BigPay, an electronic payment platform owned by Capital A, formerly known as AirAsia Group, has been testing its personal loan service since April this year and will now be rolled out to BigPay users in phases.
Under BigPay’s fully digital personal loan service, users do not need to submit payslips, copies of their Malaysian cards, bank account details, etc. when applying. Users will know whether they have been approved or not in as little as 5 minutes after making an application. If the information needs to be further vetted, it will take up to 1 day.
BigPay Digital Personal Loan Service offers loans from RM1,000 to RM5,000 with an interest rate of 18% per annum. Applicants can choose to borrow for 6 months, 7 months or 9 months.
Users will be charged a 0.5% stamp duty when applying for a personal loan from BigPay, which means a stamp duty of RM25 will be charged when applying for a loan of RM5,000.
When you apply for a personal loan of RM1,000 and choose a repayment term of 6 months with an interest rate of 18% per annum, you will end up being charged RM90 interest and RM5 stamp duty. Your monthly loan payment will be RM181.66.
The interface of BigPay’s personal loan service is very simple, and users can directly understand the interest rate, fees and monthly repayment amount of the loan. Once you are sure you want to apply for a personal loan from BigPay, you will need to fill in your personal details and answer a few questions. Approval can then be granted in as little as 5 minutes and may take up to 1 working day to be approved.
When you apply for a BigPay personal loan, you will need to enter the OTP one-time verification code. After entering the OTP one-time verification code, you have agreed to the lending contract. The loan will be remitted to the user’s BigPay account and the user can also repay the loan directly through the BigPay APP.
BgPay’s personal loan service is provided by BigPay Later Sdn Bhd and is also licensed under the Local Government Lending Act 1951.
If you are not yet a BigPay user, you can download BigPay from any app store.