{"id":9344,"date":"2022-02-17T08:17:37","date_gmt":"2022-02-17T08:17:37","guid":{"rendered":"https:\/\/jomsettle.com\/?p=9344"},"modified":"2022-08-03T09:00:02","modified_gmt":"2022-08-03T09:00:02","slug":"what-is-loan-and-how-to-manage-them","status":"publish","type":"post","link":"https:\/\/jomsettle.com\/ms\/what-is-loan-and-how-to-manage-them\/","title":{"rendered":"What is Loan and How to Manage Them?"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"9344\" class=\"elementor elementor-9344\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-752b0fb elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"752b0fb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-95ecd5e\" data-id=\"95ecd5e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-52ac7f6 elementor-widget elementor-widget-image\" data-id=\"52ac7f6\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/jomsettle.com\/wp-content\/uploads\/2022\/02\/What-is-Loan-Test.jpg\" class=\"attachment-full size-full wp-image-9509\" alt=\"\" srcset=\"https:\/\/jomsettle.com\/wp-content\/uploads\/2022\/02\/What-is-Loan-Test.jpg 1920w, https:\/\/jomsettle.com\/wp-content\/uploads\/2022\/02\/What-is-Loan-Test-300x169.jpg 300w, https:\/\/jomsettle.com\/wp-content\/uploads\/2022\/02\/What-is-Loan-Test-1024x576.jpg 1024w, https:\/\/jomsettle.com\/wp-content\/uploads\/2022\/02\/What-is-Loan-Test-768x432.jpg 768w, https:\/\/jomsettle.com\/wp-content\/uploads\/2022\/02\/What-is-Loan-Test-1536x864.jpg 1536w, https:\/\/jomsettle.com\/wp-content\/uploads\/2022\/02\/What-is-Loan-Test-18x10.jpg 18w, https:\/\/jomsettle.com\/wp-content\/uploads\/2022\/02\/What-is-Loan-Test-260x146.jpg 260w, https:\/\/jomsettle.com\/wp-content\/uploads\/2022\/02\/What-is-Loan-Test-50x28.jpg 50w, https:\/\/jomsettle.com\/wp-content\/uploads\/2022\/02\/What-is-Loan-Test-133x75.jpg 133w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6255a1e0 elementor-hidden-mobile elementor-hidden-tablet elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6255a1e0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-458ec950\" data-id=\"458ec950\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-237fc831 elementor-widget elementor-widget-post-info\" data-id=\"237fc831\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5801bb8f elementor-widget elementor-widget-theme-page-title\" data-id=\"5801bb8f\" data-element_type=\"widget\" data-widget_type=\"theme-page-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aa58da2 elementor-widget elementor-widget-share-buttons\" data-id=\"aa58da2\" data-element_type=\"widget\" data-widget_type=\"share-buttons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27453d75 elementor-widget elementor-widget-spacer\" data-id=\"27453d75\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5da19cb1 elementor-widget elementor-widget-text-editor\" data-id=\"5da19cb1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>When we talked about loans, many of us may have had nightmares about the interest fees charged and how we could pay those loans on time every month without jeopardising our savings. Having loans is a good thing. However, it could be a dangerous game if you missed your loan payment. One late payment can leave a significant impact on your credit score but it is not impossible to manage. In this article, let&#8217;s have a good look at how loans work and what other options you have for managing your loan.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3158671 elementor-widget elementor-widget-heading\" data-id=\"3158671\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p class=\"text-black\" style=\"font-size: 36px;font-weight: 700;line-height: 1.2em !important;margin-bottom: 1px;margin-top: 5px\">What is a loan?<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8db92b7 elementor-widget elementor-widget-text-editor\" data-id=\"8db92b7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A loan is simply money borrowed with the promise of repayment over a set length of time (tenor). The lender sets a fixed interest rate that you must pay on the money you borrow, as well as the principal amount.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-26f93e3 elementor-widget elementor-widget-heading\" data-id=\"26f93e3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p class=\"text-black\" style=\"font-size: 36px;font-weight: 700;line-height: 1.2em !important;margin-bottom: 1px;margin-top: 5px\">Type of loans<span style=\"color: var( --e-global-color-primary );font-family: var( --e-global-typography-primary-font-family ), Sans-serif;font-size: var( --e-global-typography-primary-font-size );font-style: inherit;font-weight: var( --e-global-typography-primary-font-weight );letter-spacing: 0px;float: none\"><\/span><\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c1955e elementor-widget elementor-widget-text-editor\" data-id=\"7c1955e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>There are many different sorts of loans accessible in Malaysia, and they are divided into two categories based on the purpose of the loan:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e212fb7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e212fb7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-9bc9536\" data-id=\"9bc9536\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cf75db6 elementor-widget elementor-widget-text-editor\" data-id=\"cf75db6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong><span data-preserver-spaces=\"true\">Secured loans<\/span><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a9f48f elementor-widget elementor-widget-text-editor\" data-id=\"2a9f48f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><p>These are loans that don&#8217;t demand any kind of security. The lender lends you money based on previous relationships, your credit score, and your credit history. To qualify for these loans, you must have a strong credit history. Due to the lack of collateral, unsecured loans normally have a higher interest rate.<\/p><p>Personal loans, Flexi loans, short-term business loans, school loans, and auto loans are examples of unsecured loans.<\/p><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-2dfb39f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2dfb39f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-acfad95\" data-id=\"acfad95\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e4c86cc elementor-widget elementor-widget-text-editor\" data-id=\"e4c86cc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong><span data-preserver-spaces=\"true\">Unsecured loans<\/span><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a5964a elementor-widget elementor-widget-text-editor\" data-id=\"1a5964a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><p>Interest is essentially a charge to the borrower for the use of an asset like cash, consumer goods, vehicles, and property. When you borrow money, you must repay the amount borrowed plus interest, which is normally spread out over the loan&#8217;s duration.<\/p><p>You can get a loan for the same principal amount from different lenders, but the interest rate and\/or term differ depending on what is offered by the lenders.<\/p><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-79bf8d0 elementor-widget elementor-widget-heading\" data-id=\"79bf8d0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p class=\"text-black\" style=\"font-size: 36px;font-weight: 700;line-height: 1.2em !important;margin-bottom: 1px;margin-top: 5px\">Understanding the interest rates<span style=\"color: var( --e-global-color-primary );font-family: var( --e-global-typography-primary-font-family ), Sans-serif;font-size: var( --e-global-typography-primary-font-size );font-weight: var( --e-global-typography-primary-font-weight );letter-spacing: 0px\"><\/span><\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fd1426c elementor-widget elementor-widget-text-editor\" data-id=\"fd1426c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Interest is essentially a charge to the borrower for the use of an asset like cash, consumer goods, vehicles, and property. When you borrow money, you must repay the amount borrowed plus interest, which is normally spread out over the loan&#8217;s duration.<\/p><p>You can get a loan for the same principal amount from different lenders, but the interest rate and\/or term differ depending on what is offered by the lenders.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a810cb3 elementor-widget elementor-widget-heading\" data-id=\"a810cb3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p class=\"text-black\" style=\"font-size: 36px;font-weight: 700;line-height: 1.2em !important;margin-bottom: 1px;margin-top: 5px\">What happens if you don't pay your loan?<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-cd6ef1d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cd6ef1d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-e45324c\" data-id=\"e45324c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ef88378 elementor-widget elementor-widget-text-editor\" data-id=\"ef88378\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-preserver-spaces=\"true\">You will have to bear more cost<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-01fab01 elementor-widget elementor-widget-text-editor\" data-id=\"01fab01\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><p>If you start skipping loan payments, you&#8217;ll start incurring extra fees, whether it&#8217;s a mortgage, a vehicle loan, or a personal loan. Banks are allowed to charge you interest based on the rate you agreed to during your application as a result of your missed payments.<\/p><p>Let\u2019s say you borrow RM50,000 from the bank for one year. Your interest rate per annum is 4%, which makes your monthly repayment RM8666.67. Now, your late payment charges is 7% per annum. If you are late for over twenty days of repayment, the amount charged would have balloon up to RM191.78. Bear in mind that this will only increase your debt in future.<\/p><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-790dde6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"790dde6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-8dea4e8\" data-id=\"8dea4e8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b286828 elementor-widget elementor-widget-text-editor\" data-id=\"b286828\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-preserver-spaces=\"true\">No more financial help from the bank<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7d92a08 elementor-widget elementor-widget-text-editor\" data-id=\"7d92a08\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><p>The same is true for personal loans and house loans when it comes to growing interest rates. While not all banks do this, the majority do so to encourage you to pay your bills on time.<\/p><p>Your credit score would be completely ruined at this point. It&#8217;s awful to think you won&#8217;t be able to get any financial assistance when you need it. However, because of the missed payments, lenders will view you as a high-risk borrower, and you will not be able to obtain financial assistance from any licensed lender at this time.<\/p><p>This is typically the turning point for borrowers to turn to Ah Longs, and we&#8217;re sure you&#8217;ve seen enough TV to know how that ends up.<\/p><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-10753a7 elementor-widget elementor-widget-heading\" data-id=\"10753a7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p class=\"text-black\" style=\"font-size: 36px;font-weight: 700;line-height: 1.2em !important;margin-bottom: 1px;margin-top: 5px\">Is it good enough if you make a minimum payment?<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0d058a3 elementor-widget elementor-widget-text-editor\" data-id=\"0d058a3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The smallest monthly payment you can make without incurring penalties on your debt is the minimum payment. The minimum payment is calculated differently by each creditor. The majority of minimum payments are based on a percentage of the total debt.<\/p><p>Minimum payments keep your account in good standing, but they are the slowest and most expensive way to repay your debt. Making minimum payments helps you avoid late fees, negative marks on your credit report, and keeps your creditor happy. It can, however, save you money on your debt, make it take longer to pay off your debt and lower your credit score.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1052300 elementor-widget elementor-widget-heading\" data-id=\"1052300\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p class=\"text-black\" style=\"font-size: 36px;font-weight: 700;line-height: 1.2em !important;margin-bottom: 1px;margin-top: 5px\">Why Is It Good to Pay Your Loan with Credit Card through jomSETTLE\u2122<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0d01331 elementor-widget elementor-widget-text-editor\" data-id=\"0d01331\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Always paying your loan on time is easier said than done. Especially, if you are heavily dependent on a single source of income. Not to mention all the other possibilities such as family emergency, economic crisis, or failure of investment that could happen that might affect your ability to repay your loan on time.<\/p><p>This is where credit cards could help change the game. Through jomSETTLE\u2122, you can choose to pay your loan using your credit card. You tell us the details of your loan together with your loan agreement. You then checkout using your credit card and we will make a bank transfer to your bank within 3 working days.<\/p><p>This way, you can still make your loan payment on time even when the unexpected happened. Better still, when used correctly based on your bank statement, you will have up to 45 days float time before you need to repay your credit card.<\/p><p><a href=\"https:\/\/jomsettle.com\/ms\/2022\/01\/13\/understanding-your-credit-card-statement-and-how-to-use-it-with-jomsettle\/\"><u><span data-preserver-spaces=\"true\">Learn: Understanding Your Credit Card Statement and How to Use it with jomSETTLE\u2122<\/span><\/u><\/a><span data-preserver-spaces=\"true\"> \u00a0<\/span><\/p><p><span data-preserver-spaces=\"true\">With more options available for you, you can avoid going to cash advance to withdraw money directly from your credit card which charges you a 5% transaction fee and 18% late charges per annum. jomSETTLE\u2122 only charges you 2.5% per transaction and it does not hurt your credit card when you repay your card within the settlement date.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b80129 elementor-widget elementor-widget-heading\" data-id=\"8b80129\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p class=\"text-black\" style=\"font-size: 36px;font-weight: 700;line-height: 1.2em !important;margin-bottom: 1px;margin-top: 5px\">Conclusion<span style=\"color: var( --e-global-color-primary );font-family: var( --e-global-typography-primary-font-family ), Sans-serif;font-size: var( --e-global-typography-primary-font-size );font-weight: var( --e-global-typography-primary-font-weight );letter-spacing: 0px\"><\/span><\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e35bedf elementor-widget elementor-widget-text-editor\" data-id=\"e35bedf\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>For decades, loans are considered essential in life as we will need them to buy our car, house, or even to expand our businesses. But if manage wrongly, it will bring down our financial status faster than you think. This is why credit cards could be a good alternative to settle your loan on time as they could help avoid getting penalties.<\/p><p>But do bear in mind that repaying your credit card on time is also equally important. Do not take the credit limit as extra cash for your spending. It is simply a facility extended to you by the banks to help you manage your cash flow better.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b863cc1 elementor-widget elementor-widget-spacer\" data-id=\"5b863cc1\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-8a92046\" data-id=\"8a92046\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4527ba82 elementor-widget elementor-widget-spacer\" data-id=\"4527ba82\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6d91de5a elementor-hidden-phone elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6d91de5a\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-51949799\" data-id=\"51949799\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5905f738 elementor-widget elementor-widget-spacer\" data-id=\"5905f738\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e549e99 elementor-absolute elementor-widget elementor-widget-image\" data-id=\"2e549e99\" data-element_type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1080\" height=\"1080\" src=\"https:\/\/jomsettle.com\/wp-content\/uploads\/2021\/10\/Blog-Logo.svg\" class=\"attachment-full size-full wp-image-6532\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-753f086c elementor-widget elementor-widget-heading\" data-id=\"753f086c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Let's Stay in Touch<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ac4fbc4 elementor-widget elementor-widget-text-editor\" data-id=\"6ac4fbc4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Get updates on our latest articles<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4c6c0616 elementor-widget elementor-widget-form\" data-id=\"4c6c0616\" data-element_type=\"widget\" data-widget_type=\"form.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1b6273db elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1b6273db\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4aecbae1 elementor-widget elementor-widget-share-buttons\" data-id=\"4aecbae1\" data-element_type=\"widget\" data-widget_type=\"share-buttons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-68630506 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"68630506\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-38c3e29d\" data-id=\"38c3e29d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-53b773f3 elementor-widget elementor-widget-spacer\" data-id=\"53b773f3\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5d897fbf elementor-hidden-phone elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5d897fbf\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1b84db0c\" data-id=\"1b84db0c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-69ba08e4 elementor-widget elementor-widget-heading\" data-id=\"69ba08e4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p style=\"font-size: 30px;font-weight: 700;line-height: 1.2em !important;margin-bottom: 14px;margin-top: 14px\">You May Also Like<\/p>\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-287d1e10 elementor-widget elementor-widget-posts\" data-id=\"287d1e10\" data-element_type=\"widget\" data-widget_type=\"posts.cards\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-73e9fa53 elementor-widget elementor-widget-spacer\" data-id=\"73e9fa53\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div 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class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-514f9b7e elementor-widget elementor-widget-share-buttons\" data-id=\"514f9b7e\" data-element_type=\"widget\" data-widget_type=\"share-buttons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-6b1b1fcd\" data-id=\"6b1b1fcd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-12de1779 elementor-widget elementor-widget-share-buttons\" data-id=\"12de1779\" data-element_type=\"widget\" data-widget_type=\"share-buttons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-7aed5608\" data-id=\"7aed5608\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5896e718 elementor-widget elementor-widget-share-buttons\" data-id=\"5896e718\" data-element_type=\"widget\" data-widget_type=\"share-buttons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-34cda5dd\" data-id=\"34cda5dd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44bcd13a elementor-widget elementor-widget-share-buttons\" data-id=\"44bcd13a\" data-element_type=\"widget\" data-widget_type=\"share-buttons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-e7203a elementor-widget elementor-widget-spacer\" data-id=\"e7203a\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3dc4cd92 elementor-widget elementor-widget-text-editor\" data-id=\"3dc4cd92\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-size: 18px; font-weight: 500; line-height: 1.4em !important;\">When we talked about loans, many of us may have had nightmares about the interest fees charged and how we could pay those loans on time every month without jeopardising our savings. Having loans is a good thing. However, it could be a dangerous game if you missed your loan payment.<br \/><br \/>One late payment can leave a significant impact on your credit score but it is not impossible to manage. In this article, let&#8217;s have a good look at how loans work and what other options you have for managing your loan.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59087d58 elementor-widget elementor-widget-heading\" data-id=\"59087d58\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p class=\"text-black\" style=\"font-size: 28px;font-weight: 700;line-height: 1.2em !important;margin-bottom: 1px;margin-top: 5px\">What is a loan?<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-96bd669 elementor-widget elementor-widget-text-editor\" data-id=\"96bd669\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-size: 18px; font-weight: 500; line-height: 1.4em !important;\">A loan is simply money borrowed with the promise of repayment over a set length of time (tenor). The lender sets a fixed interest rate that you must pay on the money you borrow, as well as the principal amount.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a9c5064 elementor-widget elementor-widget-heading\" data-id=\"a9c5064\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p class=\"text-black\" style=\"font-size: 28px;font-weight: 700;line-height: 1.2em !important;margin-bottom: 1px;margin-top: 5px\">Type of loans<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-630fe207 elementor-widget elementor-widget-text-editor\" data-id=\"630fe207\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<span data-preserver-spaces=\"true\">There are many different sorts of loans accessible in Malaysia, and they are divided into two categories based on the purpose of the loan:<\/span>\n<ul>\n \t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-f3f6492 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f3f6492\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-9990b08\" data-id=\"9990b08\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3c734aa elementor-widget elementor-widget-text-editor\" data-id=\"3c734aa\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong><span data-preserver-spaces=\"true\">Secured loans<\/span><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-05c79f4 elementor-widget elementor-widget-text-editor\" data-id=\"05c79f4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-size: 16px; font-weight: 500; line-height: 1.4em !important;\">Collateral loans are those that require you to put up an asset as collateral for the money you&#8217;re borrowing from the lender. If you are unable to repay the loan, the lender will still be able to recover some of their funds. The interest rate for secured loans is usually lower than on unsecured loans.<\/br><\/br>\n\nHome loans, gold loans, loans secured by insurance policies, and loans secured by mutual funds and stocks are all examples of secured loans.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-6c58cc3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6c58cc3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-5479b11\" data-id=\"5479b11\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f504479 elementor-widget elementor-widget-text-editor\" data-id=\"f504479\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong><span data-preserver-spaces=\"true\">Unsecured loans<\/span><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d2949ee elementor-widget elementor-widget-text-editor\" data-id=\"d2949ee\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-size: 16px; font-weight: 500; line-height: 1.4em !important;\">These are loans that don&#8217;t demand any kind of security. The lender lends you money based on previous relationships, your credit score, and your credit history. To qualify for these loans, you must have a strong credit history. Due to the lack of collateral, unsecured loans normally have a higher interest rate.<\/br><\/br>\n\nPersonal loans, Flexi loans, short-term business loans, school loans, and auto loans are examples of unsecured loans.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f7c966 elementor-widget elementor-widget-heading\" data-id=\"1f7c966\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p class=\"text-black\" style=\"font-size: 28px;font-weight: 700;line-height: 1.2em !important;margin-bottom: 1px;margin-top: 5px\">Understanding the interest rate<span style=\"color: var( --e-global-color-primary );font-family: var( --e-global-typography-primary-font-family ), Sans-serif;font-size: var( --e-global-typography-primary-font-size );font-weight: var( --e-global-typography-primary-font-weight );letter-spacing: 0px\"><\/span><\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5683963 elementor-widget elementor-widget-text-editor\" data-id=\"5683963\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-size: 18px; font-weight: 500; line-height: 1.4em !important;\">You can get a loan for the same principal amount from different lenders, but the interest rate or term differ depending on what is offered by the lenders.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-227eaf5 elementor-widget elementor-widget-heading\" data-id=\"227eaf5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p class=\"text-black\" style=\"font-size: 28px;font-weight: 700;line-height: 1.2em !important;margin-bottom: 1px;margin-top: 5px\">What happens if you don't pay your loan?<span style=\"color: var( --e-global-color-primary );font-family: var( --e-global-typography-primary-font-family ), Sans-serif;font-size: var( --e-global-typography-primary-font-size );font-weight: var( --e-global-typography-primary-font-weight );letter-spacing: 0px\"><\/span><\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-64a33d5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"64a33d5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-3cfeabe\" data-id=\"3cfeabe\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-556c201 elementor-widget elementor-widget-text-editor\" data-id=\"556c201\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><span data-preserver-spaces=\"true\">You will have to bear more cost<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c79420 elementor-widget elementor-widget-text-editor\" data-id=\"6c79420\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-size: 16px; font-weight: 500; line-height: 1.4em !important;\">If you start skipping loan payments, you&#8217;ll start incurring extra fees, whether it&#8217;s a mortgage, a vehicle loan, or a personal loan. Banks are allowed to charge you interest based on the rate you agreed to during your application as a result of your missed payments.<\/br><\/br>\n\nLet\u2019s say you borrow RM50,000 from the bank for one year. Your interest rate per annum is 4%, which makes your monthly repayment RM4333.33. Now, your late payment charges is 7% per annum. If you are late for over twenty days of repayment, the amount charged would have balloon up to RM191.78. Bear in mind that this will only increase your debt in the future.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-9934121 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9934121\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-f11a54e\" data-id=\"f11a54e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f7dc213 elementor-widget elementor-widget-text-editor\" data-id=\"f7dc213\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-preserver-spaces=\"true\">No more financial help from the bank<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-18b2c63 elementor-widget elementor-widget-text-editor\" data-id=\"18b2c63\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-size: 16px; font-weight: 500; line-height: 1.4em !important;\">The same is true for personal loans and house loans when it comes to growing interest rates. While not all banks do this, the majority do so to encourage you to pay your bills on time.<\/br><\/br>\n\nYour credit score would be completely ruined at this point. It&#8217;s awful to think you won&#8217;t be able to get any financial assistance when you need it. However, because of the missed payments, lenders will view you as a high-risk borrower, and you will not be able to obtain financial assistance from any licensed lender at this time.<\/br><\/br>\n\nThis is typically the turning point for borrowers to turn to Ah Longs, and we&#8217;re sure you&#8217;ve seen enough TV to know how that ends up.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-acf0e88 elementor-widget elementor-widget-heading\" data-id=\"acf0e88\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p class=\"text-black\" style=\"font-size: 28px;font-weight: 700;line-height: 1.2em !important;margin-bottom: 1px;margin-top: 5px\">Is it good enough if you make a minimum payment?<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d355a2e elementor-widget elementor-widget-text-editor\" data-id=\"d355a2e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The smallest monthly payment you can make without incurring penalties on your debt is the minimum payment. The minimum payment is calculated differently by each creditor. The majority of minimum payments are based on a percentage of the total debt.<\/p><p>Minimum payments keep your account in good standing, but they are the slowest and most expensive way to repay your debt. Making minimum payments helps you avoid late fees, negative marks on your credit report, and keeps your creditor happy. It can, however, save you money on your debt, make it take longer to pay off your debt and lower your credit score.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d37c6e elementor-widget elementor-widget-heading\" data-id=\"2d37c6e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p class=\"text-black\" style=\"font-size: 28px;font-weight: 700;line-height: 1.2em !important;margin-bottom: 1px;margin-top: 5px\">Why Is It Good to Pay Your Loan with Credit Card through jomSETTLE\u2122<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-650023a elementor-widget elementor-widget-text-editor\" data-id=\"650023a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-preserver-spaces=\"true\">Always paying your loan on time is easier said than done. Especially, if you are heavily dependent on a single source of income. Not to mention all the other possibilities such as family emergency, economic crisis, or failure of investment that could happen that might affect your ability to repay your loan on time.<br \/><br \/><\/span><span data-preserver-spaces=\"true\">This is where credit cards could help change the game. Through jomSETTLE\u2122, you can choose to pay your loan using your credit card. You tell us the details of your loan together with your loan agreement. You then checkout using your credit card and we will make a bank transfer to your bank within 3 working days.<br \/><br \/><\/span><span data-preserver-spaces=\"true\">This way, you can still make your loan payment on time even when the unexpected happened. Better still, when used correctly based on your bank statement, you will have up to 45 days float time before you need to repay your credit card.<br \/><br \/><\/span><a href=\"https:\/\/jomsettle.com\/ms\/2022\/01\/13\/understanding-your-credit-card-statement-and-how-to-use-it-with-jomsettle\/\"><u><span data-preserver-spaces=\"true\">Learn: Understanding Your Credit Card Statement and How to Use it with jomSETTLE\u2122<\/span><\/u><span data-preserver-spaces=\"true\"> \u00a0<\/span><\/a><br \/><br \/><span data-preserver-spaces=\"true\">With more options available for you, you can avoid going to cash advance to withdraw money directly from your credit card which charges you a 5% transaction fee and 18% late charges per annum. jomSETTLE\u2122 only charges you 2.5% per transaction and it does not hurt your credit card when you repay your card within the settlement date.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b754fef elementor-widget elementor-widget-heading\" data-id=\"b754fef\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p class=\"text-black\" style=\"font-size: 28px;font-weight: 700;line-height: 1.2em !important;margin-bottom: 1px;margin-top: 5px\">Conclusion<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-201711a elementor-widget elementor-widget-text-editor\" data-id=\"201711a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>For decades, loans are considered essential in life as we will need them to buy our car, house, or even to expand our businesses. But if manage wrongly, it will bring down our financial status faster than you think. This is why credit cards could be a good alternative to settle your loan on time as they could help avoid getting penalties.<\/p><p>But do bear in mind that repaying your credit card on time is also equally important. Do not take the credit limit as extra cash for your spending. It is simply a facility extended to you by the banks to help you manage your cash flow better.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-39afb979 elementor-widget elementor-widget-spacer\" data-id=\"39afb979\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5b3b603a elementor-hidden-desktop elementor-hidden-tablet elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5b3b603a\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1c76be33\" data-id=\"1c76be33\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-479ef577 elementor-widget elementor-widget-spacer\" data-id=\"479ef577\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20842afb elementor-absolute elementor-widget elementor-widget-image\" data-id=\"20842afb\" data-element_type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/jomsettle.com\/wp-content\/uploads\/2021\/10\/Blog-Logo.svg\" class=\"attachment-large size-large wp-image-6532\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ef819b3 elementor-widget elementor-widget-heading\" data-id=\"2ef819b3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p style=\"font-size: 28px;font-weight: 700;line-height: 1.2em !important;margin-bottom: 1px;margin-top: 15px\">Let's Stay in Touch<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72ccd705 elementor-widget elementor-widget-text-editor\" data-id=\"72ccd705\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Get updates on our latest article.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11f2994a elementor-widget elementor-widget-form\" data-id=\"11f2994a\" data-element_type=\"widget\" data-widget_type=\"form.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1149ff08 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1149ff08\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span 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class=\"elementor-widget-container\">\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-16 elementor-inner-column elementor-element elementor-element-2455efc9\" data-id=\"2455efc9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c98c6a9 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"6c98c6a9\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2c662f7 elementor-hidden-desktop elementor-hidden-tablet elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2c662f7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-689f691\" data-id=\"689f691\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4a138b89 elementor-widget elementor-widget-spacer\" data-id=\"4a138b89\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-25c22dd5 elementor-widget elementor-widget-heading\" data-id=\"25c22dd5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><p style=\"font-size: 22px;font-weight: 600;line-height: 1.2em !important;margin-bottom: 4px;margin-top: 4px\">You May Also Like<\/p>\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7120a057 elementor-widget elementor-widget-posts\" data-id=\"7120a057\" data-element_type=\"widget\" data-widget_type=\"posts.cards\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-42829a8a elementor-widget elementor-widget-spacer\" data-id=\"42829a8a\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>When we talked about loans, many of us may have had nightmares about the interest fees charged and how we could pay those loans on time every month without jeopardising our savings. Having loans is a good thing. <\/p>","protected":false},"author":4,"featured_media":9351,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[67,63],"tags":[],"class_list":["post-9344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-article","category-jomsettle-guide"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Loan and How to Manage Them?<\/title>\n<meta name=\"description\" content=\"A loan is simply money borrowed with the promise of repayment over a set length of time (tenor). 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