, is launching a brand new feature where you can apply for loans with instant approval. It claims to be the first fully digital personal loan product in Malaysia.
According to the teaser image, BigPay’s personal loan product offers approvals as fast as 5 minutes and there’s no paperwork required. The app will push monthly reminders and users should be able to make repayments easily within the app itself. BigPay is providing a walkthrough of their product next week and the full details should be revealed very soon.back in November 2020 from the Ministry of Housing and Local Government .
BigPay’s personal loan offering comes at a time when several eWallet players have started offering Buy Now Pay Later products. Some BNPL options offer interest-free instalments for a short term duration of 3-4 months but they are often limited to retail and online purchases. Personal loan offers greater flexibility as users can utilise them for emergency situations like medical or home repairs. It could be used for debt consolidation or to fund a new business, provided that the interest rates are favourable. Since its introduction, BigPay and its physical prepaid card have been popular among international travellers as it offers lower foreign exchange rates and ATM withdrawal fees.
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