Personal loan

Is TNG eWallet launching a personal loan product on April 1?

Touch ‘n Go Digital, the company behind the TNG e-wallet, appears to be launching a new financial product very soon. At first glance, it could be a personal loan or possibly a Buy Now Pay Later (BNPL) feature.

The teaser image shows a man staring at what appears to be an empty fridge, along with the text “No more mid-month shortages!” Our new feature is what you’ve been waiting for! Coming Soon.” According to TNG eWallet, the feature will be unveiled on Friday, April 1, 2022.

If you want to be the first to know, you can register your mobile number with TNG Digital. Interestingly, there is a social sharing box that mentions “Woohoo! I am eligible to receive up to RM10,000 from Touch ‘n Go eWallet!”, which likely implies that individuals can apply for loans of up to at RM 10,000. We will have to wait until next Friday to find out more about this new offer.

Earlier this month, BigPay launched what it claims is Malaysia’s first all-digital personal loan product. At the moment, the BigPay personal loan service is not officially rolled out to everyone, but interested customers can put their names on a waiting list. From our preview, BigPay offers unsecured loans ranging from RM1,000 to RM5,000 with an interest rate of 8% per annum. Customers can choose a repayment period of 6, 9 or 12 months.

Lately, we are seeing an increase in BNPL and personal loan offerings from FinTech and eWallet players. Grab has been offering BNPL for some time now, while Boost has announced plans to offer BNPL as well as micro-finance for small businesses. This feature is useful for customers who do not have access to credit cards as it allows them to spread payments over 3 or 4 months without additional interest.

Meanwhile, digital personal loans can be helpful for the unbanked community as they can now access credit with instant approval. These facilities can be used for medical emergencies or home repairs by users who run out of money before payday.

In case you missed it, TNG eWallet recently introduced new restrictions to limit credit card withdrawals and transfers. They have implemented a transferable and non-transferable e-wallet balance that prevents certain funds from being transferred to other e-wallets or bank accounts if you have reached your monthly quota.

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