Best Fast Approval Personal Loans in Malaysia
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From 4.99% p.a.Alliance Bank CashFirst Personal Loan
Monthly RepaymentRM 466.58Interest Rate from4.99% p.a.Loan Tenure2 yearsMin. Income: RM 3,000Max Loan: RM 200,000Alliance Bank CashFirst Personal Loan
Monthly RepaymentRM 466.58Interest Rate from4.99% p.a.Loan Tenure2 yearsMin. Income: RM 3,000|Max Loan: RM 200,000- Fast Approval & Low Profit Rate
Alliance Bank CashVantage Personal Financing-i
Monthly RepaymentRM 466.58Profits Rate from4.99% p.a.Financing Tenure2 yearsMin. Income: RM 3,000Max Financing: RM 200,000Alliance Bank CashVantage Personal Financing-i
Monthly RepaymentRM 466.58Profits Rate from4.99% p.a.Financing Tenure2 yearsMin. Income: RM 3,000|Max Financing: RM 200,000 
Get approval within 24 hoursRHB Personal Financing
Monthly RepaymentRM 528.75Interest Rate from7.62% p.a.Loan Tenure2 yearsMin. Income: RM 3,000Max Loan: RM 150,000RHB Personal Financing
Monthly RepaymentRM 528.75Interest Rate from7.62% p.a.Loan Tenure2 yearsMin. Income: RM 3,000|Max Loan: RM 150,000
Up to RM10,000Tambadana Personal Loan
Monthly RepaymentRM 958.33Interest Rate from15.00% p.a.Loan Tenure1 yearsMin. Income: RM 1,500Max Loan: RM 10,000Tambadana Personal Loan
Monthly RepaymentRM 958.33Interest Rate from15.00% p.a.Loan Tenure1 yearsMin. Income: RM 1,500|Max Loan: RM 10,000
Quick & Easy to ApplyMaybank Personal Loan
Monthly RepaymentRM 483.33Interest Rate from6.50% p.a.Loan Tenure2 yearsMin. Income: RM 3,500Max Loan: RM 100,000Maybank Personal Loan
Monthly RepaymentRM 483.33Interest Rate from6.50% p.a.Loan Tenure2 yearsMin. Income: RM 3,500|Max Loan: RM 100,000
Fast Approval & As Low As 4.38% p.a.CIMB Cash Plus Personal Loan
Monthly RepaymentRM 453.17Interest Rate from4.38% p.a.Loan Tenure2 yearsMin. Income: RM 2,000Max Loan: RM 100,000CIMB Cash Plus Personal Loan
Monthly RepaymentRM 453.17Interest Rate from4.38% p.a.Loan Tenure2 yearsMin. Income: RM 2,000|Max Loan: RM 100,000
20% cashback on interest paidHong Leong Personal Loan
Monthly RepaymentRM 487.50Interest Rate from8.50% p.a.Loan Tenure2 yearsMin. Income: RM 2,000Max Loan: RM 250,000Hong Leong Personal Loan
Monthly RepaymentRM 487.50Interest Rate from8.50% p.a.Loan Tenure2 yearsMin. Income: RM 2,000|Max Loan: RM 250,000
High financing!HLB Islamic Personal Financing-i
Monthly RepaymentRM 487.50Profits Rate from8.50% p.a.Financing Tenure2 yearsMin. Income: RM 2,000Max Financing: RM 150,000HLB Islamic Personal Financing-i
Monthly RepaymentRM 487.50Profits Rate from8.50% p.a.Financing Tenure2 yearsMin. Income: RM 2,000|Max Financing: RM 150,000
Hassle-free applicationAdacash Personal Loan
Monthly RepaymentRM -Interest Rate from18.00% p.a.Loan Tenure0.5 yearsMin. Income: RM 1,000Max Loan: RM 5,000Adacash Personal Loan
Monthly RepaymentRM -Interest Rate from18.00% p.a.Loan Tenure0.5 yearsMin. Income: RM 1,000|Max Loan: RM 5,000
Micro Fast LoanEmicro Personal Loan
Monthly RepaymentRM 566.67Interest Rate from18.00% p.a.Loan Tenure2 yearsMin. Income: RM 1,500Max Loan: RM 10,000Emicro Personal Loan
Monthly RepaymentRM 566.67Interest Rate from18.00% p.a.Loan Tenure2 yearsMin. Income: RM 1,500|Max Loan: RM 10,000
More Information
What Are Fast Approval / Easy Loans?
Fast approval loans are personal loans that you can get in short notice, usually within only a few hours or days. These easy-to-get loans can help you sort out all your personal and financial emergencies in a short amount of time. If you are in urgent need of money but don’t have a rainy day fund set up, fast approval personal loans are your best bet. These unsecured loans do not need any collateral and you can apply for them at a bank or non-banking institution even if you are self-employed!
Why Apply For Fast Approval Personal Loans?
Suppose you’d like to buy a massage chair to relax after a hard day of working but your funds are limited and you don’t have the cash at hand to purchase one immediately. Fast Approval Personal Loans are designed to help people in such situations, be it personal needs, emergencies, or business purposes. You can get fast approval personal loans to pay for wedding expenses, credit card debts, house repair expenses, college fees, starting a new business, or any financial emergencies.
Where To Apply For Fast Approval Personal Loans?
About 15 banks all across Malaysia provide fast approval personal loans. You can also find different sources offering fast approval personal loans, such as moneylenders, P2P, and more. However, you should not approach them before conducting extensive research.
How Fast Is The Loan Approval Process?
In Malaysia, it can take anywhere from half an hour to a week for a fast approval personal loan to be granted. However, with CompareHero, you can get a personal loan approved in a matter of hours. It will only take 2 minutes to compare and find the best loan for you; 30 seconds to fill out the information form, 30 minutes to get a call from the bank, and 60 minutes for loan approval to disbursement!
Can Foreigners Apply?
Like every other ordinary Malaysian citizen, foreigners can also submit an application for a fast approval personal loan to help pay off bills or credit card balances. While it isn’t that easy for foreigners to get approval for personal loans in Malaysia, there are some banks that offer personal loans for non-residents.
What Documents To Prepare For A Fast Approval Personal Loan Application?
With correct documents, you can get your Fast Approval Personal loan approved and disbursed in a matter of hours. Here are the typical documents you should prepare before applying for any easy loan:
| Salaried Applicants | Entrepreneur Applicants |
| Identity Card (MyKad/Passport) | Identity Card (MyKad/Passport) |
| Most recent three months’ payslip | Business Registration Certificate |
| Most recent 3 months bank statement | Latest 6 months company’s bank statements |
| Most recent EA or BE form (with valid tax payment receipt) | Most recent BE or e-Form BE (with valid tax payment receipt) |
| Most recent 6 months’ EPF statement |
Table of Comparison for Fast Approval Personal Loans Between Banks and Non-Banks in Malaysia
Looking for options for fast approval loans? We list down loans from some of the top banks and non-banks below for comparison.
From banks in Malaysia:
| Bank | Approval Time | Interest Rate (p.a.) | Minimum Monthly Income (RM) | Loan Amount (RM) | Loan Tenure (Months) | Debt Consolidation | Cashback |
| Hong Leong Bank | 2 days | 8.50% - 10.50% | 2,000 | 5,000 - 250,000 | 24 - 60 | Yes | No |
| CIMB | 1 day | 4.38% - 19.88% | 2,000 | 2,000 - 100,000 | 24 - 60 | Yes | Yes |
| RHB | 1 day | 7.62% - 15.33% | 3,000 | 2,000 - 150,000 | 12 - 84 | Yes | No |
| Alliance Bank | 1 day | 4.99% - 16.68% | 3,000 | 5,000 - 200,000 | 12 - 84 | Yes | Yes |
From non-banks in Malaysia:
| Lender | Approval Time | Interest Rate (p.a.) | Minimum Monthly Income (RM) | Loan Amount (RM) | Loan Tenure (Months) | Debt Consolidation | Cashback |
| JCL | 1 day | 18.00% - 20.00% | 1,000 | 1,000 - 50,000 | 6 - 60 | No | No |
| Icon Venture Capital (IVC) | 1 day | 18.00% | 3,000 | 5,000 - 100,000 | 12 - 60 | No | No |
| Emicro | 1 day | 18.00% | 1,500 | 500 - 10,000 | 1 - 24 | No | No |
Factors Banks Consider To Determine Your Loan Amount And Interest Rate
Banks usually look into different factors that indicate your financial health before they approve a loan. Here are the common factors banks will consider before they let you sign the dotted line:
Financial Situation
The bank will gauge your financial situation by looking at these things:
• Total income
• Monthly expenses
• Debt
• Taxes
• Credit score.
Repayment Terms
Based on your current financial situation, your bank could let you choose from 1 to 5 years loan period.
Interest Rates
Since fast approval personal loans are unsecured, these factors play a major role in determining the interest rate: (1) bad credit, and (2) unstable finances.
Other Factors
These factors can also affect your loan terms:
• Previous relationship with the bank
• Debt service ratio (DSR)
• Your monthly salary
• Flexible interest or loan period terms
Example Of Monthly Installment Calculation For Fast Approval Personal Loan
The fast approval personal loan is suitable for those who have an urgent need for money, usually before receiving their paycheck. This type of loan requires you to make monthly repayments until your loan is fully paid. For example, you are looking for a fast approval personal loan of RM100,000 from Bank X for 5 years to finance your wedding expenses at a flat interest rate of 10% per annum.
The calculation illustration:
Loan amount: RM 100,000
Loan tenure: 5 years (60 months)
Interest rate: 6% p.a. (flat)
How much interest to be paid over 5 years? =RM100,000 x 6% p.a. = RM6,000 per year x 5 years = RM30,000 What is the total amount you repay over 5 years? = RM100,000 + RM30,000 = RM130,000 What is the monthly installment? = RM130,000 ÷ 60 months (5 years) = RM2,166.67
Debt Service Ratio Calculation Formula
Banks usually look into your debt service ratio (DSR) before approving a loan to determine if you can repay the loan in time. The debt service ratio (DSR) is calculated by dividing your net operating income by the total debt service.
Debt Service Ratio = (Total Monthly Commitments ÷ Total Monthly Income) x 100%
Here is a working example: Your salary is RM8,000 and your extra income is RM2000. You also have a car loan of RM1800 and a mortgage loan of RM2,200 every month. Moreover, for your new Personal Loan, you will have to pay RM1000 per month.
Salary: RM 8,000
Extra Income: RM 2,000
Total Monthly Income: RM 10,000
Car Loan: RM 1,800
Mortgage Loan: RM 2,200
Personal Loan: RM 1,000
Total Monthly Commitments: RM 5,000
What is your DSR? = (Total Monthly Commitments ÷ Total Monthly Income) x 100% = (RM5,000 ÷ RM10,000) x 100% = 50%. In this example, you have to give up 50% of your total income every month to meet all your debt commitments. With such high DSR, you may not have enough money to cover your loan while living comfortably, and so your loan may not get approved. The recommended DSR range is between 30 to 40 percent.
Tips To Get Your Loan Application Approved Quickly
Credit History
Banks have access to your financial history through CCRIS and CTOS. They’ll evaluate your previous financial history before they approve a loan. If you’ve always made the payment on time, you may get your loan application approved quickly!
Credit Score
If you have a high credit score, you could get favorable deals from the bank. On the other hand, if your credit score is poor, you should clear the existing debts before you contact the bank for a new one.
Debt Service Ratio
If your total loan commitments are over half of your total income, chances are that your loan will not get approved. You should keep your DSR at around 33% for the loan approval.
Credit Card
If you are just a beginner starting out and don’t have a credit history, you should get a credit card. If you spend in small amounts and repay on time, you’ll soon be building up a good credit history and credit score!
Before you apply for a fast approval personal loan, you should have the required documents on hand. If your documents are all ready, and you have a great credit score and history, chances are that your loan application will get approved without any issues. Check out the best 5 fast approval personal loans with the lowest interest rates before you apply!