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We understand that all your information is private and confidential so we will ensure that all information you provide is not exposed to others. Please trust us, let us solve those troubled financial problems for you.


Our company will operate in accordance with legal procedures; this will ensure that all of the borrowing accounts on hand are ethical and that everything is carried out professionally and efficiently.


We understand that each customer will have different needs and financial needs of the loan. This is why we maintain the concept of “everything is simple” to operate our loan business. Therefore, before you choose the type of loan, we will explain all the loan amount and funds involved and let you know all the loan items provided by the Company so that you can easily find the type and type of loan you need.

Malaysia Licensed Money Lenders FAQ

People take on loans in Malaysia for a number of reasons. Many working adults in Malaysia have payments and personal expenses that need to be paid. Even aspiring Malaysian entrepreneurs are using commercial loans as seed money to give their start up a boost. Regardless of the reason you are seeking out personal loans, Easy Loan 88 is here to demystify the process of choosing an excellent licensed moneylender for fast and easy loans. Here are some key points you should look out for when trying to get the best and fast approval loans possible:

Types of personal loan

Just any other type of loan, a personal loan can either be classified as secured or unsecured. Secured loans are great if you do not have a decent credit score and would like a lower interest rate and relatively large borrowing amount. The repayment period is also longer, giving you a change to pay your dues without risking the loss of your assets. For people with decent credit scores, unsecured loans are the way to go. These loans do not need collateral and the approval process is much faster. You will also have flexibility to choose the term of your loan, so you get one that suits your needs perfectly. The trade-off between secure and unsecured loans would be the difference in interest rates and borrowing amount.

Understanding the loan process

Before even making a loan application to a bank or licensed moneylender, you should review your credit score. Having a reasonable credit score will help when you want to qualify for better interest rates. Also, keep in mind that you are allowed to ask the bank or lender about the entire application process prior to signing off the loan. Ask the following questions:

  • How long will it take to process the loan?
  • When will you receive the borrowed amount of money?
  • Is it possible to do the loan application online?
  • What will you need to provide as proof of identity?
  • Is the lender licensed? Are they following the regulations set forth by the Licensed Money Lenders Acts of 1951?

What do you need to bring to the loan application process?

Depending on the nature of the loan – online or in-person – as well as the requirements set forth by either the bank or moneylender, you will need to provide proof of identity. The level of strictness factors in to what you need to bring, as well. Most banks and lenders will as for some proof of identity, citizenship, income, residence, and more. You may also be required to provide tax returns or copies of bank statements.

Do I need a personal loan?

Since personal loans can come with a number of fees and responsibilities, you should consider if it is the best for you. If it is not an emergency, saving up over time rather than taking out a personal loan may be the smarter route. Refinancing your property may also provide additional money if you can secure a lower interest rate. Credits cards also have high interest rates, but you do get the added flexibility of repaying everything without a penalty fee (if opening a new card). Always check other options first before entering a personal loan agreement.

How do I choose a licensed moneylender?

Moneylenders are companies that make money simply by legally lending cash to other people at a specific interest rate, just like banks. You want to make sure that the moneylender you are choosing is respectable and follows a code of ethics. At this moment, there are over 3,000 licensed moneylenders in Malaysia, many of them operating at smaller scales, meaning that you have a broad choice of lenders to work with. Easy Loan 88 is one of the best licensed moneylenders in Malaysia offering different types of loans such as personal loans, business loans, payday loans, unsecured loans, secured loans and most of them are fast loan approval. Always crosscheck the SSM number on Malaysia’s Ministry of Urban Wellbeing, Housing, and Local Government’s official directory of licensed moneylenders to assure yourself the moneylender is legitimate.

Should I borrow from a licensed moneylender or a bank?

Both banks and licensed moneylenders have unique advantages. Be sure to weigh these options when considering a personal loan:

Advantages of Banks

  • When you need to pay for something extremely expensive, like a car or a house, since banks can loan massive amounts of money.
  • You need to borrow for a longer period of time. Banks can offer tenure up to 10 years.
  • You don’t need the money urgently, since banks usually take longer than moneylenders to approve the loan and disburse the amount. This gives you time to save up some of your own money to begin immediate repayment.

Advantages of Licensed Moneylender

  • You don’t need to borrow a lot of money. Using a moneylender is best when you need to cover small emergencies or sudden expenses that require less than RM10,000. Moneylenders do not often give out loans of a higher amount than RM10,000.
  • Moneylenders can get approval and disburse funds much faster than banks, making them ideal for people that need fast, easy money.

What is the difference between a licensed moneylender and a loan shark?

The main difference between these two entities is that a licensed moneylender can be a lifesaver, whereas a loan shark is a ruthless, illegal practice that will prey on you until you pay up on a massive interest amount. In order to stay away from such a horrible situation, you should understand the difference between licensed moneylenders and loan sharks:

  • Licensed moneylenders will always explain the terms of your loan in a language you can understand. You will be aware of the interest rate, payment method options, and repayment period. Loan sharks, on the other hand, will cloud everything and be confusing.
  • Licensed moneylenders have unsecured loans based on income. If you happen to speak to a lender that offers an unusually high amount, you may be dealing with a loan shark.
  • Licensed moneylenders will always have you sign a contract that has been written by a lawyer. Interest rate, late payment fees, the repayment period, and other terms you both agreed upon will be found within this legally binding contract. Loan sharks will loan you money without a contract or have blank spaces within the document.
  • Licensed moneylenders will never charge above-market interest rates. Loan sharks, however, are known to charge 40% per month or more.
  • Licensed moneylenders will be listed on the government website (mentioned above). Obviously, loan sharks will not be registered.
  • Licensed moneylenders always have a physical address and office for you to visit. Since loan sharks are running an illegal business, they will not have an office and may claim to operate solely on the internet.

Lastly, loan sharks will sometimes use a licensed moneylender’s name, address, and license number to develop a false sense of security. Always double check the SSM number on the official directory to make sure it matches with what is listed on the website. Also, insist on signing the contract at the registered office.

Apply fast loans online from Malasysia licensed money lender

Licensed moneylenders are wonderful assets when it comes to receiving fast loans, but you also want to make sure that your financial safety is not at risk. Now that you know what to look for when approaching a Malaysian bank or online personal loan provider, you might have some other questions. Or maybe, you are ready to receive a customized quote from Easy Loan 88. Need personal loan, business loan, cash loan, unsecured loan, secured loan, loan for wedding, payday loan in Malaysia with fast approval? Don’t hesitate to contact Easy Loan 88 at 016-889 1260 today, so you can experience just how fast and easy receiving a fast loans from us can be!

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