What is Personal Loan?

Individuals borrow a personal loan from a bank. This particular loan is unsecured because it is not backed by collateral.  A personal loan is not secured to any assets, and it is not the same as a home or a car loan. Since it is unsecured, the creditor does not have any collateral to auction in the case of default.  Due to the greater risk faced by the lender, the interest rates on personal loans are usually higher than other loans.

It can be used to investing in a business, renovate your home, marital expenses, family vacations, education fee, purchase electronic gadgets or home appliances, unexpected medical expenses, or any other emergency, etc.

Where to Get Personal Loan?

There are three alternative ways to get a personal loan, which include banks, online lenders, and credit unions.

  • The majority of the banks in Malaysia provide personal loan services.
  • Unlike traditional banks, online lenders offer a simple way to search for personal loans and make a comparison between different lenders.
  • As for credit unions, it is a community credit union that offers loans at lower interest rates and provides more flexibility compared to other loan lenders.

To apply for a personal loan, one must be able to prove that you have a source of regular income.

This applies to employees, self-employed business owners, or students.  Your employer, credit history, age, occupation, employment, ability to repay the loan, and place of residence are the general requirements that will be assessed by the banks.

Why Your Loan Was Rejected?

Banks have their requirements for any loan application. Being employed is one of them. Banks would require borrowers with the ability to produce income, as this is an indication that the borrower is capable of repaying the loan. It would be an automatic refusal if you failed to prove that you are under employment or producing enough income during the loan application process.

Even if it is proven that you are employed, but any changes to your income is a key factor that affecting your loan application. Although your credit rating does not indicate your current level of income, banks will require you to disclose the information for further assessment. A few Ringgit Malaysia less than the bank’s requirement; your application may be rejected.

The bank will have access to your all track records, this includes any late or overdue transactions; and whether you made minimum or maximum payments. It also indicates the remaining monthly balance. From here, the banks will assess your credit risk and understand whether you are a trustworthy borrower.

Some of us may not have credit cards and other financial commitments because we are too worried to spend. While this might be a good thing, but it does not help when it comes to the loan application. This is because the bank will not have enough information to make a decision, insufficient information to decide whether you are a good paymaster or vice versa.

Why Bluebricks?

Licensed Loan Brokerage In Malaysia

We act as your loan agents and representing not only individuals but also businesses. As technical financial advisors, we work with various borrowers and support you to get your loans approved. You will have access to a wide range of loans, even if banks or lenders have rejected you. We are here to offer advice on how to not getting the application rejected.

10 Years Experience

We walk through any situation together with our client, handle the payment and smooth any bumps along the way. The solutions provided mirror insights developed over the years of experience, together with the aid of various collateral solutions understanding that includes loan and credit solution, consultancy on real estate financing, conveyance, and asset technology response.


We are giving all-inclusive collateral service and acted as a one-stop solution to the clients. We gather various loan options from lenders for your consideration. All you need to do is to provide us with relevant documentation, such as income statement, assets and liabilities, employment record, and credit history. We will handle your collateral and your documents for loan approval.