept an offer and provide your documents.

Question 6

How fast will I receive the money?

Accepted Answer

Most approved customers receive funds within 24 hours of signing. From first application: we call you back the same business day, and approval typically takes 1–2 days.

Question 7

What documents do I need?

Accepted Answer

Your NRIC, plus your latest 3 months of payslips or bank statements. An EPF statement is optional but can help you qualify for a better rate.

Question 8

Am I eligible to apply?

Accepted Answer

You should be a Malaysian citizen or PR aged 21–60 with a regular monthly income of at least RM1,500. Both salaried and self-employed applicants are welcome.

Question 9

I'm self-employed — can I still apply?

Accepted Answer

Yes. Instead of payslips, share your latest 3 months of bank statements showing regular deposits. Consistent income matters more to us than how you earn it.

Question 10

Can foreigners or work-permit holders apply?

Accepted Answer

Our loans are currently for Malaysian citizens and permanent residents aged 21–60. If that changes, we'll update this page.

Question 11

Can I settle my loan early?

Accepted Answer

Yes, any time — and there is no early settlement penalty. You only pay interest for the time you actually borrow.

Question 12

How do repayments work?

Accepted Answer

Repayments are monthly on a date agreed in your loan agreement — most customers pay by bank transfer or standing instruction. We send a reminder before each due date, and you can always check your balance with us by WhatsApp.

Question 13

What happens if I miss a payment?

Accepted Answer

Contact us as early as you can — options are often available if you talk to us before the due date. Late payments may incur charges set out in your agreement and can affect your credit record, so we'd rather help you avoid that.

Question 14

Can I top up an existing loan?

Accepted Answer

Possibly, once you've built a repayment history with us. We'll reassess affordability first — a top-up should make your month easier, not harder.

Question 15

How does the 0.5% cashback work?

Accepted Answer

Every monthly repayment made on or before its due date earns 0.5% of that payment as cashback. It's tracked automatically — no claiming needed — and paid to your bank account when your loan completes. Miss a due date and you simply don't earn that month's reward; the rest stay intact. Full terms are in your loan agreement.

Question 16

Is my personal information safe?

Accepted Answer

Yes. We handle your data in line with the Personal Data Protection Act 2010 (PDPA), use it only to process your application, and never sell it to third parties.

Question 17

Is MyLoanCredits a licensed lender?

Accepted Answer

We operate under Malaysia's moneylending framework regulated by KPKT. Our license details are displayed in the footer and on our About page.

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