GoodKredit Introduces Smartphone Based Micro-Loans
GoodKredit Malaysia has introduced a new micro-loan service aimed at the B40 and M40 segment. This new app-based service will allow individuals to apply for small loans quickly and easily; and learn of their approvals within a very short amount of time.
According to GoodKredit’s own survey of its beta testers, 50% of Malaysians have needed a loan to settle debts or survive moments when they are short on cash. The company also quoted statistics from Bank Negara Malaysia that say three out of four Malaysians are unable to come up with RM1000 in cash during emergencies.
It is this market that the company aims to reach with its easy micro-loans.
The loans range from between RM1,000 to RM10,000, with repayment tenures of six, nine or twelve months. Annual Percentage Rates run up to 18%; and no collateral or guarantor is required.
Applying for a loan through GoodKredit is simple enough. Register for an account through the app, and then follow the onscreen instructions. The app will direct customers on what documents to submit, and how to go about it.
The approval process takes only about 30 minutes; using a combination of CCRIS data and it’s own user behaviour metrics. After this, customers will be informed about their loan status. Despite this speed, approved customers must still wait 24 hours for the funds to be disbursed.
GoodKredit itself is licensed under the Credit Community by the Ministry of Housing and Local Government, and is governed by the Moneylenders Act 1951. Which ensures that it is a legitimate money lender and must abide by the regulations outlined by the government.