Best Fast Approval Personal Loans in Malaysia 2023

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Fast Approval Personal Loans in Malaysia

Urgency and excitement are the reasons why people are looking for loans with fast approvals.

Sometimes in your life, there is an event that catches you by surprise; and when money is in question, waiting for your next salary can be stressful.  

Emergency cases such as paying for a medical bill (when you are not covered by a medical card), upcoming education fees, car or home maintenance, and outstanding utility payments, require immediate financial attention.

Needing fast cash also applies in situations when you are funding for your next vacation, wedding, deposit on your new car or home and many other excitements.

Are there banks that offer fast loan approval?

There are around fifteen banks in Malaysia that are offering personal loans to consumers. 

These mainstream lenders will usually follow the financial regulator's guidelines for approving loan applications and can have stricter requirements.

There are also finance companies offering fast approval loans in Malaysia, such as moneylenders, cooperatives and peer-to-peer platforms.

While you might stand a chance of getting your loan approved by these non-banks, it is best to practise caution when approaching these institutions. 

To find out whether the company is legal, you can check its company registration number via MyData SSM.

Tips: For a quick search, you can compare loans with fast approvals and get loan recommendations at the same time via the RinggitPlus WhatsApp chatbot. You may check if the interest rates and loan requirements fit you before making an application.

How fast do banks approve a personal loan?

The standard turnaround time for a bank to approve a loan application in Malaysia is between 3 to 5 working days, on the condition that you have completed the application and document submission to the bank.

Nowadays, you can even get a personal loan approved within 24 hours when you completed an online loan application.

Fast approval loans by banks

BankApproval TimeInterest RateMinimum IncomeLoan AmountLoan TenureDebt ConsolidationCashback
Citibank*In Principal Approval5.33% - 9.80% p.a.RM4,000 / monthRM5,000 - RM150,0002 - 5 yearsYesNo
Hong Leong Bank2-days9.00% - 12.50% p.a.RM2,000 / monthRM5,000 - RM250,0002 - 5 yearsNoYes
CIMB1-day upon complete submission6.88% - 14.88% p.a.RM2,000 / monthRM2,000 - RM100,0002 - 5 yearsNoNo
RHB1-day approval and disbursement8.59% - 13.76% p.a.RM1,500 / monthRM2,000 - RM150,0001 - 7 yearsYesYes, under [email protected] Salary Deduction Scheme
Alliance Bank1-day under "Same Day Cash"4.99% - 15.28% p.a.RM3,000 / monthRM5,000 - RM200,0001 - 7 yearsYesNo

While processing your loan application, the banks will take into account many factors to determine your loan amounts and interest rates, such as your credit history (record of your repayments), credit score or credit rating, current financial commitments, income, employment type, debt service ratio, savings and other assets.

If the bank rejects your personal loan application due to falling short of the requirements, don’t let that discourage you from exploring other options because they might have different approval criteria.

Fast approval loans by non-banks

Financial Lender Approval Time Interest Rate Minimum Income Loan Amount Loan Tenure Debt Consolidation Cashback
Icon Venture Capital
1-day* 18% p.a. RM3,000 / month RM5,000 - RM100,000 1 - 5 years No No
1-day* 18% p.a. RM1,500 / month RM500 - RM10,000 1 month - 2 years No No
Yayasan Ihsan Rakyat
1-day* 5.99% - 9.99% p.a. RM1,500 / month RM2,500 - RM250,000 1 - 10 years No No
Yayasan Dewan Perniagaan Melayu Perlis Berhad
1-day* 5.99% - 9.99% p.a. RM1,500 / month RM2,500 - RM250,000 1 - 10 years No No
3-day* 18% - 20% p.a. RM1,000 / month RM500 - RM50,000 6 months - 5 years No No
1-day* 12% - 18% p.a. RM1,500 / month RM1,000 - RM10,000 1 - 4 years No No

All in all, knowing how much you can afford and committing to it every month is the main question to answer yourself when applying for a fast-approval personal loan. 

How to calculate my fast approval personal loan monthly instalment?

Let us do some simple math to increase your chances of getting your desired loan amount to be approved. 

See below for an illustration:

You are looking to borrow RM50,000 from Bank A for 5 years to finance your home renovation. 

The bank is offering an interest rate of 5.99% p.a. flat and instant approval on an online loan application.

What do I get from this product?

Loan amount = RM50,000

Loan tenure = 5 years (60 months)

Loan interest rate = 5.99% p.a. flat

How much interest am I paying for 5 years?

 RM50,000 x 5.99% p.a. = RM2,995 per year x 5 years = RM14,975

What is my total borrowing amount?

RM50,000 + RM14,975 = RM64,975

What is my monthly instalment amount for 5 years?

RM64,975 ÷ 60 months (5 years) = RM1,082.90 per month

Now, before the bank can approve this loan amount, they will look into your debt service ratio (DSR) first. 

What is a DSR? In layman's terms, it is a calculation by the bank to determine whether you are able to repay this amount every month.

Here's how to count your DSR: 

Total monthly commitments ÷ Total monthly income x 100% = DSR

Now, let's give you an example for further clarification.

Let’s say that you are earning RM5,000 a month and have a credit card balance transfer of RM500 and a car loan of RM1,200 every month, together with this new loan amount you’re applying for, your DSR will be calculated as follow:

What is your monthly income?


What is your monthly commitment?

 RM500 + RM1,200 + RM1082.90 = RM2,782.90

What is your DSR?

RM2,782.90 ÷ RM5,000 x 100% = 55.65%

From this calculation, your total monthly commitment makes up half of your monthly income, which is considerably high. 

This means you need to reassess your loan amount to ensure that your financial health is in check and you will have enough disposable income to live by.

A general rule of thumb to get your loan approved faster and at the best interest rate is you need to maintain a DSR level between 30% to 40%.

You also need to make sure that you can repay your monthly instalment on time and in full, otherwise, the bank will penalise you for being late and impartial in payment.

What to prepare for fast approval loan applications?

A personal loan is offered to a salaried employee of a private or public company, and self-employed individuals.

The employment type of an applicant plays a major role in deciding your loan approval because lending money to an individual without a permanent job is seen as having a higher credit risk to the bank.

If you are a salaried employee on a commission and contract basis, you will need to provide more income proof to convince the bank that you are capable of meeting the repayments.

In general, these are the documents that are required in the fast approval loan application:

Salaried Employee:

  • Copy of your IC (front and back)
  • Latest 3 or 6-months salary slip (depending on the bank)
  • Latest 3 or 6-months EPF statement (depending on the bank)
  • Latest BE or BE e-Form, with an official tax payment receipt
  • Latest EA Form


  • Copy of your IC (front and back)
  • Business Registration Certificate
  • Latest 3-months or 6-months company bank statement (depending on the bank)
  • Latest BE or BE e-Form, with an official tax payment receipt
  • Latest 6-months commission statements and bank statement (for commission earners and depending on the bank)

Can foreigners apply for a personal loan in Malaysia?

Unfortunately, almost all banks don’t allow foreigners to apply for personal loans. 

Nevertheless, foreigners are welcome to apply for home loans and car loans in Malaysia.

What are the tips to get my loan application approved today?

There are some tips that we would like to share with you in order to get your loan approved in a day. Let's find out below!

Always pay on time and in the full amount

Discipline, discipline, discipline. Do you know that banks have access to your financial history?

Yes, they do go through your credit report with CCRIS and CTOS.

Banks use these resources to verify your creditworthiness when applying for a loan with them. 

Since personal loans are mostly unsecured, you are your own guarantor. 

If you have a habit of delaying your repayments, it will be reflected in your credit report for up to 12 months.

If you have a bad credit score, improve it

Now that you know that banks can tell if you are a good paymaster or not, this is your chance to rectify the issue in the first place. 

Banks will most likely reject your personal loan applications when you have a history of late payments or, worst, defaulted (non-payment).

To make matter worse, late payment on your loan can lower your credit score, hence, lowering the chances of approval. 

The best case scenario is that you must commit to settling all your unpaid debts and wait a little while before applying for a new loan until your history of payment in arrears is off the CCRIS database.   

Reduce your loan commitments, if can, consolidate them

Let’s journey back to the DSR level, if the bank finds that you are over-committed with loans and credit card debts, you are not going to make a good impression on them.

Always keep in mind that your monthly commitment should not be more than what you can afford.

Create a credit history, for beginners only

For those who have just started earning an income, a credit card is a good start to building your credit history.

Look for a credit card without an annual fee with a low credit limit for starters and spend a small amount to see if you are able to repay.

Compare and apply for a fast approval loan with RinggitPlus

Now that you are equipped with the necessary information about loans with fast approvals, you can go ahead and apply easily online! Just hit the Apply Now button above and we'll assist you accordingly.

Don't forget that you can also get loan recommendations with us too!

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