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 fast loans. Sometimes in your life, unexpected events could catch 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 and 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 is between 2 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 complete an online loan application.

Personal loans with fast approval by banks

Bank Approval Time Interest Rate Minimum Monthly Income Loan Amount Loan Tenure Debt Consolidation Cashback
Hong Leong Bank 2-days 9.00% p.a. - 12.50% p.a. RM2,000 RM5,000 - RM250,000 2 - 5 years No Yes
CIMB 1-day upon complete submission 6.88% p.a. - 14.88% p.a. RM2,000 RM2,000 - RM100,000 2 - 5 years No No
Maybank 1-day upon complete submission 6.50% p.a. - 8.00% p.a. RM3,500 RM5,000 - RM100,000 2 - 6 years No No
RHB 1-day approval and disbursement 8.59% p.a. - 13.76% p.a. RM1,500 RM2,000 - RM150,000 1 - 7 years Yes Yes, under Bank@Work Salary Deduction Scheme
Alliance Bank 1-day under "Same Day Cash" 4.99% p.a. - 15.28% p.a. RM3,000 RM5,000 - RM150,000 1 - 7 years Yes No

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.

Below are some personal loans from non-banks that you can consider applying. For now, these financial lenders have their own criteria and set of required documents, despite the fast approval. 

If you're searching for instant loans without any documents, most likely you won't find any. However, some of the lenders below do offer less documentation such as instaDuit.

Personal loans with fast approval by non-banks

Financial Lender Approval Time Interest Rate Minimum Monthly Income Loan Amount Loan Tenure Debt Consolidation Cashback
Icon Venture Capital
1-day* 18% p.a. RM3,000 RM5,000 - RM100,000 1 - 5 years No No
1-day* 18% p.a. RM1,500 RM500 - RM10,000 1 month - 2 years No No
Yayasan Ihsan Rakyat
1-day* 6.65% p.a. - 9.99% p.a. RM1,500 RM2,500 - RM250,000 1 - 10 years No No
Yayasan Dewan Perniagaan Melayu Perlis Berhad
1-day* 6.65% p.a. - 9.99% p.a. RM1,500 RM2,500 - RM250,000 1 - 10 years No No
1-day* 18% p.a. RM1,500 RM1,000 - RM10,000 1 - 4 years No No
Tambadana 2-day* 18% p.a. RM1,500 RM1,000 - RM10,000 1 - 12 months 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. 

But what is a DSR? In layman's terms, it is a calculation by the bank to determine whether you can repay this amount every month. And 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 follows:

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 loan approval?

In general, you should prepare documents like a copy of your IC, salary slips, bank statements and EPF statements for fast loan approval. Other types of documents may also be required depending on the bank.

A personal loan is offered to a salaried employee of a private or public company, and self-employed individuals and these employment types play a major role in deciding your loan approval. This is because lending money to an individual without a permanent job is seen as having a higher credit risk to the bank. 

Hence for those that are working on a commission and contract basis, you may need to provide more income proof to convince the bank that you are indeed capable of meeting the monthly repayments.

For your easy reference, here are the documents that are mostly required in a 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. However, foreigners are welcome to apply for home loans and car loans in Malaysia but are still subject to the terms set by the bank.

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

Depending on your credit background and the underlying terms of each financial lender, your loan can take up to seven working days to get approved.

Before you make an application, below are some tips to get a fast approval loan.

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 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 loan applications when you have a history of late payments or, worse, defaulted (non-payment).

To make matters 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 can 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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