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GoodKredit Malaysia to offer short-term
microloan to B40 and M40 individuals
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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.
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.
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.”
“In
addition to playing our role in building a more financially inclusive
ecosystem, we also want to enable a financially prudent and disciplined
society. GoodKredit is not just here to provide funds, most importantly, we
want to promulgate financial responsibility,” he added.
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 RM 1,000 to RM 10,000. 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%. 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.”
She
continued “While we acknowledge that technology today makes it easier for people
to access GoodKredit Malaysia’s services, we recognise that there is a further need to equip people with knowledge,
understanding and education when utilising our services. We seek to enhance
financial inclusion by providing financial literacy. There is a need for
increased financial education and accelerating inclusion of the underserved
segment of the market. When these groups are given due consideration and
supported within the eco-system, individuals, families and communities will
begin to prosper.”
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, please visit the official website at https://www.goodkredit.com.my/ and
Facebook page at https://www.facebook.com/GoodKreditMalaysia/.
ABOUT
GOODKREDIT™ MALAYSIA
GoodKredit
Malaysia is a mobile app providing a fixed rate unsecured short-term personal
loan calculated on effective interest rate for individuals who require extra
funds for personal use. It is licensed and approved under the umbrella of
Credit Community (Kredit Komuniti) by Ministry of Housing and Local Government
(KPKT) and governed by the Moneylenders Act 1951.