Entrepreneur

Personal Loans Can Be Intimidating To Navigate, This M'sian Website Simplifies It

We’ve heard people (or struggle with this ourselves) sharing stories on how they had to sacrifice their dreams for the sake of “reality”.

Thinking of what you really want in life can be a real dilemma, especially if you’re uncertain whether that particular path is worth investing your time and resources into.

In these type of scenarios, people assume that compromises are needed to be made, but that’s not always the case.

Pursuing your actual passion doesn’t have to be impossible, but it can’t be done with just desire in your palms. There should be a proper course of action already laid out, with the right resources in hand to help make sure everything runs smoothly.

And it could all start with a few clicks.

The Alternative Solution

Bbazaar Malaysia, an online platform that helps users compare information on financial products such as credit cards and insurance plans, recently launched their feature that goes into helping users find the right personal loan that fits their needs.

FYI: Personal loans are solutions offered by banks to aid those who may be cash-strapped. People mainly find use for it in a variety of scenarios, such as financing home remodeling or to consolidate credit card debt. 

Bbazaar’s website breaks down the process in a few steps:

  • Comparing personal loans

As there are many banks that offer personal loans, it can get quite overwhelming to find out which choice is the best one for you. Bbazaar provides you with a list of personal loans broken down according to its interest rate, loan tenure, and joining perks if there are any.

Because unsecured personal loans don’t need to be backed by collateral, the interest rates attached to a personal loan are higher than a car loan or a home loan. As such, it’s very important to get complete clarity on the interest payable (taking into account the applicable effective interest rate and not the flat rate) and gauge the affordability of the monthly repayment instalments before going for any personal loan.

  • Making sure you’re eligible.

Bbazaar lets you see in real-time if you’re eligible for a particular personal loan. Based on your status and the requirements you fulfill, you’ll find that not all personal loan facilities may extend to you. Some may only be for salaried employees, and you’ll also find that some may be only for business owners or commission earners.

If you’re eligible for a particular personal loan, you’re then required to have a set of documents to proceed. Bbazaar will show you the documents needed (because based on your citizenship and employment status, the kind of documents you’ll need can vary) but generally, this is an example of the documents required for salaried employees to apply for personal loans in Malaysia:

– Copy of MyKad/NRIC
– Latest EPF statement
– Latest 6 months’ salary slips
– Latest 6 months’ bank statements
– Latest Form BE with tax payment receipt

  • Providing you bite-sized information about personal loans.

Bbazaar also has a blog section that covers a variety of topics when it comes to personal loans, if you’re simply seeking advice or tips before you decide on applying.

Some examples include scenarios where a personal loan may not be the right option for you, as well as articles talking about which personal loan options are currently the best on the market.

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A personal loan can be the right aid for you in pursuing a particular dream, but the essence of a loan should never be forgotten: it’s something you will have to pay back.

Whether it be to pay off your credit cards, planning the perfect wedding, or even to cover for certain medical expenses, loans are basically money that you’re borrowing which needs to be repaid. Personal loans can be a great way for you to make major investments and to consolidate debt, just be sure to use them responsibly.

  • For more information, you can check out Bbazaar Malaysia’s official website here

This article is written in collaboration with BBazaar.

 

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