GoodKredit is more than just an e-wallet, it is also Malaysia’s first automated short-term microloan provider, aiming to help those in need of urgent funds with a quick financial solution.
Many Malaysians today are still underpay, so when faced with financial emergency, not everyone is able to pull out a huge amount of cash to solve the problem – that’s when GoodKredit comes in.
“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,” Cheok Tuan Oon, CEO of GoodKredit said in a statement.
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, the service offers a microloan between RM1,000 to RM10,000.
These loans mainly in the form of cash, have a repayment tenure of either 6, 9 or 12 months and an Annual Percentage Rate (APR) of 18%. No collateral or a guarantor is required.
“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,” Amelia Tan, Head of Brand and Communications of GoodKredit said.
With its 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. The approval rate for the loan is based on credit scoring
algorithms via mobile devices.
“In keeping with compliance requirements set out by KPKT, loans would be disbursed by GoodKredit in one working day,” Tan added.
Apart from the microloan, GoodKredit also provides plenty of deals and cashback like every other e-wallet.
GoodKredit is now available nationwide and may be downloaded on the Apple App Store and Google Play Store.