Emergency Cash Loan in Malaysia

In a previous post, we shared a banking guide for Filipinos who are based in Malaysia. This time around, we will focus on another money-related topic for Pinoys and other expats in the country: emergency cash loans.

Whether we like it or not, emergencies are bound to happen — be it a medical emergency, a natural calamity, or a financial problem. In this article, we will talk all about getting an emergency cash loan — where to apply, eligibility criteria, requirements, and other matters.

Emergency Cash Loan in Malaysia

Guide to Getting an Emergency Cash Loan in Malaysia

When an emergency happens and you need urgent cash, where can you go? For those who are based here in Malaysia, several options are banks, licensed moneylenders, family, and friends.

Emergency Cash Loan from Banks

There are plenty of credible and reputable banks in the country that offer personal loans. Their interest rates and payment terms are competitive and flexible, so you will certainly find one that suits your needs. Some of these banks are CIMB Bank, Maybank, and Public Bank Berhad.

Gone are the days when you need to wait a long time for a bank loan to be approved, because today, most banks — including those in Malaysia — provide instant cash loans. There are banks that offer loans within 24 hours… some even in just one hour!

That being said, each bank has its own criteria for approving loan applications. One of these is having a good record with CCRIS and CTOS, which stand for Central Credit Reference Information System and CTOS Data Systems Sdn Bhd, respectively.

CCRIS is owned and operated by Bank Negara Malaysia, the country’s central bank. Basically, it gathers and processes data from financial institutions, creating credit reports to help banks assess credit risk among loan applicants. Meanwhile, CTOS is a privately-owned credit reporting agency that also keeps records of a person’s or a company’s credit history.

To learn more about personal loans, we suggest that you visit and discover the various options available in well-known Malaysian banks. You can also check out their official websites to know more about their loan products. Be sure to inquire about application requirements, interest rates, repayment options, additional charges, and other concerns.

Loans from Licensed Moneylenders

If you are a Malaysian citizen and you have difficulty getting a bank loan, or if you need cash immediately, you can consider applying for a loan with a licensed moneylender. Moneylenders provide an alternative solution for those who need emergency cash loans.

Perhaps the main advantage of licensed moneylenders is fast approval. Usually, they offer same-day approval of loans. Compared to most banks, moneylenders are also less strict when it comes to requirements. Even those who have low credit scores may be able to get a loan from them.

Moneylenders typically charge at slightly higher interest rates than banks. Nonetheless, since they are accredited or recognised by the government of Malaysia, borrowers can be assured that moneylenders are transparent with their fees, and that they follow government regulations at all times.

Generally speaking, most moneylenders offer loans with a monthly interest rate of 1.5%, and an annual interest rate of 18%. Loan amounts may range from anywhere between MYR 1,000 and MYR 20,000. The tenure is flexible, from one year up to four years. Moreover, loan approval is fast, usually within just one working day.

If you want to learn more about licensed moneylenders in the country, you can search online and visit their official websites. You can also ask your family and friends for their recommendations. Don’t forget to compare different moneylenders and loan products so that you can choose the one that best suits your needs!


For most licensed moneylenders, here are the eligibility criteria for loan applicants:

  • Citizen of Malaysia;
  • Age 20 to 60 years old;
  • Has own bank account;
  • Has a permanent job with at least three months of service; and
  • Has a minimum monthly salary of MYR 1,500 (for Peninsular Malaysia) or MYR 1,200 (for Sabah and Sarawak).

NOTE: Malaysian citizens with no credit history or have a low credit score may qualify for loans with licensed moneylenders.


As for the requirements, here are the documents needed when applying for a loan from licensed moneylenders:

  • MyKad;
  • Latest payslip; and
  • EPF statement or utility bill (if needed).

NOTE: MyKad is also known as NRIC or National Registration Identity Card. Meanwhile, EPF stands for “Employee’s Provident Fund,” a mandatory pension scheme for all Malaysian citizens and permanent residents who are working in the country.

Borrowing from Family or Close Friends

So far, we have talked about getting a loan from banks and licensed moneylenders. But what if you are unable to get a loan from them? Another option is to borrow from family or close friends. Depending on your agreement, this type of loan is more flexible, plus you can discuss lower (or even zero) interest rates and flexible payment periods and methods.

Of course, asking for a loan from family and friends is not easy. You need to be open and honest about your situation, plus there must be a good relationship and level of trust between both parties. During your discussion, you need to explain clearly the purpose of your personal loan, how much you need, the method of payment, and how long you intend to repay the loan.

In any case, drafting a written agreement is a must. The agreement should contain the loan amount, interest rate (if any), repayment schedules, and other information. This way, all the terms are clear, both parties should agree to sign the agreement, and everyone should have copies as well. Having this document will help avoid future problems and misunderstandings.

Furthermore, be sure to maintain a healthy relationship with your family and close friend from whom you borrowed. As much as possible, stick to your agreement and repayment schedule. In this manner, you are showing importance to your relationship, while expressing gratitude for his/her willingness to lend a hand.

Although flexible and convenient, borrowing from family and friends carries the risk of having your personal relationships affected — particularly if you are unable to follow the agreement. So be a good payer! After all, you wouldn’t want your relationship to be affected, or worse… to be broken because of a loan!

BONUS TIP: Sell Unnecessary Items

Let us suppose that you were able to get a loan from a bank, a licensed moneylender, a family member, or a friend. However, you still do not have enough money to cover your financial needs. One final tip we can give you is to sell your unnecessary items.

Perhaps you have a gadget, a piece of furniture, branded bags, or some jewellery that you can sell to help augment your income. You can offer these to family and friends, or advertise on social media.

By selling valuable yet unnecessary items, you can earn a considerable amount of money that is urgently needed.


There are several options for getting emergency cash loans in Malaysia. You can apply through banks or licensed moneylenders, or approach family and close friends. Whichever you choose, be sure to be a responsible payer, and to manage your finances carefully to avoid any financial troubles.

Aside from the above, there are other loan options for Filipinos who are based in Malaysia. Check out this list to read about OFW loans that Pinoys in the country can apply for.

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