Fast Loan 0.2.2

This review evaluates the loan services provided by the company, which offers quick loans for vehicles and other assets. An application for an asset loan is processed within three working days.

The support team assists clients with ownership transfer procedures, which include:

• MyPuspakom Account Registration
• Puspakom Inspection Appointment for Car Change of Ownership in Malaysia
• Puspakom Ownership Transfer Document Completion

The range of services offered consists of:

• Car Loan
• Motorcycle Loan
• Quick Loan
• Asset Refinance Loan
• Asset Evaluation Service
• Asset Purchase Service (contact customer service for details; clients must bring their vehicle for evaluation)

The application procedure is straightforward:

1. Download the application and register a new account.
2. Complete your profile with personal information, income details, and banking information.
3. Select your preferred offers.
4. The support team will reach out to collect asset-specific information such as brand, model, years of usage, and authorized dealer details.
5. Your personal information and credit history (CTOS records) will be verified. Employers may be contacted for confirmation of employment.
6. Applications may be rejected due to insufficient income documentation or poor credit history (low CTOS scores).
7. If approved, your application will be processed rapidly to facilitate the loan release.

The application process is designed to be efficient and convenient, addressing the challenges posed by unexpected expenses. The online application takes only a few minutes and provides a quick turnaround for cash disbursement.

There is no need for in-person visits to banks, long wait times, or extensive paperwork, as the entire process is streamlined to ensure a high level of efficiency with its fully online system.

To apply for a loan, certain requirements must be met:

• Applicants must be Malaysian and at least 18 years old.
• A stable income is required.
• No history of bad credit or negative CTOS records.
• The minimum repayment period is more than three months; the maximum is less than 120 months.
• The maximum Annual Percentage Rate (APR) is 18% per annum.
• A processing fee of 2% to 10% of the loan amount applies.

For example, consider a loan amount of RM 6000 with a repayment period of six months at an APR of 1.5% per month (18% per annum), and a processing fee of RM 600 (10%). The calculations are as follows:

• Total Interest Charges: RM 6000 x 1.5% x 6 months = RM 540
• Total Repayment Amount: RM 6000 + RM 540 = RM 6540
• Monthly Installment: RM 6540 / 6 months = RM 1090.00
• Total Loan Cost: Total Interest Charges + Processing Fee = RM 540 + RM 600 = RM 1140

This provides a comprehensive glimpse into the company’s offerings and application process for potential borrowers seeking efficient financial solutions.