E-wallets are becoming the next best thing since online banking for sure. Not only is it an easy, secure way of making payments, but there's also the possibility of getting plenty of deals and even cashback when using it too. So what else could offer to make it more attractive? Well, why not offer a loan to guarantee that you have enough to pay for your needs?
That's the goal with GoodKredit, the latest e-wallet app to be the country's first automated short-term microloan provider. The goal is to offer Malaysians in need of urgent funds a quick financial solution. The financial situation of most Malaysians today is so dire that very few can pull out RM1000 in times of emergency and that's where GoodKredit comes in.
Licensed under the umbrella of Credit Community (Kredit Komuniti) by the Ministry of Housing and Local Government (KPKT) and governed by the Moneylenders Act 1951, GoodKredit's service offers a microloan between RM 1,000 to RM 10,000. These loans come in the form of cash with a repayment tenure of either six, nine or twelve months and an Annual Percentage Rate (APR) of 18%. No collateral or a guarantor is required.
It's important to note though that the approval for the loan is highly dependent on not just your credit score, but it also uses algorithms based on your habits on your mobile device. Also, you will need to eventually enter the app's main office to sign important documents, so for now it's not recommended to get the loan if you're outside the Klang Valley.
GoodKredit is now available nationwide and may be downloaded on the Apple App Store and Google Play Store. For more information on the microloan application process and other offerings by GoodKredit, please visit the official website and Facebook page.