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Not many years ago, going to a bank to take a personal loan KL was the only option. They had to accept whatever strict and unreasonable terms and conditions banks had for a personal loan KL.
It included waiting for long periods, the inconvenience of going to the bank again and verifications of all sorts.
But over the recent years, the trend of taking a loan has increased, the options for taking a personal loan KL has also increased. A not so old option is to take a personal loan KL from a licensed money lender Malaysia.
Since the licensed money lender Malaysia has entered the market to provide a personal loan KL, the game has changed a lot. Now people are getting more say and respect when they take a personal loan KL from a licensed money lender Malaysia.
It is because a licensed money lender Malaysia does not make you wait as long as a bank does, the terms and conditions are relatively more lenient, and the verifications are rather simple and easy.
Not just that, you can apply for an instant loan KL from a licensed money lender Malaysia from the comfort of your home by visiting their website.
The perks that a licensed money lender Malaysia offer for taking a personal loan KL might seem tempting but wait, there are some things that you need to consider even before you go to a licensed money lender Malaysia for a personal loan KL.
The things you must know before you apply for a personal loan KL from a licensed money lender are as follows:
Broadly, there are two types of personal loan KL which a licensed money lender Malaysia offers and those too are divided between two sub-categories.
The types and categories are given below for you to carefully go through before applying for a personal loan KL from a licensed money lender Malaysia.
Technically, there are two types of personal loan KL that a licensed money lender Malaysia offers, which are discussed next:
Secure Personal loan KL:
A secure personal loan is a type of personal loan KL in which the person who takes a loan nominates another person who guarantees that he will return the loan money in the agreed period of time. If he fails to do so, the guarantor will pay the licensed money lender Malaysia back. The guarantor can also be in the form of a property that the person taking a personal loan KL from a licensed money lender Malaysia will submit as a guarantee. The licensed money lender Malaysia will have the right to sell the property to recover his money if the property owner fails to pay the loan back in agreed tenure.
Unsecured Personal Loan KL:
As opposed to a secured personal loan KL, there is no guarantor or guarantee for an unsecured personal loan KL. The licensed money lender Malaysia trusts the person taking the personal loan KL to return it in time. Of course, a licensed money lender Malaysia does not just “trusts”. He makes an informed choice, basing it upon the person’s reputation, job status and security, and, most importantly, his credit score. And if the person still fails to pay back, the licensed money lender Malaysia can still take him to the court of law and penalize him for violating the agreement.
Based on the religious aspects, you can aspect two types of personal loan KL from a licensed money lender Malaysia:
Conventional Personal Loan:
Taking a personal loan KL from a licensed money lender KL involves an interest rate which is a rate according to which the additional money over the actual loan amount is calculated, as the service charges or the profit on the licensed money lender Malaysia.
For some personal loan KL, the interest rate is fixed, while for others, it varies. But it depends on the type of loan you choose, and the licensed money lender Malaysia cannot decide it without your agreement.
Islamic Personal Loan KL:
Since Islam does not allow interest over any personal loan KL, many people avoid taking a personal loan KL irrespective of how much they need it. A licensed money lender Malaysia offers Islamic personal loan KL, which is interest-free for such people.
Being interest-free does not mean the licensed money lender Malaysia would not make a profit. He would rather charge a profit rate, which is the same as an interest rate.
A licensed money lender Malaysia will treat money as a good, which he will sell to you in a personal loan KL.
Later on, you will sell/pay it back to him but with some extra amount, which he will treat as a profit that he earned over the good he sold.
