As per topic, posting this for clarity before making any decisions, Currently in a dilemma due to need fast cash money but able to pay back, got a steady job, just need around 10k to get by. What do you guys think? This is my first time making a personal loan, before this bought a superbike and just paid everything off with Aeon.

Got a credit card but pay it nicely every month with Maybank.

My salary is around 2.5K above if have OT can make more. Recently just bought a house but that's another 3 years for the completion of the project. Will my loan application go through??

My parents got money but its not sounded responsible for a grown up man in his 30's making a loan with their parents don't you think??

what should I do??

No

Solutions?? parents money??

why not just rent first until you get a higher salary? it's impossible to get your loan approved with 2.5k salary

Loan with parent is the better solution

i don't know what is the reason why u need the money so urgently. Is it want or need? U yourself consider and think about it.

10K 5 years personal loan, gonna stain your credit record badly

Pama best, but must pay back.

No

lol.. 2.5k ur loan is approve for buying house?

Loan with parents with no or lower interest. Put in black & white.

Don't be ashame, I did that when I need DP for property. 30% not 10% dp. Lotsa cash for me back then. Paid back all no interest though but all good.

Double

This post has been edited by sykz: Jan 25 2023, 12:20 PM

how do you even manage that much debts bro, you're taking more debts to cover more debts meanwhile only earning a mere 2.5k ... ohh and you spare no time mentioning OT can make more money.

bruh, no.

How it gonna stain the credit record, all you need is to ensure the monthly payment are paid.


Also, 10K to get by, to spend on what?

10k is not that much.

but instead 5 years, try shorten 2 years instead.

pay every month ard 500+.

sakit dulu senang kemudian.

u have done it before with your superbike. so i guess you should have no problem.

nothing wrong with personal loan

i have personal loan of 250k.

so long you can pay, its ok.

Fyi, Im married and wife is a Goverment worker (pegawai) and the house loan is a joint loan (two names)

the credit history will be recorded. 10k for 5 years.
next time you want to take bigger loan, harder to pass.

no jalan, have to take loan then no choice, but got FAMA loan, take FAMA loan option better.

Do u have any idea on the rates and tenure years for your personal loan?

We can give you a rough figure how much you need to payback

we are expecting soon and the money for child support is pretty expensive. You know Malaysia conditions right, everything is expensive nowadays. and its better to have some money in the bank rather than nothing...I have made some investments and if that investment go through I can payback much faster.

Maybe my credit score is excellent, I payoff everything before this, a motorbike, superbike all paid off.

Really?? why is that bro?? due tell please..

A man in his 30's married made a loan with parents??

Yeah..Sure gonna pay back.. but its embarassing to ask for a loan with ma parents..

Joint loan with my wife, plus we got savings in the asb account

Pls no. Personal loan going to take forever to finish

As long as u can pay and not MIA, no need embarass. Kasi tebal muka saja.

Worse if u stuck in personal loan nightmare. Trust me. I had a sibling with personal loan, he paid it for so long since the bunga so tinggi.

How much saving do you have in your asb? Why dont you use your money in asb. The div is only 4.6 this year. Interest for personal loan is wayy more than that.

We are expecting, me and my wife, so the money is to get by for the baby to come.

Thanks man...first positive advise I hear for today, thanks

Got wife and commitment also quiet a lot, I try to shorten the loan if possible.. Thanks man..

janji pay back with interest. make a fixed plan and stick to it, no problem la

Owhh, now understand...thanks for the clarification dude.. Parents loan, hurmmm..very shy lah..

you nk buat PL for maternity ke? Pergi private facility give birth ke....

Already did a rough calculation just now, found a low interest bank on the internet, quiet oklah, RM10K for 5 years, monthly around RM189 , interest around 2-3% annually so have to pay back around total RM11200 like that

based on your personal experience?? do tell.

If pay on time should be ok right?? I planned to just auto debit every month on my account, easier that way to ensure I wont miss any payments...

Go ahead then if u think the rate is ok.


If u asking should u or not take loan, i can tell u 9 1/2 out of 10 will tell u dont.
But i'd say its fine if u think its worth if and u can afford it.

My wife prefer to not use the ASB money now, its for future use, just need a quick loan for NOW...

Ppl assume if u taking loan, u will continue to spend even more coz u know u can always take another loan if u not enough money.
In the end probably need to sell harta or AKPK to settle

Have to make black and white paper I guess to make it seems I'm serious to payback the money right?

No..
Don't follow my footstep...
Lu gonna regret....

Oh btw pls do keep some money to buy insurance for ur baby.

Bro no. Dont. Plus opr will increase later so personal loan will also affected. Have you consider side job?

Not planned to but its better to prepare for what's coming right??

Good advise man, thanks, will think it through more

Parents better
ask 5K from ur parents and hers each

Instead of taking a loan, you should use the money in ASB. After all, once you earned back that 10k, you can easily put back into ASB. The issue is not just the interest rate but more of habits. If you keep taking loans to solve issues, you are going to be forever with loans. Cultivate the habit of not taking debt.

Beware, positive doesn't mean good.

Now that sounds scary Thanks for the nightmare, hoping for the best out of this loan, If lets say I take this loan, can I settel it in one go if I have the money in the future to paid off?? Based on your own experience lah..

What happen in your case?? Do tell if possible, need clarification if can tell

Thats what Im planning to do with the loan actually..

yup, have other investments in place, if succesful maybe can paid off in one go this loan, hopeful for the best..

FYI, My wife is not very giving if its about Money.. not an options..

Yaa, THIS, want to do this but wife protest do not take money from ASB, soo juz follow wife lah...dont want to fight over money with wife, thats a nightmare I would like to avoid..

Why no? As long pay back nothinng to be ashame off!

My fam got two new babies. One in private cost 9k+ for natural delivery and another one in government hospital (Selayang) under 200 for C-section.

Options and choices.

Better borrow from parents.

people here have no problem taking credit card and be on a 18% interest debt,

and house loan and car loan for 35 years and 9 years. with your house interest end up around same price as your house.

but have problems with people taking personal loan of 10k for 5 years? where the interest will only be 1k+.

enlighten me, everyone.

rule 1: if you can pay back, no problem taking it. it's called personal loan.

don't ask for family help too much, it gets ugly when matters do bad. and you owe them forever.

This post has been edited by gashout: Jan 25 2023, 01:34 PM

Get PL to settle CC....
But when opr increase...
Back to square 1....
Now become need pay more....

True, of course will choose the cheapest one if possible want to reduce cost lah, This loan is not for me, its for whats coming for the baby...thats all..

Good suggestion. Idk how ASB loan works but i heard its lile 0% interest or very low.
If its very easy to get/apply back the loan then it is the best choice.

10K is small matter for me LOL.

Dood why do u need 10K to buy insurance wei?

I'm old and mellowed almost 40 years old, my opinion in case anyone wants to listen.

When I'm making 2.5k 3k a month as fresh grad, I took a 11k easy payment loan for camera (Nikon D3 or something I couldn't remember). It was stupid but this is what youngsters do back then I guess. Your loan for 10k for future child is noble compare to what I do, so I would think it's okay. Some personal loan have really low interest so it should be ok.

On the other hand, if you are preparing for emergency, wouldn't it be better to just prepare a credit card and use it instead? If you cannot afford to pay the balance for the month, just do a balance transfer. This high cost loan will make you think twice if you want to spend it unnecessarily, but at the same time, allows for emergencies. This is great if you have self control.

I am now much better off, thankfully, but I do still remember the struggles of living with 3k salary. Borrowing from parents is not possible as that's what they save in maybe 10 years I think, coming from a B40 family.

Coz the problem with taking loan is when u already enjoy getting money, u will probably thinking u can spend more hence taking another loan, and another and another until u cant pay back.
Worse case scenario lah sell property or AKPK lo

True hurmmm...tricky situations huh...

Ironing out money issue with wife is something every couple should do. Through thick or thin...

If you ask me, taking personal loan is really not recommended. From your situation, sounds like you dont need need the money but you want to have money in case of emergency.

I think you should discuss with your parents first.

Why not recommended? I just feel you tie up your cashflow and could make things worse in future for you because just keep increasing your commitment.

Personal loan with bank at low interest around 2% to 3% annually means effective rate is around 4% to 6%. can use this to calculate effective rate

I did a quick test. 3% annually, 5 years, effective rate is 5.68%. If ASB give >6%, then i agree with your wife, money should stay in ASB.

I rather you borrow from your parents. Set 2% rate, repay in 3 years. Haha.

Since your wife is government servant, it's cheaper to get a loan with Bank Islam or Bank Rakyat. Gov servants get much lower rate than other people. Apply under your wife name, but you pay the loan every month.

Long term though, try your best to increase your income, and cut unnecessary spending, and save every month.

Superbike on a salary of 2.5k seems a bit irresponsible.

Sell superbike problem solve

Not just for buying insurans lah, for everything else also for the baby, a crib, food, bottle etc. Kids nowadays cost a lot man..

TS, I’ve taken a couple of personal loans before via Citi Quick Cash…10k mostly and once 40k…and all these while still paying off my car loan and house loan and having kids….and I settled everything … so, you can do it too with some juggling and wife’s support

True also, good point. now will think twice before making a loan to ma parents

I wont be taking another loan after this, want to avoid loan if possible..

thats your assumption

i dont see people say the same about house and car loan and credit card.

Good advise, Thanks man,

10k sebenarnya tak banyak mana pun. Whatever bank you choose if possible select the kind of loan where everything is fixed and you can pay same amount every month until finished and not have to worry about changing blr rate. Pengalaman saya loan kfh bagus kalau hlb memang sakit hati.

Yeah man, superbike thing is not matured enough, planning to sell it though (back pain) LOL True I need to cut my expenses and save every month. My wife wont let me use her name for a loan, shes just that way, don't ask why...I just follow her rules LOL

Planning to sell but not now..

Thanks man for the advise

recommend a bank can or not??

KFH?? HLB??

Kuwait finance house, if available near your place.

Hlb is hong Leong bank.

This post has been edited by kucingrimau: Jan 25 2023, 02:00 PM

Thanks, will check it out now.. which document they usually ask for??

Same documents like house loan. Your credit card must be zero during application.

Tell u a secret. Go FB find any "buy nothing" group u can ISO (in search of) babies stuffs ppl will flood ur post to offer u take their stuffs for free.


CC different u dont need to ask anyone, u just pay how much u can and suffer the rate lol.

House loan is different lah. I think probably 3 out of 10 ppl can afford buy house cash.
Also i heard ppl say house loan is one of the lowest rate of loan.

This post has been edited by WaCKy-Angel: Jan 25 2023, 02:09 PM

try bank islam

they are good

If u need the money for baby, have to do it. Jus pay back later. 10k loan for 2-3 years maybe. Dont drag to 5 yrs

CC need to be zero meaning??

Will try my best

Thanks man for the recommendations, definitely will check it out.

Rmber to join fb group 'buy nothing' , u get lots of free baby stuff

Really ahh??

Sounds too good to be true wan

During application, if the bank see your credit card got balance not settled they will ask you to clear it first. It doesn't matter every month you fully settled previously. For the purpose of application they need it to be zero.

Yes even if on time.. the interest is crazy high la ma pren.
But its beats pinjam w along...so do it if u already exhausted every avenue there is.

Its a real group.. u jus say u need some baby stuff, sure got ppl offer some things. Toys, clothes, memang selalu nampak

Thanks man! Will do then!