Instant Approval Loans – Best Online Loans in Australia (2020)

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Instant Personal Loan

Q. How soon can I get an instant loan from Qbera?

A. You can get one within a few hours. You can apply through a completely paperless route.

Q. What is the maximum loan amount I can get instantly from Qbera?

A. You can get up to Rs. 15,00,000. The minimum amount is Rs. 1 Lakh.

Q. Can I get an Instant Personal Loan with a low CIBIL Score from Qbera?

A. Yes, as long as you have a score of above 575, you can get approved!

Online Instant Personal Loans from Qbera! Interest from 11% p.a. Instant Loan Approval. Amount within 24 hours. Eligibility: CIBIL Score: 575+

Instant Personal Loans, just like the traditional unsecured product, come with flexible tenure options – you can choose from tenures stretching from 6 months to 60 months. Qbera’s proprietary risk-assessment algorithm assesses your eligibility within a few seconds, and once approval is obtained, the loan amount will be right on its way and reach you within a 1-day period.

So ideally, if you wish to get a personal loan in super-quick time, approaching the right lender is what will help you get immediate access to funds. There are many Fintech lenders in the market offering instant loans, but getting an instant cash loan in 1 hour is the real deal.

What are Instant Loans?

Instant loans are unsecured personal loans that work very similar to personal loans, with the prime difference being the instant feature associated with them. Tenures are flexible for this form of credit, and thanks to some notable advancements in technology such as risk-assessment algorithms that can almost instantly determine an individual’s eligibility, these products have perhaps become more sought after than credit cards in recent times. The thing about instant loans offered by Fintech lenders is that you can get a loan with an income of just Rs. 20,000 per month.

Getting Instant Loans Online in India – An Overview

If you are on the lookout for a personal loan with quick turnaround time, to salaried individuals earning a minimum income of ₹20,000 p.m. If you wish to apply for an online instant loan with Qbera, you can be certain of the fact that the entire application process will not take you more than 5 minutes. As a matter of fact, there are few things that are as easy to do as applying for a quick loan in India from Qbera.

It goes without saying that when times are tough, you want the simplest solution to your financial troubles, and this is exactly what an instant online loan from Qbera delivers. From the comfort of your home, you can fill up the online form, get approved and have the amount you need in just one day. Now that’s what we call an instant loan!

We at Qbera bring to you all the experts in the field so that you get the best possible loan offer, aligned perfectly to your interests, at the best rates and the quickest turnaround time. With high working standards and top-quality service, we assure seamless service at every stage of your experience with us; from the time you’ve applied to when you’ve completed your repayment.

Prime Benefits of Instant Personal Loans from Qbera

  • Collateral-Free Loans – Since Qbera offers unsecured loans, you won’t have to pledge your asset or property to secure the funds. Our instant loans aren’t just available at flexible terms, but they are also collateral free.
  • Super-Fast Disbursals – At Qbera, we ensure your funds are disbursed at the earliest. Once you key in the necessary details and complete the required documentation process, you can expect the loan amount to be disbursed within 24 hours. Document, identity and address verification is conducted digitally.
  • Flexible Tenures- When you apply for an instant loan at Qbera, you will have the complete flexibility to choose your preferred tenure. As of now, our tenures range from 12 to 60 months. Do note that in addition to selecting the tenure, you will also have the option to change it and pre-close your loan, as and when necessary.
  • No Hidden Charges – Very often, customers fall prey to dishonest lenders who slap random hidden charges on their loan. But such is not the case with Qbera. Since we believe in complete transparency, you will get to know about all the fees and charges that you are likely to incur. We have no hidden charges.
  • Consistent Customer Support – When you apply for a Qbera instant loan, you can be assured of getting the highest degree of customer support. Our customers support executives will address all your queries and resolve every subsequent issue at the earliest. We are available between 9:30 AM and 7:00 PM IST on weekdays and 10:00 AM and 1:00 PM on weekends. You can reach out to our team via Whatsapp at +91 89719 28484. Alternatively, you can also call us at our toll-free number 1800-4198-121 or drop an email at [email protected] .
  • Complete Confidentiality – Since we take client confidentiality extremely seriously, your personal details are completely safe with us. We do not share your information with any third-party and you won’t be spammed with unnecessary emails and phone calls when you apply for a loan on our platform.
  • Low Credit Score Loans – At Qbera, you will be eligible for an instant loan even if your credit score is low. Unlike banks and other financial institutions that require a minimum credit score of 700, you will be eligible for a Qbera instant loan if your credit score is 600 or higher.
  • Digital Process – Unlike personal loans where you need to physically visit the bank branch to get your loan approved, Qbera instant loans are processed digitally. The entire process, right from the application to the submission of documents, is completed online.
  • Strong Encryption – Qbera uses 128-bit SSL encryption. So, the data you share with us is completely safe.
  • Affordable Interest Rates – Unlike banks and other alternative lending platforms that charge exorbitant interest rates, Qbera loans are available at affordable rates. As of now, our interest rates range from 11.99% p.a. to 34.99% p.a.
  • Low Processing Fee – Our processing fee for instant loans ranges from 1% to 5%. So, you can always count on us for quick, hassle-free and economical instant loans.

How Do Instant Loans from Qbera Work?

Applying for an instant personal loan from Qbera is as easy as it sounds. The process is simple, the documentation is minimal, and since the entire application takes places digitally, it is completely frictionless.

But how does Qbera manage to process documents so fast? Well, the entire credit goes to Qbera’s AI powered risk assessment algorithm that helps them identify credit-challenged customers instantly. For banks and other financial institutions, customer intelligence depends on some relatively simple studies. In almost every case, these platforms gain customer value data via surveys and focus groups; most of whose results don’t really match the reality. And this is where Qbera stands ahead.

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Unlike banks, Qbera has its own proprietary credit scoring algorithm that seamlessly determines your eligibility of getting a personal loan in real-time. This algorithm uses details about you for determining your repayment potential, which in turn helps you land the best interest rate right away. In addition to this credit scoring algorithm, we also use an alternative risk assessment algorithm that takes your economic and social leanings into consideration. So, while we do consider your credit health, we do not deem it to be the sole determinant to land a good offer on our platform. Contrary to banks and other digital lending platforms, we give credence to your social presence along with your credit health and employment stability. Owing to this reason, securing an instant loan on our platform is relatively easier.

Now, get an Instant Online Loan in Three Simple Steps:

At Qbera, your loan will be approved in three simple steps.

Step 1– The first step involves filling up our application form where you’re required to key-in your basic details along with some information about your current employment, salary and expenses. This process will not take you any more than 10 minutes.

Step 2 – Once you’re done filling up the instant cash loan application form, you can move on to the second step where you’re required to connect your bank account. As a part of this step, you will be asked to send in your bank statements. For this, you can either attach the physical copies of your bank statements or the PDF versions of the same. The latter is easily available on the net banking platform of your respective bank.

Step 3 – For the third and final step, all you have to do is choose your loan term. Since we use a proprietary credit scoring algorithm, we easily determine your eligibility helping you land the best rates right away!

What makes us different from banks and other alternative lending platforms is our digital process. Unlike these platforms, our entire process is conducted online which doesn’t just simplify your hassles but also helps you secure the instant personal loan more easily. Both the application and the approval won’t take you much time, and by the end of the day, you’ll have the amount you need within (or even before) your required timeline!

Documents Required for Instant Loans

At Qbera, we believe in simplifying your hassles during loan applications. Due to this reason, we seek absolutely minimum documents. Yes, unlike banks that require thousands of irrelevant documents, we ask for the documents that are ‘actually’ necessary. Here’s what you’ll need to secure an instant loan from Qbera:

Salary statements of the last three months.

Four cheques from your salary account.

Current Address Proof.

Permanent Address Proof (If the permanent address is not the same as the address on your adhaar card).

Once you fill up your basic details and attach these necessary documents, your loan will be approved in as less as 24 hours.

Eligibility for Instant Loans from Fintech lending companies

When it comes to eligibility patterns, instant loans perhaps come with the most relaxed eligibility criteria. Unlike personal loans that require you to have a minimum monthly income of Rs 30,000; these loans are available to people who earn Rs 18,000 or more every month. In addition to the monthly salary, you are also required to fall under the 21 to 57 years’ age category, and further ensure that you do not have any defaults over the last 24 months. While the eligibility pattern for instant loans might vary from one platform to another, at Qbera, this is the basic eligibility structure that we require:

Net monthly income of Rs 18,000 or more.

Age ranging from 21 to 57 years.

No defaults over the last 12 months.

Credit score of 600 or higher.

If you tick all the categories other than the credit score, try improving your score to land a loan on our platform. At Qbera, we seek a credit score of 600, which is better than many banks that have a minimum credit score requirement of 700. So, if you’re stuck with the application just because of your credit score, browse through our guidelines over the next few sections and improve your score to secure the best instant loan offer!

Do Banks Offer Instant Loans in India?

Since the instant loan is a relatively new credit product in the market, most banks do not offer them. In India, banks will only offer personal loans that doesn’t just involve a tedious process but also comes with stringent timelines. To start off, most banks require you to visit their physical branch to get started with the application process. The process takes plenty of time and involves cumbersome paperwork. Unlike digital lending platforms like Qbera, banks require plenty of irrelevant documents which simply increases the overall time taken to complete the process.

Their approvals too are equally time-consuming. Usually, a bank will take around 3-4 days to merely approve the loan. The disbursal will then take place after 5 to 6 days. So, the overall process is likely to cost you at least two weeks or more. While some banks do claim to offer instant loans, they are definitely not as fast as digital lending platforms like Qbera.

At Qbera, you’ll barely need 15 minutes to complete the documentation, and wait for just 24-48 hours to get your instant loan disbursed. Also, since our representatives are always looking to assist you, you can reach out to them at any time to check the status of your application/disbursal.

How Important is Your Credit Score for Instant Personal Loans in India?

Your credit score is a determinant of your creditworthiness. Due to this reason, it is often the first thing that lenders consider when you apply for a personal loan in Bangalore or any other Indian city for that matter. Since this score is based on your credit report, your lenders get an idea of whether or not you’d be able to clear off the amount you borrow. As this score is directly interlinked with your instant loan approval chances, it is really important to work on it and keep it on the higher side.

In India, your credit or CIBIL score ranges from 300 to 900. While lenders usually seek credit score of 700 or higher, digital lending platforms like Qbera offer instant loans with a minimum credit score of 600. But how exactly is this score calculated and what are the parameters that affect it? Let’s find out!

Credit History – Your credit history has the highest weightage (around 30%) in the calculation of your CIBIL score. But what is this history all about? In the simplest terms, your credit history carries the records of your existing or past dues. It also has the exact time when you cleared your dues. So, if you missed out clearing a certain due, it is likely to have a negative impact on your credit score.

Credit Utilization – Credit utilization refers to the amount of money you owe against the amount of loan you are eligible for. Usually, it is said to have a 25% weightage while calculating your credit score. So, if you’ve taken plenty of high-amount loans there is a high possibility for your credit score to be negatively affected. In order to secure a good credit score, you should only borrow up to 30% of your available credit limit.

Length and Type of Credit – If you have a long credit history, it inadvertently suggests that you have the necessary experience in dealing with credit. In the simplest sense, credit history indicates the number of years that have passed after you opened a credit account for the first time. So, if you don’t yet have a credit account, start building one right away. In addition to having a long credit history, you should also apply for multiple lines of credit because this too helps you pull up your credit score.

So Why Should You Work on Your Credit Score if you have to improve your chances of approval for instant personal loans?

Having a high credit score doesn’t just help you secure an instant loan, but it also makes the entire process a lot easier. In case you’re still skeptical about it, here’s what you need to know:

Low Interest Rate – One of the biggest benefits of having a high credit score is the fact that it makes you eligible for loans at a relatively lower interest rate. Since higher credit score goes hand-in-hand with better creditworthiness, your potential lenders are likely to trust you more, opening the lowest possible rates for you.

Higher Limits on Personal Loans – High credit score won’t just get you low interest loans, but your loan amount too is likely to increase. When you have a good credit score, it automatically suggests that you are capable of handling credit in a viable way. Due to this reason, banks and lending platforms can consider offering higher amounts to you.

Quicker Approvals on Cash Loans – Various lenders offer pre-approved instant loans to individuals who have a good credit score. So, if you are really looking for a super-fast instant loan in India, start working on your credit score right away.

Tips to Improve your Approval Chances for Instant Loans in India

If you’re struggling to secure a good instant loan offer in India and can’t yet figure out how to go about it, here are a couple of guidelines that’ll surely help you improve your chances-

Choose the Right Lender

When it comes to instant loans, many borrowers prefer closing the deal with the lender offering the lowest interest rate. But guess what? This is one of the biggest mistakes that you’ll ever make. Your chosen lender can offer a low-interest instant loan and still make your life difficult by having hidden charges and high processing fees. Due to this reason, it is really important to do your research, so that your monthly EMIs are something that you can ‘actually’ afford. Instead of merely considering the interest rate, also check the processing fee and other additional charges. Once you consider each of these aspects and have complete clarity regarding the application process, securing a good offer will become much easier.

Opt for Alternative Lenders

As you already know, nationalized banks do not offer instant loans. While some private banks do offer them, their rates are higher, and the application process is relatively cumbersome. So instead of blindly choosing banks, it is always better to choose alternative lenders. Lending platforms like Qbera don’t just offer instant loans at the lowest interest rates, but their application process is simple and hassle-free. So always do your research before finally zeroing in on your preferred lender.

Choose a Shorter Tenure

Although shorter tenure translates to higher monthly installments, it is always better to choose it if you are looking to pay less interest. But how does this work? Well, the idea is quite simple. Since shorter tenure means the lender will get their money fast, there is way less risk involved for them. Due to this reason, most lending platforms offer their best rates to people choosing the shortest tenure. However, before zeroing in on a term, do consider your monthly salary and expenses. If there’s no way you can afford the EMI, don’t go for a shorter term just for the sake of it.

Consider the APR

While browsing through instant loan offers from multiple lenders, also make it a point to consider the annual percentage rate (APR). The APR of your loan includes all the relevant fees including the interest. So, it is one of the best ways to assess the true cost of your loan.

Work on your Credit Score

Like we already told you, you are likely to get a better rate of interest if your credit score is on the higher side. While banks and other lending platforms look for a credit score of 700 or higher, at Qbera, we offer loans to low credit individuals who have a score of at least 600. So, if your score is relatively lower, start consolidating your debts, clear your previous dues and make timely payments. You can also check your credit report and dispute it for erroneous calculation. In almost every case, these disputed issues are resolved in 7 to 14 working days.

Once you consider each of these factors, securing an instant loan in India won’t be that big of a hassle.

Interest Rates on Instant Loans – What interest can you expect when you apply for Cash Loans?

While instant loans seem to be relatively simple for most consumers, there’s one thing that confuses many. Yes, in case you haven’t already guessed, we are talking about interest rates. Almost every borrower has one pertinent question before applying for an instant loan: why interest rates against instant loans are different for different customers.

The answer to this question lies in the lending model used by most lending platforms. In case you don’t yet know, most lending platforms use a risk-based pricing model. But what is this model all about and how does it work? Well, risk-based pricing is a method for lenders to assign prices based on the degree of risk involved in the process. So, if a borrower appears to be risky, this model causes them to pay more (usually in the form of high interest rates).

So, while most loans determine your interest according to your repayment ability, under the risk-based pricing model, you pay the interest rate according to the risk you bring for the lender. If you have a good credit history, a steady salary and a high credit score, you’re usually deemed to be a safe bet. In this instance, your lender is completely certain that you will repay the funds owing to which you qualify for the lowest interest rates.

However, if you’re known to have some financial discrepancies over the past couple of years, there’s a high possibility that you will not qualify for the best interest rate available. These financial red flags can range from bankruptcy, foreclosure or even charge-offs, and if you’re guilty of any (or multiple), it is better to improve your credit history before applying for a loan in the first place.

What Factors do Lenders Consider Under the Risk-Based Pricing Model?

Lenders consider many factors while assessing your risk. While your credit history is definitely an important factor, it is not the only factor that is taken into consideration. In addition to your credit history, loan-to-value ratio, your debt-to-income ratio and other additional (often unrelated) factors will be calculated to assess your risk.

One of the most pertinent examples here would be the amount of time you’ve worked at a specific job. If you’ve worked for a relatively longer period of time and have a stable income, you will be deemed as less risky. Similarly, certain lenders even consider the length of time you’ve lived in a home before offering an interest rate. Here, individuals who’ve lived at a place for les than three years or have a habit of moving from one home to another will be deemed risky.

At Qbera, we offer loans according to the risk-based pricing model as it helps us shuffle through the potential borrowers more easily and conveniently. So, if your credit history is slightly dodgy, we’d suggest you to improve it before applying for an instant loan on our platform.

Interest Rates on Personal Loans

Like we already mentioned, Indian banks only offer personal loans. They do not have any option for instant loan application. Below, you can find a list of personal loan offers from leading banks.

Instant Loans

83% of loan applications are approved.

Decision in as little as 20 mins .

Funds directly in your bank account.

Simple online application process for loans up to 5000 dollars .

Payments schedule for up to 36 months .

I want to borrow $ 3000

Apply for a loan in 6 minutes or less

Our application process takes less than 6 minutes to complete. You will receive an approval notification in your email

You will receive your contract in the email shortly after, simply click on the box and we will have your contract back instantly

Upon receipt of your contract our systems will automatically process direct deposit request to your account.

What customers think about us .

I just took a loan to fix my house! Thanks for helping me out.

Instant Loans video

6 easy steps to improve
your credit score with

We live in a fast world. And whether we like to or not, we must keep up. Things change, situations change, even life changes in a split second and if we don’t respond effectively, we pay the price. Plain and simple. So, what happens when a sudden, unexpected expense demands access to funds you don’t have? One-half of your mind panics, while the other tries to come up with a solution. Here’s what you need to know.

You may think of approaching friends and relatives for a quick loan but you risk jeopardizing the relationship. Your friendly neighborhood bank may not turn out to be your friend after all. Their structures and policies prevent them from approving you a loan in less than 7-10 business days. That’s nowhere near what Quick Loans mean, right? Moreover, if your credit is not up to scratch, you may not even stand a chance of being approved. The lender across the street may entice you with the promise of Fast Loans or Emergency Loans.

They’ll use any kind of hook. But here’s how they operate. They prey upon your vulnerability and need. They’ll loan you hard cash up front with the signed promise that you’d pay back $21 for every $100 borrowed. On your next salary! 14 days from now!

To pay it back, you may need to take on another fast loan. Or emergency loan as they call it.

Instant Loans from Loan Away

Loan Away is an online-only private lender not hampered by bureaucracies. Nor controlled by the desire to exploit. At Loan Away, the focus is on you. Your need. And the urgency. You fill out the Instant Loan application here. Won’t take you more than 8 minutes.

Our system is so configured that, if your eligibility criteria are in order, it’ll pre-approve you there and then. Which means you’re already in with a chance of pulling yourself out of your crisis.

Meanwhile, professionally-trained online agents take up your case in real time and rush it through the final stages of the approval process. Perhaps a phone call, or two. Poor credit could be overlooked. In as little as 4 hours you could be approved for up to $5000. Your funds could be in your account in as little as 24 hours. You pay it back in installments, like in 36 months, if you so choose. The interest rates would be a mere fraction of what “scam” lenders would charge you.

You’ve effectively responded to the crisis. Without jeopardizing your future financial well-being. And, like they say, you now have a story to tell.

Best Personal Loans in Malaysia 2020

Our personal loan calculator compare interest rates and monthly loan repayment. Apply online easily.

What’s next?

I’ll need to ask you a few more questions to complete your application.

Let’s connect on WhatsApp!

  • Secure and Encrypted
  • Available anytime, anywhere
  • Simple! No long boring forms
  • Get your loan faster

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HSBC Amanah Personal Financing-i

Al Rajhi Personal Financing-i

Alliance Bank CashVantage Personal Financing-i

Alliance Bank CashFirst Personal Loan

Citibank Personal Loan

KFH Murabahah Personal Financing-i

Standard Chartered CashOne

AEON iCASH Personal Financing

UOB Personal Loan

Emicro Personal Loan

RHB Easy-Pinjaman Ekspres

Standard Chartered CashOne Debt Consolidation Plan

Bank Rakyat Personal Financing-i Private

Affin Islamic Personal Financing-i

Bank Islam Flat Rate Personal Financing-i Package

Hong Leong Islamic Personal Financing-i

Bank Islam Floating Rate Personal Financing-i Package

BSN MyRinggit Executive-1

Maybank Islamic Personal Financing-i

Maybank Personal Loan

Hong Leong Personal Loan

AmBank Islamic AmMoneyLine Facility-i

AmBank AmMoneyLine

JCL Personal Loan

RHB Personal Financing

CIMB Xpress Cash Financing-i

CIMB Cash Plus

Standard Chartered Personal Financing-i

IVC Personal Loan

Standard Chartered Quick Cash EDGE

Bank Rakyat Personal Financing-i for Pensioner

What’s next?

I’ll need to ask you a few more questions to complete your application.

Let’s connect on WhatsApp!

  • Secure and Encrypted
  • Available anytime, anywhere
  • Simple! No long boring forms

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Best Personal Loans in Malaysia 2020

When should you apply for a personal loan? The truth is, there is never a best time to apply for a personal loan when you are not prepared for it.

In this article, you will find out the do’s and the don’ts of personal loan application based on experiences and best practices of ordinary Malaysians.

Read on to learn what a personal loan is about, how can you apply for a personal loan at the lowest rate and highest amount, and what should you do after a loan is approved or rejected.

Research stage

At this stage, you will uncover various answers to questions you might have about personal loans, and how you can use this information to make an informed decision.

How does personal loan work?

Put simply, a personal loan is a sum of money with interest lent by the bank to a borrower for a fixed period. The loan must be paid back in fixed amount installments, every month until the end of tenure.

It is quite straightforward until you come across some terms and jargons that you are not familiar with. Don’t worry, here are some commonly used terms to describe personal loans:

Per annum (p.a.)

The interest rate will be charged on a per-year basis. If a RM10,000 loan is at 5% p.a. interest, the interest charge is RM500 per year.

Now, if the repayment tenure is stretched to 3 years, the interest will become RM1,500 (RM500 per year x 3 years).


The amount of loan you applied for. The interest rate will be calculated based on this amount and added on top of it. Going with the example above:

Principal + Interest = Total Borrowing Amount

RM10,000 + 5% p.a. =RM10,500

Interest rate

Interest rate is charged on the loan amount by the bank to the borrowers for using its money.

It’s the same concept as deposit; you put money in a savings or current account, the bank will pay you interest or profit for using your money.


The loan repayment period. Choosing the right tenure is important for your personal finances.

Shorter loan period comes with higher monthly installment amount, whereas longer loan period comes with higher interest rate.



(1-3 years)


(4-10 years)

RM10,000 x 5% x 1 year

RM10,000 x 5% x 10 years

RM10,500 ÷ 1 year

=RM875 per month

RM15,000 ÷ 10 years

=RM125 per month


You need to pay back your personal loan every month until the end of tenure.

Installment amount is fixed, which is calculated on the total borrowing amount then is divided by the total numbers of months.


This is a fee a bank will charge on your overdue amount for being late on your repayment.


The term to describe an event of non-payment of a personal loan for over 3 months.

In this situation, the bank will usually impose a higher finance charge and/or take a legal action against you.

Under this circumstance, you will face difficulty in securing any loans in the future as a result of poor credit score.

In fact, your repayment history will stay in CCRIS database for up to 12 months.

What type of personal loan should I apply?

Now you have caught up with some of the personal loan basics, this is the time to answer the question of preferences.

By doing a personal loan comparison, you can filter down the best personal loan to apply. The interest rate should not be the only factor when comparing personal loans, but your preferences too, such as:

What is the difference between secured and unsecured loan?

Should I get a conventional or Islamic loan?”

Do I need a Takaful or Insurance coverage?”

Secured loan vs Unsecured loan
  • Need collateral or security such as fixed deposit, property, unit trust, other assets
  • Guarantor is required, with or without an asset, depending on eligibility
  • No collateral or security required
  • No guarantor, except when you don’t meet the eligibility requirements
Conventional loan vs Islamic loan
  • Based on the principle of moneylending, where the bank gains some profits for lending money to borrowers
  • Charge an interest rate on the total loan amount
  • Can be used for any purposes that is legal in the eyes of the law
  • Borrower bears all risks associated with the loan
  • Compound interests when payment is overdue
  • Follow the Shariah contract of financing that avoids exploitative gains such as riba’ or usury
  • Charge a profit rate on the total financing amount
  • Can be used for any purposes that are permitted (halal) by the Shariah laws
  • The bank bears some of the risks to earn returns
  • Does not compound profits when payment is overdue
With Takaful or Insurance vs Without Takaful or Insurance

With Takaful or Insurance coverage

  • Optional
  • Liability coverage that helps settle all unpaid balances in the event of death or total permanent disability of the borrower
  • Slightly expensive as the coverage is added on the total borrowing amount

Without Takaful or Insurance coverage

  • Optional
  • Borrower/beneficiary is responsible to cover the unpaid balances in the event of death or total permanent disability
  • You receive 100% of the total borrowing amount
Terms Descriptions

Do I need to apply for a personal loan?

Everyone has goals to achieve in their lives and a lot of times, they require money to kickstart the journey. We can gain money from any means possible such as employment, selling of products or services, own savings, as well as loans.

Some people are lucky enough to fund their goals with one or more combinations of the above methods. But, what about others who has limited options or whose limited options are not viable?

Oftentimes, they shy away from the last option, which is loan. If we look at this objectively, applying for a personal loan is practical for several reasons:

  • Education
  • Investment
  • Emergency cash
  • Funding for business
  • Buy a property (house, car, equipment etc)
  • Debt consolidation.

Personal loan for debt consolidation

When you have multiple debts of different sizes, banks, due dates, tenures and interest rates, it can be a strenuous task to keep track with the repayments.

A debt consolidation loan is great for simplifying multiple debts into a single facility. You can repay them at a lower interest rate and longer tenure to save on monthly installment and have more disposable income.

[Updated: 1st April 2020]

Before debt consolidation:

Top Personal Loan for Debt Consolidation

Credit card from Bank A

Personal loan from Bank C

Total Commitments

RM2,000 per month

After debt consolidation:


Interest rate


Applied loan amount

RM50,000 (Outstanding balances from all Banks above)

Total interest paid

Principal amount x annual interest rate x tenure

RM50,000 x 5.50% p.a. x 7 years

Total repayment amount

Principal amount + interest charges

Monthly Installments

Total repayment amount ÷ tenure

RM69,250 ÷ 84 months

How much do you save after consolidating credit cards and personal loans debts into a single loan?

RM2,000 – RM824.40 = RM1,175.60 ÷ RM2,000 x 100% = 58.78%

Say you have a minimum monthly income of RM5,000, that means you are committing roughly 16% of your total monthly income to pay your consolidated debts.

Personal loan application journey

During a personal loan application, there are few things you need to consider such as the amount you can apply, the amount the bank can actually lend you, required documents and the places to apply for a personal loan.

How much can I borrow?

The typical loan amount you can borrow from banks is ranging from RM5,000 to RM200,000. This amount is also known as the principal amount.

Once you have decided on your principal loan amount, you need to choose a tenure that suits your financial capacity.

RinggitPlus has a personal loan calculator where you can calculate your monthly repayment easily by indicating your borrowing amount, monthly income and tenure of choice.

However, this personal loan calculator does not take into account your other monthly commitments such as car loan, home loan, credit card, student loan etc, which the bank will also consider before approving your applied loan amount.

To better manage your expectations (such as high loan margin, low interest rate, fast approval), you need to check if you can afford to pay your total monthly commitments by determining your debt-service ratio (DSR).

How much can a bank loan me?

DSR is a tool to measure your available cashflow after meeting your debt obligations. Banks use this calculation to see if you have enough money to pay your monthly installment via this formula:

Debt Monthly Installment Outstanding Balance
Credit card from Bank B RM500 RM10,000
Total Monthly Commitments ÷ Total Monthly Income x 100% = DSR
e.g. RM1,500 ÷ RM3,000 x 100% = 50%

There is a consensus on optimum DSR level to increase the chances of loan approval: your total monthly commitments should not exceed your total monthly income.

In the example given above, the total loan commitments are 50% of total monthly income, which means a borrower is allocating half of his/her monthly income on debt servicing alone, with little room to save, spend and invest (if any).

In this situation, the bank will usually reduce the loan amount to consequently reduce your DSR level. You can do your own DSR calculation prior to loan application to increase the chances of approval.

What documents to prepare when applying for a personal loan?

To speed up your loan application process, make sure you have compiled all of the required documents.

The type of document will vary from bank to bank, depending on your employment type. All in all, you can find the general requirements in the table below:

Personal Loans with Guaranteed Instant Approval in 2020

Are you in need of quick cash but don’t have the credit score to get it? Many wonder if they can even get a personal loan with a 520 credit score or worse.

One might think it’s possible with all the advertisements that promise “bad credit personal loans, guaranteed approval, no credit check” and “direct lenders for bad credit installment loans,” but are they are legit?

Here, we will get to the bottom of these “personal loans- guaranteed instant approval” offers and will reveal our top recommended lenders for those who can’t get approved anywhere else.

Get Competing Personal Loan Offers In Minutes

Compare rates from multiple vetted lenders. Discover your lowest eligible rate.

It’s quick, free and won’t hurt your credit score

Guaranteed personal loan approval for bad credit

If you have bad credit and have been turned down when applying for personal loans, you are not completely out of luck. You will come across lenders that have “guaranteed personal loan approval for bad credit” offers.

While no offer is truly 100% guaranteed, many are pretty darn close. The difference between bad credit personal loan lenders and the rest are that bad credit lenders typically require collateral or have exorbitantly high fees and interest rates to cover their risk.

Auto title lenders

Auto title loans are short-term loans, secured by the clear title of a vehicle. The lender will appraise your vehicle and offer you a loan amount based on a percentage of the car’s value. For example, if your car is worth $2,000, they may cap you at borrowing 50%, or $1,000.

According to the Federal Trade Commission (FTC), lenders often charge 25% interest per month, which equates to a 300% APR, plus fees. The repayment terms can vary from a single payment within 30 days to multiple payments over a few months.

If you miss a payment, the lender can take possession of your car. Mike Arman, who works in the lending business, says, “If you are late and lose the car, you not only lose the car (which is worth far more than the loan amount), you also lose your mobility, which means you now can’t get to work in order to make any money either.”

Auto title loans can put your car at risk

These loans are only legal in select states and, in four out of five cases, they are not repaid on time. This leads to 20% of borrowers losing their cars and many others renewing the loan or borrowing from somewhere else. (source)

While most anyone with a valid car title can qualify and you are likely to get near instant approval, auto title loans do come with risks. You may lose your car and can dig yourself into a deeper hole due to the high cost and short repayment period.

The only time this may be worth it is if you need money immediately for an emergency or solid investment, and you have a chunk of money coming within the repayment period that will allow you to cover the costs in addition to your regular living expenses.

Pawn shops

If you aren’t familiar, pawn shops are businesses that offer loans in exchange for personal property. They do not run credit checks. You simply bring in the item you would like to use as collateral, and the pawn shop will assess it’s resale potential.

The shop will decide if they will offer you a loan and, if so, how much the loan will be. You must be 18 and show proof of identity and, in some cases, they may ask for proof of ownership for an item.

Pawn shop loans typically have terms that last one to two months. Costs include interest rates that average 10% per month, along with fees for storage and insurance. If you don’t come back and pay for your item plus interest within the allotted period, the pawn shop will own your item and can sell it.

Anyone 18 years or older can bring an item into a pawn shop, but it’s not quite guaranteed approval because the pawn shop has to agree to offer a loan for your specific item. However, it won’t depend on your credit or financial profile.

While not competitive with unsecured personal loans regarding cost, pawn shop loans are often more affordable than payday or auto title loans. Further, you don’t have to put your car on the line.

Payday loan lenders

Lastly, are Payday loan lenders. They will provide quick cash for people, sometimes without a credit check, as long as the borrowers can prove they have regular income from a job. You often have to show pay stubs to prove regular income and then have to repay the loan plus interest and fees on your next payday.

The average repayment period is a short 14 days, and average interest rates range from 12.5% to 33% which translates into an APR ranging from 300% to 800%.

If you can’t repay the loan in full, you can often roll it over which adds additional interest charges and fees. Many borrowers fall into this downward spiral of multiple loans with expensive costs that pile up.

While you can get near instant approval with proof of regular income, payday loans should be a very last resort. They are known for being predatory and cause the majority of borrowers to end up in a worse position than when they started.

Personal loans which almost guarantee instant approval

Now that you know the types of personal loans you can get with bad credit and the risks they present, here are the top lenders in this space.

Finova Financial

Finova Financial is our pick for the best auto title lender. It offers equity lines of credit that cost 50% less than the current national average and has a 30% APR cap.

Further, it offers longer loan terms of 12 months, giving borrowers more time to repay the money owed. If you pay off your loan early, there is no prepayment fee.

You also earn points when you pay on-time, which can be used to postpone payments later without any penalties. Finova reports to one credit bureau, which can help or hurt your credit depending on how you manage the loan.

Easily apply online and get an answer right away.

Check Into Cash

Check Into Cash is one of the most well-known payday lenders and has over 900 brick-and-mortar locations in 23 states across the US. It provides payday loans in-store and online, and also offers auto title loans.

The pros are that the company is widely accessible and it provides access to cash fast. You can walk into a store location with qualifying proof of income and walk out with the loan. It also offers longer-term installment loans to online applicants that qualify.

The cons are that the fees are very high and the loan terms can be very short. Further, online, you have to undergo a credit check which can be limiting for some applicants.

The company itself warns that its loans should only be used to meet immediate, short-term cash needs. However, amongst all lenders, this is one you can count on to be reliable and easy to access.


LendUp is an exclusively online payday lender that earns an honorable mention amongst the rest. It calls itself a “socially responsible lender” and backs that up with its tier system that allows repeat customers to qualify for lower rates and higher loan amounts as they establish a positive repayment history.

The pros are the lender reports to the credit bureaus, so making your repayments can help to build your credit score. Further, if you do need to borrow repeatedly, you have the opportunity to earn better rates and terms.

The downside is that, initially, the cost will be high just like any other payday lender. Further, the application is solely online and does include a credit check, albeit, approval is more lenient than with standard personal loan lenders.

Bonus Tip: If your credit is not great, try Peerform. It’s a lending marketplace that considers borrowers with poor credit.

To discover more, click here.

How to find a guaranteed approval lender

When weeding through auto title and payday lenders, here are the key factors you should consider

Auto title lenders

Look out for the following:

  • Loan amount: The minimum and maximum amounts that a lender will extend. Also, note the percentage of your car’s value that a lender offers.
  • Vehicle requirements: Most lenders require a clear title and that the vehicle is paid off. However, there may be other requirements.
  • Interest: The amount of interest the lender will charge you to borrow the money. It can be helpful to look at it in terms of the annual percentage rate (APR).
  • Fees: The amount you will have to pay to borrow the money, in addition to the interest.
  • Loan term: The amount of time you have to repay the loan (single payment vs. installment). A major pitfall is choosing a loan with too short of a repayment period.
  • Non-payment options: The procedure if you can’t repay the loan, such as how long you have to make the payment before you lose your car, fees that apply, and options for a roll-over.
  • Eligibility requirements: What you need to qualify, i.e., full coverage insurance, credit check, proof of address, etc.
  • Time to funding: The time it takes to get the money after being approved.

Payday lenders

When vetting payday lenders, consider the following.

  • Loan amount: The amount you can borrow.
  • Loan fees: Individual fees that are charged to borrow the money.
  • Interest: The interest rate in terms of annual percentage rate (APR).
  • Eligibility requirements: Requirements to get the loan such as minimum income amount, minimum credit score, no bankruptcy, etc.
  • Repayment period: The length of time you will have to repay the loan.
  • Time to funding: When you will get the money.

While similar to an auto title loan, payday lenders will be focused on your source and amount of income rather than your vehicle, as your paycheck will be the security for the loan. It’s crucial to shop around in order to find the best deal.

The truth about personal loans with guaranteed instant approval

As you can see, there is no such a thing as a personal loan with guaranteed instant approval as no lender is going to accept everyone. Even pawn shops, payday lenders, and auto title lenders have minimum requirements and standards.

However, they don’t rely strictly on credit, enabling you to get approved with a car title, an item of value, or a pay stub. If you are considering this type of loan, do so with caution and with a full understanding of the repercussions.

Want to learn how to build your credit and qualify for an unsecured personal loan with better terms? Check out these credit counseling firms that can help!

As you improve your credit, you can easily find out what rates you qualify for without hurting your credit score. Just answer a few simple questions and you’ll receive personalized loan offers from various lenders.

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