Guys, becarefull with licensed money lender, Kinros and the like. Well, they operate the same as Ah Long with ridiculously high interest but only with license.

A friend of mine borrowed RM2k from them, after deducting fees and whatnot, he got RM1.5K only. Actually, this lending amount is only for a period of a month. If he wanted to extend for another month, he will have to pay 25% of interest (RM500) up front. And he will have to settle the remaining on the same month. Say, he does not have enough cash and wanted to extend for another month, another 25% of the loan amount have to be paid up front, and it goes on and on if he drag the payment. He ended up paying RM500 (25% interest) every month without reducing the loan amount.

Think twice before you get yourself into these burden even with licensed money lender. Well this is how they make money, can't really blame them. Be extra carefull. Maybe this type of loan is suitable for those who wanted a short-term loan and able to pay back within a month.



This post has been edited by c9: Oct 9 2008, 10:18 PM

Nope. Once your Al-Rajhi loan is approved, you will then need to open the account with minimum of RM20 deposit. Their interest rate is one of the lowest in the market IMO, 7.99%.

Normally, the bank would want to see/cross check your CCRIS records for at least 6 months.

Credit cards and other loan (home or car) would be listed in CCRIS, it shows your payment patent or if you defaulted any of the payment.

Banks will most likely to reject your personal loan application if you do not meet the above and other requirements.

Anyway, I would crossed the 3-digit CVV with a marker pen whenever it's being photocopied.. Better be safe.

This post has been edited by c9: Oct 21 2008, 12:08 AM