BigPay, a Capital A venture company, is announcing the launch of its fully digital loans as part of the wider suite of financial services offerings. BigPay Later, a wholly-owned subsidiary within BigPay group and a digital money lending license holder, is proud to announce the launch of its first personal loan product. This makes BigPay the first product to have a full digital personal lending product as part of its offering in Malaysia. There has been an overwhelming demand for the personal loans product and it will be rolled out to more users over the coming weeks. BigPay Later Personal Loans is currently available to selected users and will be progressively rolled out to more and more people.
“We believe that the launch of our personal loans product is unique with the level of transparency, the ease of use, and the way in which we do our credit scoring that doesn’t only look at the history of past loans, but also at customer behavior. The launch of the personal loans product brings us one step closer to bridging the financial inclusion gap,” said Salim Dhanani, CEO and Co-Founder of BigPay.
CEO of Capital A Tony Fernandes said, “BigPay shares the same ethos and principles as Capital A and AirAsia: focusing on affordability, accessibility as well as inclusivity. We are excited that we can disrupt once again and give the common man, from SMEs, small entrepreneurs to the mass public, the same accessibility to easy, simple loans and other outstanding financial services.”
The personal loans offered by BigPay Later have competitive interest rates which are lower than standard credit card rates and easier to apply for with it being an all-digital process. Users can generate an instant quote using the in-app loan calculator to ensure affordability, then fill in their personal details via the app to apply. Additional documents are not usually required and the application can be approved within minutes. The personal product issued by BigPay Later is fully regulated by Malaysia’s Ministry of Housing and Local Government (KPKT).
Available on the BigPay app, the loan dashboard features a repayment schedule with a transparent breakdown of repayment installments and an auto-payment option to prevent users from falling behind on repayments. Details such as the principal amount, interest, late interest, and stamping fee are clearly highlighted instead of the standard lump sum so that users always know the payment amount and duration, as well as what they are paying for.
To learn more about BigPay and the personal loan product by BigPay Later, please visit www.bigpayme.com.
