Let’s face it. We all received a call from your bank offering a personal loan, especially if you’ve recently just opened your business bank account, and got your car or house loan. That’s the way it works.
Frankly speaking, most of us tend to look at personal loans as a bad reputation as it is the top reason for bankruptcy in Malaysia.
Personal loan certainly helps you in cash flow financing but comes with great risk if we failed to manage it appropriately.
So today, we are going to talk a little about what is personal loan and how you can pay your personal loan with credit card.
What is Personal Loan?
A personal loan is a sum of money borrowed for a set period of time from a bank or money lender. In exchange, you are bound by a repayment period and must commit to monthly payments. There are two types of loans available: secured loans and unsecured loans. However, I’m going to keep this article brief.
If you are interested to know more about loans, you can click here.
What is Loan and How to Manage Them
Just so you’re aware, the most common reasons for people taking out personal loans are medical issues, debt consolidation, home improvement or renovation, school fees, or weddings.
By the way, you can choose to finance the above payment using your credit card through jomSETTLE Make Payment services.
Issues with Personal Loan
Getting one isn’t hard but the problem usually arises during repayment time.
Let me give you an example. Let’s say you took a RM30,000 personal loan with a repayment of RM2,000 per month to fund your business or personal expenses. You then spent RM25,000 and left with RM5,000 in reserve.
You got no problem repaying for the first two months but the problem arises in the third month when the incoming money is not enough to cover your original monthly commitment plus the repayment amount.
You will then start to miss out on your loan repayment and this will snowball into a larger debt over time if you do not have a strong and steady income.
So be sure to take all of these into consideration before getting a personal loan yourself.
However now with jomSETTLE, you can choose to pay your personal loan with credit card if you are short on cash.
Pay Personal Loan with Credit Card
The process to pay your personal loan with credit card through jomSETTLE is simple. You create an account on jomSETTLE, click on ‘Personal Loan’ as your payment type, attach your loan tenancy document and make the payment with your credit card. We will then transfer the money securely to your loan account within 3 working days.
When You Should Pay Personal Loan with Credit Card
jomSETTLE only acts as a third party to facilitate your payment through credit card so that you can have short-term financing for up to 45 days. You should only use your credit card to pay for personal loan if you are sure that there you will have enough cash to repay your credit card. We do not encourage the abuse of your credit card which will create more debt.
How to Start to Pay my Loan with Credit Card
You can follow the step below to create an account and pay for your loan on jomSETTLE. Do take note that for every transaction made through jomSETTLE, we will charge you a one-time 2.5% transaction fee per usage. You are not bound by any other hidden cost such as monthly fee or registration fee.
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Let’s face it. We all received a call from your bank offering a personal loan, especially if you’ve recently just opened your business bank account, and got your car or house loan. That’s the way it works.
Frankly speaking, most of us tend to look at personal loans as a bad reputation as it is the top reason for bankruptcy in Malaysia.
Personal loan certainly helps you in cash flow financing but comes with great risk if we failed to manage it appropriately.
So today, we are going to talk a little about what is personal loan and how you can pay your personal loan with credit card.
What is Personal Loan?
A personal loan is a sum of money borrowed for a set period of time from a bank or money lender. In exchange, you are bound by a repayment period and must commit to monthly payments. There are two types of loans available: secured loans and unsecured loans. However, I’m going to keep this article brief.
If you are interested to know more about loans, you can click here.
What is Loan and How to Manage Them
Just so you’re aware, the most common reasons for people taking out personal loans are medical issues, debt consolidation, home improvement or renovation, school fees, or weddings.
By the way, you can choose to finance the above payment using your credit card through jomSETTLE Make Payment services.
Issues with Personal Loan
Getting one isn’t hard but the problem usually arises during repayment time.
Let me give you an example. Let’s say you took a RM30,000 personal loan with a repayment of RM2,000 per month to fund your business or personal expenses. You then spent RM25,000 and left with RM5,000 in reserve.
You got no problem repaying for the first two months but the problem arises in the third month when the incoming money is not enough to cover your original monthly commitment plus the repayment amount.
You will then start to miss out on your loan repayment and this will snowball into a larger debt over time if you do not have a strong and steady income.
So be sure to take all of these into consideration before getting a personal loan yourself.
However now with jomSETTLE, you can choose to pay your personal loan with credit card if you are short on cash.
Pay Personal Loan with Credit Card
The process to pay your personal loan with credit card through jomSETTLE is simple. You create an account on jomSETTLE, click on ‘Personal Loan’ as your payment type, attach your loan tenancy document and make the payment with your credit card. We will then transfer the money securely to your loan account within 3 working days.
When You Should Pay Personal Loan with Credit Card
jomSETTLE only acts as a third party to facilitate your payment through credit card so that you can have short-term financing for up to 45 days. You should only use your credit card to pay for personal loan if you are sure that there you will have enough cash to repay your credit card. We do not encourage the abuse of your credit card which will create more debt.
How to Start to Pay my Loan with Credit Card
You can follow the step below to create an account and pay for your loan on jomSETTLE. Do take note that for every transaction made through jomSETTLE, we will charge you a one-time 2.5% transaction fee per usage. You are not bound by any other hidden cost such as monthly fee or registration fee.
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