Credit type services available only for civil servants,employees working in government organizations from the cooperatives and foundations are known as Co-operative loans. These loans are available for government employees, local municipal councils and some selected government linked bodies. The credit cooperatives register with the cooperative commission in Malaysia under the act of 1993 Cooperative Act.

Things that you should know about Koperasi loan in Malaysia

  1. Funding

Where do the co-operative banks raise the fund from? There are many popular banks in Malaysia. These banks play an important role in funding the co-operative banks. Some of the popular banks that are involved in funding the cooperative banks are CimbKoputri, Rhb Islamic Idsb, Public Islamic Bank’s Bae Ag Personal Financing-I and many other banks.

  1. Who can apply for Koperasiloan?

Koperasi loan is applicable only for employees who are working for a government organization, selected staff members who are working for federal and state organization, municipal workers, government linked agencies and statutory bodies.

The co-operative loan has a list of eligible employers which includes members of PKNS, SYABAS, TNB, Public universities and other government organizations. The loan candidate should be working for the government organization for at least 6 months. The age limit is between 21 years to 58 years old. The minimum salary of the employer should be about RM 1500 per month. Non- government employers are not eligible for the co-operative loan.

Koperasi Loan

  1. Credit Criteria

The Koperasiloan is less strict as compared to other conventional bank loans. At Koperasia lower credit approval criteria is required has the amount is directly deducted from the borrower’s salary by Biro Perkhindmatan ANGKASA or by Accountant General’s Department. Loan applicants with high commitments can also be considered by the Koperasiloan providers.

  1. Repayment process

The automatic salary deduction scheme is used by National Cooperative movement in Malaysia commonly known as ANGKASA. Koperasiloan also uses deduction by Account General’s Department AG.  The loan installment and other deductions should not exceed a limit of 60% as per the rule of Public Service Department.

  1. Interest rates

The interest loans are lower as compared to other banks in Malaysia. The loan rate can be as low as 3.88% per annum. You need to also consider the potential loan payout of the loan.  You can avail a loan up to RM 250,000. Before applying for the loan, the loan applicant needs to look at the monthly repayment amount.

Payday loans are successful in part because of their convenience. And now due in large part to technological advances in smartphone technology, we have online payday loans that promise to be even faster and even more convenient than a regular payday loan. On the surface an online payday loan may be faster, but is it so? And what are its advantages?

Fast and Convenient

This is probably the number one reason why payday loans are popular and online payday loans promises to be even faster and convenient. Money can be yours in hours, upon completion of the application, which is done mostly online or over the phone. Some people mistakenly label them as instant payday loans, however, it is not as simple as sending out a text message. It does start with a text message and gets a little bit advanced from there. The biggest convenience for most is that these loans no longer require a credit check, all you need is a driver’s license or a valid identification card, and a source of pay stubs and access to a savings or checking account and you can take advantage of a payday loan. These payday loans are available almost anywhere and even more so online. Take a look at HittaSMSLån on your search bar to take you to a wide range of choices for this type of loan.


Bad Credit Loan

Another one reason right at the top is that these kinds of loans are popular. They generally offer small loans for people with bad credit standing. Traditional banks and normal financial institutions are of very little help with these kinds of scenario. Only payday loans and online payday loans can help. They simply provide an option when there are no others. All too often one may find oneself faced with a compromising financial situation where you are looking for money until your next paycheck, then a payday loan, online or otherwise, will help.

Dispenses with the Paperwork

These types of loans dispense with the hassle of long lines and enormous amounts of paperwork that come with traditional loans. Most of the information they need can be done with an application form online, usually, in the website of the lender,  and after a few hours or days at most, your much-needed money is in your pocket.

Shorter Terms

When you take out an SMS loan or a payday loan, the term runs for about 30 days only. Also, it is just usually one single payment on your next payday. These are short-term commitments without any installments. Remember that these loans are band-aid treatment for your budgeting hiccups only and not to be relied on for long-term sustainability. Thes are just for those budgeting issues that can be easily taken cared of once the payday comes in.