Let’s take a look about loan services from BigPay and TNG.
At least two e-wallets have launched digital personal loan services, allowing users to apply for loans directly through the e-wallet platform.
BigPay and Touch ‘n Go eWallet launched the Loans and GOpinjam personal loan functions, respectively; let’s learn more about these two personal loan services.
1. BigPay Loans
When applying, users are not required to submit salary slips, copies of MyKad, bank account information, or other documents. After submitting an application, the user will be notified within 5 minutes if it is approved. If the information needs to be reviewed again, it could take up to a day.
BigPay’s digital personal loan service offers RM1,000 to RM5,000 loans with an annual interest rate of 18%. Applicants can select a loan term of 6 months, 7 months, or 9 months. When applying for a personal loan from BigPay, users will be charged a 0.5% stamp duty, or RM25 when applying for a loan of RM5,000.
When you apply for a RM1,000 personal loan with a 6-month repayment period and an annual interest rate of 18%, you will be charged RM90 in interest and RM5 in stamp duty. Your loan payment is RM181.66 per month.
BigPay’s loan service is extremely simple, and users can immediately understand the loan’s interest, fees, and monthly repayment. When you decide to apply for a BigPay personal loan, you must first create an account and answer a few questions. Approval can then take as little as 5 minutes and as long as one business day.
You must enter the OTP one-time verification code when applying for a BigPay personal loan. You have agreed to the loan contract after entering the OTP one-time verification code. The loan will be deposited into the user’s BigPay account, and the user can repay it directly via the BigPay APP.
BigPay Later Sdn Bhd provides BgPay’s loan service, which is also licenced under the local government’s Lending Act 1951.
2. Touch ‘n Go eWallet GO pinjam
Touch ‘n Go eWallet and CIMB Bank collaborated to launch GOpinjam, an electronic personal loan servic. Loans can be applied for directly through the e-wallet. To provide loans, GOpinjam will use CIMB e-Zi Personal Loan.
Personal loans from RM100 to RM10,000 are available through GOpinjam, with loan terms ranging from 1 week to 12 months and interest rates ranging from 8% to 36%. The loan interest rate will be determined by the loan amount and term. Applicants must be Malaysian citizens aged 21 to 63 and earn at least RM800 per month.
When applying for a GOpinjam personal loan, you must provide a 1-month salary slip, a 3-month EPF statement, and a tax return in form B or BE. As long as the total amount of approved loans does not exceed RM10,000, each user may submit multiple GOpinjam loan applications.
Open the Touch ‘n Go eWallet APP, click the GOpinjam icon on the homepage, and follow the on-screen instructions to complete the application. For identity verification, you must bring a Malaysian card and a selfie when applying. After applying, you will receive a response within three working days.
Successful applicants will have access to funds via the Touch ‘n Go eWallet APP or their CIMB bank account. If you do not have a CIMB bank account, you can receive money through the Touch ‘n Go eWallet APP before transferring it to your bank account. Users who pay their loans late will incur a 1% penalty.
