For the most part, if you haven’t been paying your debts on time, things like credit card bills, mortgages, and car loans, then you’re going to have a more difficult time getting approved with a personal loan, one not backed by collateral. There are, however, some lenders that will make pinjaman segera based more on their ability to get the monthly payments, rather than on the credit history of the recipients.
Although It Seems Like A Myth, These Loans To Government Workers Are Real
The facts are that many government workers, especially military personnel, are eligible to get up to around $20,000 in personal loans, even if they have bad credit or no credit at all. Military personnel are considered very low risk because of their job security, and the low likelihood of them losing their paycheck for any reason at all. Because of that, many lenders actually focus on these types of pinjaman peribadi koperasi and offer quick credit approval times, limited paperwork requirements, and can have money in the hands of the borrowers faster than any other method.
Employees Of The Malaysia Government Have High Job Security
The number one reason these loans are so easy to get is that Malaysia government workers have incredibly high job security. Lay-offs are non-existent, and getting fired is almost impossible, so the loan company is almost guaranteed to get repaid. Their checks are never late, arrive like clockwork, many times directly deposited, into the accounts of the workers without fail.
By having automatic loan payments taken directly from the accounts of the government personnel, immediately after their accounts are credited with deposits, the lenders are assured of timely direct payments on a regular basis.
There Still Are Some Qualifying Factors To Consider
Applicants need to be at least 18 years old to qualify, this is fairly standard throughout the Malaysia because under 18 is not considered an adult. Plus the government employee will have to provide proof of income. If the loan is a Military loan, then proof of current or former military service is essential. But once these two conditions are met, the approval of the loan is quick and streamlined. There will also need to be about a 40% debt to income ratio on these types of loans in order to know that the recipient isn’t in over their head in debt.
The main reason loans like this are even possible is that because of the type of job, security of pay, plus automatic deposits and payments to the lender, there is virtually no risk of failure on either side. When the credit ratings are especially bad, the lender will usually just raise the interest rates to cover the increased perceived risk involved. And, many times the repayment terms can be as long as 10 years making the monthly payments a breeze.
If you’ve been needing a personal loan, but have been worried about approval, even though you work for the Malaysia Government, you should contact some of the lenders that specialize in these types of loans and you may be surprised at how easy it is and the great terms available.