Applying for your loan

What are the benefits of getting a loan with BigPay?

Our loans put you in control to borrow on your terms. Choose how much to borrow and for how long, and get the money in your BigPay account in minutes. We’ll also tell you the cost upfront with no hidden fees or confusing terms, so that you get total transparency on your loan repayments. 

You can also manage your loan in our app to stay on top of your finances. So that you can see at a glance how much you’ve paid, how much is left to pay, and how much it costs. 

Do you offer conventional or Islamic loans?

We offer conventional loans at the moment. We’ll be releasing Islamic financial products in the near future, so stay tuned! 

Who can apply for a loan?

All BigPay users in Malaysia can apply for a loan with us. Everyone who applies for a loan undergoes an evaluation and credit check. 

How do I apply for a loan?

You can apply for a loan using your app in four simple steps:

  1. Select Loans in the Explore tab on the BigPay app. 
  2. Tell us how much you’d like to borrow and over how long, and we’ll give you a quote in seconds.
  3. Fill in the form with accurate information that will help us fairly assess your loan application. 
  4. Once your Personal Loan is approved, the amount you applied for will automatically be deposited in your BigPay account.
How do you calculate loan repayments?

Your loan repayments will be based on how much you borrow and for how long. This includes a flat interest rate and small stamping fee. 

Each of your monthly repayments will consist of the interest rate and principal of the loan. Your first monthly repayment will also contain a small stamping fee, which is a tax on legal documents that’s collected by the Malaysian government. 

For a transparent overview of your loan, use our Loan Calculator to get a simple, quick quote from us.

How much can I borrow?

Use our Loan Calculator to find out how much you can borrow, and for how long. This will also give you a complete breakdown of your monthly repayments to help you decide if it’s a good fit for your budget and overall finances.

Do I need to provide any documents?

In most cases, you won’t have to provide any documents to get a loan with us. The application process can be done entirely on our app, and we only need you to answer a few quick questions. 

However, there could be situations where we may ask you to provide additional documents for us to review. In this case, your loan application may take a little longer. Don’t worry, we’ll get in touch with you as soon as we can following the submission of all necessary documents.

How long will it take to get my loan application approved?

We aim to get your loan application approved in minutes. It can sometimes take a little longer, and if this is the case, we will let you know upfront and aim to get back to you within one working day. 

How do I check my loan application status? 

You can view your loan application status by tapping on Loans that’s found in the Payments tab. 

If you have any questions related to your loan application, just ask us and we’ll do everything we can to answer your questions. You can connect with us directly over the live chat within the BigPay app. 

Am I eligible for a new offer while I’m paying down an existing loan?

You can only get one active loan at a time for now. Once your previous loan has been paid in full, you can apply for a new one to continue financing your goals with us. 

Can I apply for a loan if I’m not a BigPay user?

You’ll need to register for a BigPay Malaysia account to apply for a loan with us. This is because your loan money will be disbursed into your BigPay account, so you’ll need to sign up as a BigPay user to apply for a loan. 

Why was my loan application declined? When can I reapply?

This isn’t an ideal outcome, and we’re sorry that it’s happened to you. We evaluate your loan application based on the information you provide, so please make sure all details are accurate and correct before submitting your application. This includes your personal details like NRIC number and home address, and income information too. 

These are a few broad parameters that can help you get your loan application approved:

  • You must be a Malaysian citizen aged between 18-65 years old, OR a foreigner with a long-term residence pass aged between 25-55 years old. 
  • You must currently be residing in Malaysia.
  • Your income should be sustainable to service all your outstanding loans. 
  • You have a good credit history. 

You can try to reapply for a loan after 180 days. This gives you enough time to improve your credit score so that you have a much better chance of getting your loan approved. 

We want to help you manage your money the smart way. And the more you use our app to save, spend, and send money, the better we understand your financial habits to make an informed, honest credit decision.  

Got questions? We’re here to answer them. Connect with us directly over the live chat within the BigPay app to get started.

Do I need a collateral or guarantor to be eligible for a loan?

You don’t need a collateral or guarantor to get a loan from us. That’s because we offer non-collateral personal loans which means no guarantor is needed for you to get your money. Our loans are meant to be as accessible as possible to help as many people as we can to take control of their finances. 

I want to get a loan for my business. Can I place it under my company’s name instead?

As long as the loan is under your name, it’s up to you to use it how you want to. Whether it’s to make home improvements, take a vacation, or to cover business expenses, our loans give you the freedom and flexibility to finance your goals, your way. However, we’re working hard to launch more credit product offerings in the near future. Stay tuned for future updates!

I’ve never taken out a loan before. What are the key words and terms I should know to evaluate my loan offer?

Deciding on the right loan doesn’t have to be a complicated process. We’re here to help you make a smart, informed decision when borrowing money. 

If you get a loan with us, here are some useful terms and definitions you’ll find in your loan statement: 

Loan ID – your Loan ID number. It’s a unique series of numbers we assign to your loan once it’s approved. No two loans have the same Loan ID, and this makes it easy for us to quickly identify and resolve any questions you may have with yours. 

Status – shows the status of your loan. If you’re still paying off your loan, this will be shown as Active. Once you’ve repaid in full, the status will change to Settled. 

Loan contract date – the date you successfully signed your loan agreement.

Principal sum – is the money you originally borrowed and have agreed to pay back. 

Loan interest – is the cost of borrowing the principal sum.

Total fees – refers to the sum of all fees associated with your loan, including the stamping fee. 

Late interest – is the total late interest charged to you if a repayment instalment isn’t paid on time. 

Total loan amount – is the combined sum of the principal sum, loan interest, total fees, and late interest if any. This gives you a complete overview of the money you’ve borrowed and the cost of the loan itself. 

Total amount paid – refers to the total repayment amount made towards the loan. 

Outstanding amount – is the remaining amount left to repay the loan. 

Is my money safe with BigPay?

When you get a loan with us, this entire process will be with BigPay Later, which holds a digital moneylending licence. This means that we are a legal money lender in Malaysia and are held up to high standards to ensure you are protected by the governing laws of Malaysia.

All our loans are fully regulated by Kementerian Perumahan dan Kerajaan Tempatan (KPKT) or the Ministry of Housing and Local Government. This means that our credit application journeys and security are carefully monitored and approved by them.

Keeping your money safe is our responsibility. That’s why we always keep your information secure, and make getting a loan from us a transparent, safe process for our users.

Accepting your loan offer

My loan application has been approved. What’s next?

Congratulations! You’ll get your money deposited into your BigPay account after reviewing and signing the Moneylending Agreement (MLA). We’ll email you a copy of this agreement after it’s been signed and stamped for approval. 

How long is my loan offer valid for?

Your loan offer is valid for 30 calendar days from the date your loan is approved. If you need more time to make a decision, you can check the validity period of the offer by tapping on our Loans feature. Once the loan expires, you’ll have to apply for a new one. 

Can I make changes to the loan tenure after accepting the loan offer? 

You won’t be able to change your loan tenure once the loan offer has been accepted. If you have questions about repayments, connect with us directly over live chat in the BigPay app and we’ll be happy to help!

Receiving your loan disbursement

I’ve accepted the loan offer. When will I receive my money?

Once you’ve accepted the loan offer and signed the Moneylending Agreement, we’ll make sure everything is ready before depositing the money into your BigPay account. This means you’ll have the money in your account in minutes, so there’s less waiting around time for you. 

I’ve received an error message and am still waiting to get my money. What should I do?

There are a few potential reasons why your money hasn’t been deposited into your BigPay account yet. If you need to speak with someone on our team, please reach out directly over the live chat in our app. 

Here are the three most common error messages you may encounter:

  1. Too much money – your BigPay account limit is RM20,000. In this case, your incoming loan money will result in the total account balance to exceed this amount. Transfer or spend a portion of your account balance and your loan money should go through. Please note that loan interest will begin based on your contract signing date, not the funds transfer date. 
  2. Card is blocked – if you see this message, please contact our customer support team to unblock your card and receive your money. Please remember that loan interest will start based on your contract signing date, not the funds transfer date. 
  3. Something went wrong – system errors can happen, and that’s on us. If you’re seeing this message, connect with us over live chat in the BigPay app and we’ll look into this for you.
Will I get a copy of my loan contract?

Yes you will! Once the money has been deposited into your BigPay account, we’ll send you an email with the electronically signed Moneylending Agreement. 

When will I receive my stamped loan contract?

All of our loan contracts have to be stamped by the Malaysian government. The stamped version will be emailed to you once you get the signed contract from us, and will usually be sent within two months. 

Using the money from your loan

How do I use my loan money on the BigPay app?

Your loan money will be deposited into your BigPay account. This means you can use the money in exactly the same way as how you would use your BigPay card or account. 

Making payments to your instalments

How are my repayment dates calculated?

Repayment dates are based on the date you sign our Moneylending Agreement. This happens when you enter your OTP, as it acts as your electronic signature to sign the contract and accept the loan offer. 

For example, if you key in your OTP on 13 March 2022, your first repayment date will be 30 calendar days from this date. All subsequent repayment dates will be on the 13th of each month for the duration of your loan contract. 

However if your first repayment date is on the 31st, your following repayment dates will fall on the last day of the month. For example, this could be 28 or 29 February, or 30 April. 

Repayment dates that fall on the weekend will be automatically readjusted to the following Monday as a courtesy of BigPay for now. This will be reflected in your loan dashboard. 

Repayment dates that fall on public holidays in Malaysia will not be subjected to automatic readjustment to the next working day. 

Waiting to receive your loan money? Please note that repayment dates will still be based on your contract signing date or OTP verification, and not the loan received date. If you have more questions about your repayment dates, please reach out to us over live chat in the app and we’ll be happy to help.  

How do I repay my loan in the app?

There are two ways you can make a payment towards your loan: Automatic Repayment or Manual Repayment. Automatic Repayment is the default loan repayment method in our app. 

Automatic Repayment

Automatic Repayment will follow the repayment schedule in your app. On the specified due date, the outstanding instalment amount will be automatically deducted from your BigPay account. This makes managing your loan more convenient and simple for you. 

Past payments will be recorded and Automatic Repayment will stop once all loan instalments are paid in full. 

Manual Repayment

Want to pay off your loan early, or repay a specific amount that fits your budget? Use our Manual Repayment function to do just that. 

Here’s how to turn it on:

  • Tap on our Loans feature in the Payments tab. 
  • Under the My Loan tab, scroll down for Manual Repayment.
  • Under Manual Repayment, you have two options; pay any amount, or pay in full. 
  • Choose which repayment option you’d like to use.  For ‘pay any amount’, please key in the amount you’d like to pay to complete the transaction. If you select ‘pay in full’, the default amount will be the outstanding amount based on your loan instalment.
Can I turn off Automatic Repayment?

Automatic Repayment is the default repayment method for our Loans feature and cannot be turned off. We want to help you make the most of your money, and this repayment method can help you avoid late fees and spares you the hassle of manually repaying each instalment by yourself. 

If you would like to repay your instalments yourself, please go to Manual Repayment under My Loan and key in the amount you’d like to pay.    

Can I get airasia points for paying off my loan?

Currently, airasia points are not applicable to loan repayment transactions.

Why are my loan repayments being declined?

If your loan repayments are being declined, it’s probably because the instalment amount couldn’t be automatically deducted from your BigPay account. As such, please make sure you have enough balance in your BigPay account to repay your instalments on time. 

Can I pay off a loan instalment early? Will that change my total interest amount?

Yes you can! Here’s how:

  • Tap on Loans in the Payments tab.
  • Under the My Loan section, scroll down and look for Manual Repayment. 
  • Select ‘Repay any amount’ and key in the amount you’d like to pay. 

Paying off a loan instalment early won’t change your total instalment amount. It will follow the same interest rate that’s stated in your loan offer and Moneylending Agreement.

What happens if I can’t repay my loan instalments on time?

Late repayments will be charged with late interest on a daily basis. To learn more about your specific late interest rate, please check your Moneylending Agreement. 

How is late interest calculated? What’s the minimum I can pay to avoid it?

Late interest is calculated on a daily basis. This means that a daily late interest amount will be added to your remaining instalment amount for every calendar day past the repayment due date. 

Your daily late interest is calculated like this:

Daily late interest rate = (late interest rate ÷ 365) x outstanding principal

Here’s an example to help you understand how late interest can be calculated:

It’s 13 July 2021, and your instalment was due yesterday, on 12 July 2021. This means you’re one day past your instalment due date. 

  • Your instalment amount is RM600, which is RM550 for the principal and RM50 for the loan interest. 
  • In your Moneylending Agreement, the late interest rate is 8% per annum. 
  • Daily late interest rate = (8% ÷ 365) x RM550 = RM0.12.
  • As of 13 July 2021, your loan instalment is RM600.12. This consists of your repayment amount and late interest amount of RM0.12. 
  • For every day that this loan instalment goes unpaid, an additional RM0.12 will be added to the repayment amount. 

Your late interest rate can be found in your Moneylending Agreement. To find out the total late interest amount charged for your loan, please check your loan statement that’s found in the My Loan section of our Loans feature. Scroll down and select either ‘Export to PDF’ or ‘Export to CSV’ to view your statement.

Why are my upcoming repayments displayed in red in the app?

If your repayments are displayed in red, that means your instalment is either due today or overdue. Pay it off as soon as you can to avoid late fees, or make a partial repayment to bring down your outstanding balance. 

All repayments can be viewed in the Past Payments section of our Loans feature. 

Can I make a partial repayment? How do I make one?

Yes you can! Partial repayments can help bring down your outstanding balance if you can’t commit to paying an instalment in full for the time being. 

And here’s how to make a partial repayment in the app:

  • Tap on Loans in the Payments tab.
  • Under the My Loan section, scroll down and look for Manual Repayment. 
  • Select on ‘Repay any amount’ and key in the amount you’d like to pay. 

You can view a breakdown of your repayment in the Past Repayments section of the Loans feature. 

Can early partial repayments bring down my total interest amount? 

Choosing to partially repay your loan instalment won’t change your total interest amount. Your partial repayment will follow the same interest rate that’s stated in your loan offer and Moneylending Agreement.   

Making an early partial repayment can help you avoid late fees and any additional charges that can affect your credit score. Paying off your debts as quickly as you can is a great way to build healthy financial habits for a good credit score.

If you make a partial repayment, your payments will be taken in the following order:

  1. Late interest
  2. Fees
  3. Loan interest
  4. Principal 

Here’s an example of how this works:

You have an overdue instalment of RM100, and you make a partial repayment of RM50. 

  • Your overdue instalment consists of RM10 of late interest, RM15 of loan interest and RM75 for the principal. 
  • After paying RM50, your instalment consists of RM50 for the principal. Any additional fees have been paid off with this partial repayment.
Can I pay my loan in full early?

Yes you can! Here’s how:

  • Tap on Loans in the Payments tab. 
  • In the My Loan section, scroll down to find Manual Repayment. 
  • Tap on ‘Repay in full’ and enter the total outstanding repayment amount to pay down your loan early.
Where can I view my loan statements?

Your loan statements will consist of active loans, which are loans that you are still paying off, and settled loans, which are loans that have been paid off in full. 

Here’s where to view your current loan statements:

  • Go to the My Loan section of the Loans feature. 
  • Scroll to the bottom. You’ll find two buttons, labelled ‘Export PDF’ and ‘Export CSV’ respectively. 
  • Select which format you’d like to view your loan statement in. 

And here’s where to view your past loan statements:

  • Go to the History section of the Loans feature. 
  • Select the loan you’d like to view the statement for. 
  • Scroll to the bottom. You’ll find two buttons, labelled ‘Export PDF’ and ‘Export CSV’ respectively. 
  • Select which format you’d like to view your loan statement in.

Payments & dashboard questions

How do I keep track of my repayment dates?

Your repayment schedule can be viewed under the Repayment Schedule in the My Loan section. This lets you see your repayment dates and instalments at a glance. 

You can also check your Moneylending Agreement to review your repayment dates.

Why am I getting a ‘Dashboard not up to date’ message in the app?

It can sometimes take a little while on our end to process your repayments. While we’re doing this, you may get a message in the app saying, ‘Dashboard not up to date’. It should be removed once your repayment has been processed, and your transaction will be shown in the Past Repayments section of My Loan. 

If you’re unsure of what to do next, please reach out to us over live chat in the app and we’ll be happy to help!

I’m trying to make a repayment but the Manual Repayment option isn’t available. What should I do? 

If you can’t access Manual Repayment, it’s probably because we are still processing your previous repayment. To make sure every loan instalment is accurately accounted for, Manual Repayment is turned off until all repayments have been successfully processed on our side. 

If you have any concerns about your transaction, please connect with us over live chat in the app and we’ll be happy to help!

I can’t seem to make a successful loan repayment. What should I do?

There’s a chance that a technical issue is preventing your payment from going through. This is usually shown with an error message saying, ‘Something went wrong’. If this happens, you can try making the repayment again as no money should have been debited from your account. 

Tried again and can’t make the transaction? Please reach out to us over live chat in the app and we’ll be happy to help. 

Why are my loan disbursements and repayments not reflected in the Analytics feature of the app?

Our Analytics feature tracks your expenditure, not cash flow. Loan repayments are not considered as a form of expenditure, as you are paying back the loan money that was borrowed previously. 

To help manage your finances, you can track how you’re using your loan money in the Analytics feature. This can be in the form of card transactions, ATM withdrawals, and bank transfers to name a few. 

We’re always working on improving our features to help you make the most of your money. So stay tuned for future updates for our Analytics feature! 

Got ideas or suggestions for us? We’d love to hear from you. Please connect with us over live chat in the app and tell us more!

Settling your loan

I’ve paid my loan in full. Can I still view past repayments and loan applications?

Congratulations! Once you’ve paid down your loan, you can view all past repayments, statements, and other details under History in the My Loan section. 

You can also view past loans and previous loan applications here too.

I’ve paid my loan in full, but I’m seeing an outstanding balance in the app. What’s happening?

If this happens, don’t worry! It can take us a little while to process your payment, so please check back later. Most repayments are processed within a few minutes. If this takes longer than usual, you can try refreshing the Loans feature, or closing and restarting the app. If this doesn’t work, connect with us directly over live chat in the app and we’ll be happy to help.