Instant Loan Using IC

The Instant Loan Using IC is a practical solution for those who need quick funds without going through long and complicated procedures. By using only the identification card (MyKad) as the main document, applicants can access the required loan quickly. This type of loan has become increasingly popular in Malaysia due to its advantages, offering fast approval, an easy process, and more flexible eligibility. This article will discuss in more detail about the instant loan using IC, including the application process, eligibility requirements, costs, risks, and tips to avoid scams.

Application Process for Instant Loan Using IC

One of the main features of an IC-only loan is the convenience of its application process. With a simple process, you do not need to go through complicated procedures like traditional bank loans, which require numerous documents. Instant loans using IC often offer an application process that can be completed in just a few minutes.

Application Steps: Required Documents and eKYC System

Applying for a loan using only IC generally involves several simple steps. These steps not only make it easier for applicants but also speed up the loan approval process. Below are the general steps to follow:

1. Upload MyKad: You only need to upload a copy of your MyKad showing your personal details.
2. Selfie with MyKad: Some loan providers may require you to take a selfie with your identification card to confirm your identity.
3. Fill Out Application Form: The online application form will ask for personal information and bank details for fund transfer.
4. eKYC Verification: The eKYC (Electronic Know Your Customer) verification system will automatically process your information and verify your identity. This speeds up the approval process, which can be completed within 15 minutes to 24 hours.

This easy and fast process makes online loans using IC the preferred choice for those who need funds without complications.

Eligibility Requirements and Criteria for Instant Loan Applicants

Although IC-only loans offer flexibility in the application process, there are some eligibility requirements that applicants must meet. Each loan provider has different rules and criteria. Therefore, it is important to know these requirements before applying.

Required Age, Income, and Employment Status

Most loan providers require applicants to meet the following criteria:

• Age: Applicants must be between 18 and 65 years old. This ensures that applicants are within the age group that is capable of repaying the loan.
• Minimum Income: Applicants typically need to have a monthly income between RM800 and RM2,000. Permanent and contract employees can apply, while freelancers or individuals without a regular salary slip need to provide proof of income, such as bank statements or transaction records.
• Employment Status: While loan providers prefer applicants with permanent jobs, they also accept applicants from various employment types, including contract workers and freelancers, as long as they have valid proof of income.

Interest Rates and Costs of Instant Loan Using IC

One of the key factors to consider when applying for an instant loan using IC is the interest rate charged. Interest rates for this type of loan are often higher than those for traditional bank loans due to the higher risk for the loan provider.

Comparison of Interest Rates from Different Providers

Interest rates for instant loans using IC usually vary depending on the loan provider and the type of loan chosen. For example:

• BigPay charges an interest rate of 8% per year for a loan of RM1,000 with a repayment period of 6 months, making the total repayment approximately RM1,040.
• GOpinjam offers a daily interest rate of around 0.05%, which depends on the loan period. Therefore, it is important to check these interest rates before applying to ensure they are affordable.

Although these higher interest rates provide flexibility in approval, they also increase the overall loan cost. Therefore, IC-only loans should be used wisely, especially if the applicant needs funds for a longer period.

Applying for Instant Loan Using IC at Amanahkredit

Amanahkredit is one example of a provider offering IC-only loans with fast approval. The platform has an easy and secure application process, with an eKYC system to verify the applicant's identity.

Difference Between Instant Loan Using IC and Traditional Bank Loan

One of the main differences between IC-only loans and traditional bank loans is the simpler and faster procedure. An instant loan using IC does not require many documents and usually offers approval in a shorter time compared to a bank loan, which requires additional documents and a longer approval time.

However, bank loans offer lower interest rates but take longer to process, requiring documents such as pay slips and bank statements, and sometimes a guarantor.

Approval Period and Fund Transfer for Instant Loan Using IC

Instant loans using IC offer fast approval. Some platforms provide approval in a very short time, between 5 minutes to 1 hour, provided all documents are in order. Funds are usually transferred to the bank account within 24 hours of approval. This offers a significant convenience for those needing quick cash.

However, for those with problematic credit records, approval may be slightly slower. Therefore, it is important to check your credit status before applying to ensure quick approval.

Tips and How to Avoid Scams in Instant Loan Using IC

With the popularity of IC-based loans, there has been an increase in scams involving fraudulent platforms. Here are some tips to avoid becoming a scam victim:

1. Check Company License: Ensure the company you choose has a valid license from the Ministry of Housing and Local Government (KPKT) or Bank Negara Malaysia (BNM).
2. Avoid Upfront Payments: Never make an upfront payment to an unlicensed loan provider.
3. Protect Your Personal Information: Do not share your ATM card number, OTP, or other personal information with third parties. Only use official apps verified by the authorities.

By understanding the application process, eligibility requirements, loan costs, and safety measures, you can make the most of an instant loan using IC wisely. Always compare different loan providers and check the terms offered to make the best financial decision for your needs.

FAQ