Personal Loan Promotions 2018

Personal Loans are a standout amongst the most looked for after advances because of the accommodation and advantages they give and the simplicity which one can apply for them. Personal Loans are unsecured loans offered by banks and money related establishments. These loans don’t require any type of security or an underwriter to obtain and accordingly are a perfect alternative when needing additional financing.

With Personal Loan promotions you can benefit as much as possible from your advances by either getting a charge out of cashback on your loans paid or accepting a blessing alongside your loans helping you get the most extreme utility from your advance.

List of Malaysian Banks Offering Personal Loan Promotions 2018

AEON Personal Loan Promotion

Apply for a personal loan with AEON Credit Service & get a chance to win H9 Action Camera

UOB Personal Loan Promotions

Be Prompt With Your Personal Loan Instalments and Get 25% Cash Rebate on Interest

Maybank Personal Loan Promotions

Just Sign-Up for Maybank Personal Loan, Personal Financing-i/Overdraft Facility Win Plenty of Cash Prizes

Hong Leong Personal Loan Promotions

Enjoy Fixed Interest Rate As Low As 4.88% p.a.on HLB Personal Loan.Apply Before 28 February 2018!

CIMB Personal Loan Promotions

With CIMB, Get an HD Camera Along With Cash Plus Personal Loan Approval.

Hurry! Offer Expires on 28 February 2018.

How to Pay Off Credit Cards with Personal Loan?

A credit card can be a boon or a curse based on how you utilise it. When you have no control on your expenses for any reason, you will end up with a heap of debt. Debt can also be a result of poor management of payments. You may have 2 or 3 different credit cards and you may not keep track of the due dates on each of these cards. This may take you to a situation where you are overloaded with different penalties such as late payment and higher interest rates being charged on your bills.

One solution to handle snowballing credit card dues is to clear off all dues in one go using a personal loan. Majority of the credit cards available in Malaysia have an interest rate of 15% p.a. which is relatively higher than the interest rate applicable on a personal loan. Most personal loans come with interest rates ranging between 4.99% p.a. and 11% p.a. Settling your existing card balances and maintaining one single instalment with a lower rate of interest will help you clear your dues faster and save you money which otherwise would have been spent on servicing the interest on your credit card bills.

Let us consider a scenario where you have a combined debt of RM20,000 racked up through your credit cards. Assume the interest rate that you are paying is 16% p.a. If you could find a bank that offers personal loan at 7.68% p.a. without requiring a guarantor or a collateral, then it is a wise decision to clear the balance with the personal loan. Though you still have another loan to pay, you will be relieved from the stress of managing multiple high-interest payments and can also enjoy a longer tenure to pay off this personal loan. Not only do you have just one instalment to worry about, you also stand to save up to 8% p.a. on interest paid.

Prior to taking up a personal loan, first check to see if the interest rate you’re getting on the loan is lower than what you’re paying on your credit cards. Compare the monthly instalment of the loan and the combined payments on your credit card bills and see how much money you stand to save. If the difference is negligible, it is better that you continue making prompt payments on your credit card itself.

Another important point to note is that you make more than the minimum monthly payment on your credit cards. This way you can ensure your credit card dues don’t snowball into an unmanageable level. Making prompt payments and more than just the minimum monthly amount will not only help you stave off the burden of debt but will also keep your credit score healthy. Like they always say, “Prevention is better than cure”.

What you should consider before getting a payday loan

Payday Loan – Often, we find ourselves in need of some extra cash. This may be a minor expense that doesn’t require you to dip into your savings or you may simply not have enough cash to spare. But whatever the reason may be, when we think of short-term loans, the first thing that pops up in our head are either personal loans or credit cards.

While they may occupy a significant portion of short-term loans, they may not always be the ideal option. If loan amount is too small, a personal loan might get rejected. If the credit limit of your card is almost maxed out, you might not have enough funds to tide over your expenses. There are numerous instances where these options aren’t really your best bet. This is where payday loans come into play.

These are small unsecured loans that are offered for small durations of time, mainly until your next payday. But before you rush out to go get yourself a payday loan, there are a few things to consider.

Things to consider before applying for a payday loan:

• High interest rates: Take the fact that these loans are unsecured and couple them with the fact that they are offered for smaller durations and you’ll end up with high interest rates usually around the range of 18% p.a. which is the rate of cash withdrawals made on credit cards. The longer the duration the loan has been taken for, the more interest you end up paying.

• Excessive fees: Not only do you have to worry about high interest rates but you also have to watch out for penalties. Late payments can be quite a hassle as the penalties charged are exorbitant with some providers charging as much as RM300 on an instance of late payment.

• Negative impact on credit score: Missing payments can not only carry a hefty fine but also wreak havoc on your credit score. The downside of payday loans is that people often go in for them when they have exhausted other options. When companies go through your credit score and see applications for payday loans, it gives them a signal that you are credit hungry and are not very effective in managing your finances which can result in future lines of credit being rejected.

While payday loans may have a bad rep, they are very useful when used correctly, especially when you are in a tight pinch and need a quick way out. The loans offer relatively high amounts and are disbursed very quickly. Just ensure you choose a repayment tenure you are confident of sticking to and keep repeated applications for payday loans to a minimum.

To get a better knowledge on what payday loan can offer you, check our Personal Loan in Malaysia Page today!