A short-term loan for urgent expenses
A car breaks down, a family member needs help or a bill can't wait for payday. A short-term loan covers RM 500 to RM 10,000 for 7 to 90 days. Interest is charged daily and you repay everything in one lump sum, or earlier if you can. It works best when you know exactly when the money to repay it will arrive.
Repay RM 2,008.17 in one go after 30 days
A salaried worker covering an urgent car repair two weeks before payday, so they can keep getting to work.
Apply nowWorked out at 4.9% p.a., the same rate for every period. Every approved customer pays 4.9% p.a., and your adviser confirms your amount and instalment before you sign.What it can cover
- Urgent car or motorcycle repairs you need to get to work
- Clinic visits and medicine
- Emergency home repairs like a burst pipe, a broken lock or a leaking roof
- Last-minute travel for a family emergency
- Replacing an essential item that breaks, like a fridge or the phone you work on
- A bill that is due before your salary or a customer's payment comes in
How much to borrow
Borrow just the gap
Write down three numbers: the bill, the cash you have now without touching rent and food money, and the gap between them. Borrow the gap, not a round number above it. A smaller amount is much easier to repay in one go.
Set the due date after your money arrives
Choose 7, 14, 30, 60 or 90 days so the due date falls after your salary or expected payment, with a few days to spare. For example, if you're paid on the 28th and borrow on the 10th, a 30-day term falls due around the 9th of next month, well after payday. A 14-day term would fall due before it.
Know the interest before you borrow
Interest is the amount × the daily rate × the number of days. At 4.9% p.a. (about 0.0136% a day), RM 2,000 costs RM 1.91 for 7 days, RM 3.81 for 14 days, RM 8.17 for 30 days, RM 16.33 for 60 days and RM 24.50 for 90 days. Make sure you can repay the amount borrowed plus interest on the due date without borrowing again.
Repay as soon as you can
Because interest is daily, repaying early costs less: in the example, repaying the RM 2,000 on day 14 instead of day 30 brings the interest down from RM 8.17 to RM 3.81. Ask your adviser for the exact amount on the day you want to pay, because it changes daily.
What you'll usually need
- Your MyKad, verified when you sign with our licensed lending partner
- Your latest payslip, or recent bank statements showing your income
- A Malaysian bank account in your own name for the payout
- For your own planning: the bill, invoice or repair quotation
Before you borrow
An emergency fund, an interest-free loan from family, or a salary advance from your employer, if it's offered, usually costs less than a loan. Borrow only for what those can't cover.
If you can't repay in one go within 90 days, a Personal Loan with monthly instalments over 3 months or more is easier to manage than a lump sum you might miss.
If you need a new loan to repay this one, or you find yourself borrowing before every payday, stop. That cycle gets more expensive each time. Talk to your adviser, and consider free counselling from AKPK.
We never ask for an upfront fee, a deposit or a transfer to a personal account before payout. Our adviser messages you from our official WhatsApp number only. If anyone asks for money first, it's a scam.
Once this is repaid, set aside a small amount each month in a separate account. Even a few hundred ringgit can cover the next surprise without borrowing.
Questions
How is interest worked out on a short-term loan?
Interest is charged daily at the annual rate ÷ 360, which is 4.9% p.a. (about 0.0136% a day). For example, RM 1,000 for 30 days costs RM 4.08. You repay the amount borrowed plus interest for the days used, in one lump sum.
How fast can I get the money?
The form takes about 3 minutes, and your adviser then continues on WhatsApp, usually within 1 working hour, to go through your details. Your offer is confirmed after our licensed lending partner checks your credit record with your consent. Once you sign, payout can be the same day, but the timing isn't guaranteed.
Can I repay before the due date?
Yes, at any time and with no penalty. You only pay interest for the days you've had the money. Ask your adviser for the exact amount on the day you plan to pay.
What if I can't repay on the due date?
Message your adviser on WhatsApp before the due date to talk about your options. Don't wait until after. Late payment interest is set out in your loan agreement and, under the Moneylenders Act 1951, is capped at 8% a year, calculated daily on the overdue amount only. Ask your adviser before you sign whether our licensed lending partner reports repayments to any credit reporting agency.
Will applying affect my credit record?
Using our calculators or sending an enquiry doesn't. After you submit an application, our licensed lending partner checks CCRIS/CTOS with your consent.
Related guides
Other purposes
- Renovation loanPay your contractor and furnish your home, then spread the cost over monthly instalments.Read the guide
- Education loanCourse fees, professional certifications or your child's tuition, repaid monthly.Read the guide
- Medical loanTreatment, procedures or dental work not covered by insurance, repaid monthly.Read the guide
- Stock financingBuy stock ahead of a busy season and repay as sales come in.Read the guide
- Equipment financingMachinery, kitchen equipment or a POS system, paid off over 6 to 108 months.Read the guide
Apply in about 3 minutes
Work out your monthly repayment first with our calculator. Your adviser confirms your rate before you sign, and applying doesn't commit you to borrow.