KUALA LUMPUR: GoodKredit Malaysia (GoodKredit), the country’s first automated short-term microloan provider, will empower Malaysians in need of urgent funds with a quick financial solution.
Utilising state-of-the-art technology and credit scoring algorithms via mobile devices, this is another essential step in the development of an inclusive financial system in Malaysia, the company said.
It is well documented that the escalating cost of living is putting undue financial pressure on the B40 and M40 groups in Malaysia.
Their financial situation is further compounded especially when faced with unanticipated expenses. With limited access to legitimate financial assistance, the B40 and M40 groups are more often than not caught in a vulnerable position, it added.
With an acute understanding of this situation, the GoodKredit mobile app is designed to empower eligible Malaysians with a short-term microloan solution to address their financial situation.
Cheok Tuan Oon, chief executive officer of GoodKredit said: “GoodKredit is here to make lending more efficient, scalable and an option to those truly in need. This is a huge untapped opportunity for us to empower Malaysians, facing unanticipated needs and less able to access the traditional financial system. GoodKredit offers the financially underserved, speed to meet emergencies for needs, not wants.”
Licensed under the umbrella of Credit Community (Kredit Komuniti) by the Ministry of Housing and Local Government (KPKT) and governed by the Moneylenders Act 1951, this service offers a microloan between RM1,000 to RM10,000.
These loans mainly in the form of cash, have a repayment tenure of either six, nine or twelve months and an Annual Percentage Rate (APR) of 18 percent. No collateral or a guarantor is required. Interested Malaysians can now apply for a microloan via the GoodKredit mobile app.
Amelia Tan, head of brand and communications of GoodKredit was on hand to explain the workings of the mobile app.
She said, “The application of a microloan on GoodKredit just takes three steps. First, the applicant would have to download the app, fill in all their details and then submit the requisite documents via the app.
“Utilising our in-house built technology, together with other financial information provided through our partnership with CTOS, GoodKredit would know within 30 minutes, if a loan is approved or rejected. In keeping with compliance requirements set out by KPKT, loans would be disbursed by GoodKredit in one working day.”
GoodKredit is now available nationwide and may be downloaded on the Apple App Store and Google Play Store. For more information on the microloan application process and other offerings by GoodKredit, visit the official website at https://www.goodkredit.com.my/ and Facebook page at https://www.facebook.com/GoodKreditMalaysia/.
