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Malaysia is home to a very large number of e-wallets; all of which are jockeying for position in a limited market. This is great because having more choices is a good thing for consumers. However, it can get overwhelming when faced with making the decision of which e-wallet is the safest for you. Do you value security over all else? Maybe you want cashback and the best rewards? Or perhaps you want something that isn’t locked into a single ecosystem? Most popular e-wallets and their features For the purpose of this comparison we will leave out e-wallets that partner with credit card providers like AEON Wallet App and BigPay as they have different guidelines for security due to their prepaid cards. [table id=1237 /] At a glance, all the e-wallets come with basic features like QR code for payment scanning and built-in loyalty functions. However, a closer inspection reveals that not all e-wallets are the same. When we compare e-wallet features on areas such as ease of use, security, technology and protection against fraud, a clearer picture emerges. General use For the most part, all four e-wallets are working to convince as many merchants as possible to sign up and accept their payments. Boost is widely used among Malaysians, not so much because of the number of merchants but rather its heavy use of cashback promotions to entice users into spending money through it. GrabPay exists mainly to draw more users into the Grab ecosystem; where it aims to provide everything from transportation to delivery services. In this respect, it sees less emphasis on physical stores. At least, for now. WeChat Pay is one of the newer entrants into the Malaysian market, riding on its success in China. For the most part, it is focused on catering to Chinese tourists visiting the country and spends more time worrying about competing with rival Alibaba instead of local e-wallets. The Touch 'n Go eWallet is among the prominent pioneers on the market and has been actively increasing its reach nationwide. There are now 70,000 merchant acceptance points; among them, mainstream retail players like TGV Cinemas, TeaLive, KFC, and Jaya Grocer which have come on board. It has also partnered with state water utilities like SYABAS to allow the payment of bills through the app. The recent fasting season also saw the Touch 'n Go eWallet conduct a takeover of a Ramadan bazaar in Kg Bharu, where over 400 stalls accepted payments through the e-wallet. Similarly, Touch ‘n Go eWallet also has a strong grip over the SS2 market. Touch 'n Go eWallet has an option for dynamic QR code payments as well, which means a new code is generated for each transaction on the customer’s side. The app also has the PayDirect feature, which allows users to link their Touch ‘n Go card to the e-wallet. Doing this allows the user to have their toll fares deducted when they tap their Touch ‘n Go Card on the reader or utilise their existing SmartTAG. In addition, the Touch ‘n Go eWallet is the platform for the new RFID payment system at open-system toll plazas. This is a great effort by Touch 'n Go eWallet to immerse itself into the lifestyle of its users instead of attempting to trap them in its own ecosystem. Security and technology There’s more to the use of e-wallets than just where to buy things. After all, this is a service that will be handling both your personal data and your hard-earned money. For all intents and purposes these are financial institutions in practice, if not by name. Your primary concern is often what happens if something goes wrong. Can someone steal your e-wallet credit? What if the payment doesn’t go through? Thus far, there have been few reports of e-wallets suffering security breaches in Malaysia. The only major incident happened to Boost in March 2019; although that seemed to stem from cybercriminals using social engineering to steal login credentials. The credentials were then used to steal some RM2,000 from the e-wallet owner, with police launching an investigation to see if the funds could be tracked down. For the most part, it is the Touch 'n Go eWallet and WeChat Pay that have invested the most into cybersecurity. Touch 'n Go eWallet employs a sophisticated security system powered by artificial intelligence (AI) and machine learning (ML) technologies. The system learns a user’s usage patterns and monitors it in real-time for unusual activity. Behind this is an additional layer of human intervention, ensuring that the AI doesn’t accidentally flag anything that falls outside its required parameters. Money-back Guarantee The Touch 'n Go eWallet stands out among the crowd when it comes to additional security for users. This added layer of assurance against losses suffered through fraudulent transactions puts the Touch 'n Go eWallet ahead of its competitors. Should an unauthorised transaction take place, the Touch 'n Go eWallet has a Money-back Guarantee policy. The affected user will receive a full refund to his/her e-wallet from the company within days, after a claim is filed through the form that can be found on the TNG Digital website or in the Touch 'n Go eWallet app. In order to qualify for the Money-back Guarantee, you will first need to verify your account by taking pictures of the front and back of your NRIC through the app. You will then be required to send a selfie to verify that you are indeed the owner of the account and the NRIC. Once verified, you will be able to report any unauthorised transaction within 60-days of the incident and request a full refund within five working days. The funds will be credited back into your Touch 'n Go eWallet, and you will be able to carry on knowing that Touch 'n Go eWallet has you covered. Verdict Who provides the safest e-wallet experience for you? At a glance, it looks like a toss-up between the Touch 'n Go eWallet and WeChat Pay. While both offer similar promises in terms of security technology, employing AI and ML to prevent breaches that could affect customers, Touch 'n Go eWallet goes the extra mile. Touch 'n Go eWallet adds a layer of customer protection through the Money-back Guarantee. This ensures that customers have an avenue to seek a solution when problems arise. After all, it is not always the fault of the app when a security breach occurs. Users can also be assured that their personal data is safe. Touch 'n Go eWallet complies with the data protection laws in Malaysia, promising that customer privacy is a priority for the company. This policy ensures that your personal information does not end up in the hands of unauthorised persons or organisations. If you value both security and privacy, Touch 'n Go eWallet is your best bet right now. It offers practical features and long-term benefits to its users, rather than short-term goodies to encourage usage. When it comes to e-wallets, security should always trump short-term deals.

The post Which Is the Safest e-Wallet For You? appeared first on iMoney Malaysia.

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For the first time in the history of The Economist’s Worldwide Cost of Living Survey, three cities share the number one spot as the most expensive cities: Singapore, Hong Kong, and Paris. Notably, Singapore has been cosy in the top spot for some time since it was crowned the most expensive city in 2018 as well. Despite being at the 88th position, Kuala Lumpur is often compared to Singapore due to their proximity with each other. Singaporeans and Malaysians are constantly keeping an eye on the cost of living in these countries as migrations for job opportunities are common between the two countries. At first glance, after factoring in the currency conversion rate (1 Singaporean dollar is equivalent to RM3.06 at the time of writing), the cost of living in Malaysia would seem much cheaper to a Singaporean. However, once you take into account each country’s average salary and currency strength, a different picture emerges. Not only do Singaporeans earn a higher average monthly disposable salary (S$4, 061.10) than Malaysians (RM3,486.49), the weaker Ringgit (US$1 = RM4.15) means that it costs Malaysians more to purchase imported goods compared to Singaporeans (US$1 = S$1.35). So what exactly is the difference between the cost of living in Singapore and Malaysia? How much would you be able to save and spend in each country? View our infographic to find out.   This article was first published on iMoney Singapore.

The post Malaysia vs Singapore: Which Country Is Cheaper To Live In? appeared first on iMoney Malaysia.

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Owning a home you can truly call your own represents the ultimate dream for just about anyone. But with escalating real estate prices and lengthy loan repayment periods that span 30 years or more, buying and financing a home is not just a matter of saying “I like it” and signing on the dotted line. It is something that should be done with a great deal of sense and prudence. For all aspiring Malaysians who are actively considering buying a home by taking a loan, here are three things to determine if you’re financially ready to undertake this life-changing endeavour: 1) Do you have enough for the upfront costs? In Malaysia, most banks offer up to 90% of the property’s price (margin of financing) for your first two residential properties. If you receive that 90%, you need to prepare a 10% down payment to cover the rest of the property’s price. Say you’re targeting to buy a condo in Cheras that’s going for RM400,000. You must have a minimum of RM40,000 for the down payment, be it from your savings or money from your parents or siblings. 2) Do you have extra cash for miscellaneous fees and charges? First-time home buyers may not know it, but buying and financing a home takes more than just the deposit and the loan. It also involves miscellaneous fees and charges that include: [block]
  1. Stamp duty for the transfer of ownership title (also known as a memorandum of transfer or MOT) = 1% for the first RM100,000; 2% on the next RM400,000, and 3% on the subsequent amount
  2. Sale & Purchase Agreement (SPA) legal fees = 1% for first RM500,000, 0.8% for the next RM500,000 and 0.5% to 0.7% for subsequent amount
  3. Stamping for SPA = Less than RM100
  4. SPA legal disbursement fee = A few hundred ringgit
  5. Loan agreement legal fees = 1% for first RM500,000 (of loan amount), 0.8% for the next RM500,000 and 0.5% to 0.7% for subsequent amount
  6. Stamp duty for loan agreement = 0.5% of loan amount
  7. Loan Facility Agreement legal disbursement fee = A few hundred ringgit
  8. Fee for transfer of ownership title = A few hundred ringgit
  9. Government tax on legal agreements = 6% of total lawyer fees
  10. Bank processing fee for loan = RM50 to RM200
[/block] *Note: The percentages are based on recommended numbers and industry averages. Actual figures may differ. Here’s what your major initial costs could look like: [table id=1242 /] 3) Can you afford to pay the monthly instalment? Unless you have the financial muscle to buy a property with cash upfront, you’ll need to secure a loan from a bank or a financial institution to help pay for your home. Based on the current market rate of 4.5% p.a. interest for a standard home loan and a 10% down payment, here’s how much you pay in monthly instalments:

Monthly instalment payable home loan (4.5% interest rate, 35-year tenure)

[table id=1243 /] You can also use iMoney’s home loan calculator to automatically estimate your monthly instalments. As most financial experts recommend that you allocate no more than one-third of your total income to pay off your home loan, this means you or your household should have an income of at least RM6,390 per month to afford an RM500,000 home. Take note that Malaysian banks generally allow you to hold loans (including car loans, personal loans etc.) of up to 70% of your income if you have a relatively good credit score, so you can always choose to increase your monthly instalment and shorten your loan term. But make sure you’ve done the math and understood the financial implications before you commit! Affordable housing schemes in Malaysia Saving up tens of thousands of dollars to buy a home is no small feat. If you need help, look into the following schemes: 1. My First Home Scheme / Skim Rumah Pertamaku This scheme allows homebuyers to obtain 100% financing from financial institutions, enabling them to own a home without having to pay a 10% down payment. Eligibility: For properties between RM100,000 and RM400,000; homebuyer must be 35 years old and below with an income not exceeding RM5,000 a month. 2. MyHome This scheme offers subsidies of up to RM30,000 per home. Eligibility: For properties between RM80,000 and RM300,000; homebuyer must be a first-time buyer with a household income between RM3,000 and RM6,000 3. BSN MyHome (Youth Housing Scheme) This scheme is designed to help youths own their first home. Under the scheme, there is a 100% of stamp duty exemption on the transfer of ownership and facility documents for property price up to RM300,000. The government will also help homeowners manage their monthly instalments by providing RM200 a month for the first two years. Eligibility: For properties between RM100,000 and RM500,000; homebuyer must be a first-time buyer with a household income not exceeding RM10,000 a month 4. Rumah Selangorku This scheme aims to provide affordable homes to middle-income earners in the state of Selangor. Eligibility: For properties between RM42,000 and RM250,000; homebuyer does not already have a property in Selangor, and has a household income not exceeding RM10,000 a month 5. Residensi Wilayah This scheme aims to provide affordable homes to middle-income earners who work and stay in Wilayah Persekutuan. Eligibility: For properties between RM52,000 and RM300,000; homebuyer must be staying and working in Wilayah Persekutuan and have a monthly income below RM10,000 What if I don’t qualify for these housing schemes? All hope is not lost. For a start, you may consider looking around for properties with free SPA and loan facility agreements to save thousands of Ringgit in legal fees. This should be relatively simple as most new property projects commonly absorb the costs of legal agreements for home buyers. To cut down on the initial payment needed to buy a home, actively shop around for properties with low initial down payments. Many developers now offer competitive early bird or “easy entry” sales packages which include rebates of between 2% to even 10% of the property price. Ultimately, buying a home is a serious life decision that shouldn’t be taken lightly. Though owning a home in a posh area is always nice, one should always consider one’s financial position when it comes to buying property, so you don’t end up being overly burdened for the next few decades. Hopefully, this article will serve as a general guide for all Malaysians who are thinking about buying a home now. With our mortgage calculator, you can easily calculate your loan’s interests and your monthly repayment! This article was originally published on 27 February 2013.

The post Are You Financially Ready To Buy A House In Malaysia? appeared first on iMoney Malaysia.

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It’s not easy supporting a family. Money doesn’t seem to hang around for very long, and you do everything you can to reduce bills. After all, every penny saved can be spent on something nice for the household. Despite this, many married couples tend to live with separate expenses for their mobile data subscriptions. Separate lines, with separate bills, and separate usage patterns. Once children are added to the picture, the number just keeps increasing. Modern families will often provide children above a certain age with smartphones in order to keep tabs on them. It’s much better than waiting for them to get home to ask them if they want dinner. MaxisONE Share There is, as there always is, a budget friendly solution to keeping a family connected. MaxisONE Share introduces the lowest cost sharing plan for families, and even takes into account the need for everyone to be equipped with the latest devices. How does it do this? By opening the Maxis Zerolution offer to every line, including supplementary lines. The following table shows the cost of ownership for a Huawei P30 Pro with 256GB storage on a MaxisONE share supplementary line compared to one from competing telco supplementary lines. [table id=1221 /] As can be clearly seen from the table, MaxisONE Share offers the lowest total cost for smartphone ownership. Providing savings of RM1,536 compared to its nearest competitor. The savings comparison increases when mid-range devices are involved. This provides a better deal for families that are less affluent. [table id=1222 /] Other telcos do not extend their savings to supplementary lines. This raises the overall cost for a family due to the necessity in buying two principal lines to get lower device costs. The following shows how the MaxisONE Share scheme helps two people save compared to having two principal lines from competing telcos. [table id=1223 /] For the whole family Based on the savings, it would be better for any family to shift to a sharing plan in order to reduce costs. Especially those with children and would like to start putting a little money aside for their future. The following is a breakdown of what a family of four may end up spending in a regular month on their phone bill alone. Children are usually left on prepaid plans. Both because it is cheaper on the parents and to help teach them to manage their finances and to control their Internet access. With MaxisONE Share, the parent with the principal line has the option of using the MyMaxis App to control the child’s data allowance from the family DataPool. This is a built in feature that is free-of-charge. [table id=1224 /] Alternatively, the cost could look like this using MaxisOne Share. [table id=1225 /] While this alternative bumps the principal line up to a MaxisONE Plan 158, it decreases the monthly cost for the rest of the family. Now, the overall monthly payments have been reduced by a substantial RM74, which translates into savings of RM1,776 over the 24 month contract. Add the reduced device costs that Maxis’ Zerolution programme offers to MaxisONE Share and you have a dramatically reduced monthly phone bill. The price of everything is constantly increasing, so wouldn’t it be nice to be able to reduce your expenditure somewhere? [block]Click here to find out more about MaxisONE Share[/block]

The post Spend Less Each Month With Family Sharing Mobile Plans appeared first on iMoney Malaysia.

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Terdapat banyak mitos dan tanggapan salah tentang bagaimana skor kredit peribadi kami berfungsi. Adakah skor kredit ditentukan oleh Sistem Maklumat Rujukan Kredit Pusat (CCRIS) Bank Negara Malaysia? Skor kredit adalah skor tunggal yang menunjukkan kesihatan kredit anda. Ini merupakan cara paling boleh dipercayai untuk memaklumkan anda mengenai kedudukan kewangan anda. Ia juga memberikan anda petunjuk sama ada bank akan meluluskan permohonan pinjaman atau kad anda. Anda mungkin berfikir terdapat banyak perkara yang boleh menjejaskan skor kredit anda tetapi ini sebenarnya tidak betul. Berikut adalah beberapa mitos paling biasa tentang skor kredit: 1. Umur saya menentukan skor kredit saya. [table id=1226 /] Umur tidak diambil kira apabila anda meneliti pecahan pemarkahan kredit. Ramai yang berpendapat bahawa jika mereka lebih muda, maka skor kredit mereka adalah lebih rendah. Pada hakikatnya, umur anda tidak penting. Apa yang penting ialah bagaimana anda menguruskan kredit anda. Sebagai contoh, menggunakan kad kredit dan membayar bil dengan sepenuhnya pada setiap bulan boleh membantu anda mewujudkan skor kredit yang sihat walaupun anda masih muda. 2. Skor kredit pasangan saya mempengaruhi skor kredit saya. [table id=1227 /] Jika pasangan anda pernah mengalami masalah kewangan pada masa lalu, jangan biarkan ini menghentikan anda daripada berkahwin dengannya! Skor kredit peribadi anda tidak akan terjejas oleh skor kredit buruk pasangan anda. Walau bagaimanapun, apabila memohon untuk kredit bersama seperti pinjaman rumah bersama, gabungan skor kredit anda mungkin adalah lebih rendah daripada skor peribadi anda dan ini boleh menjejaskan keupayaan anda untuk mendapat pinjaman. 3. Mengelakkan hutang sama sekali akan membuat skor kredit saya sihat. [table id=1228 /] Kehidupan tanpa hutang mungkin dianggap sebagai idea yang baik, namun demikian, ia mungkin menyebabkan anda lebih sukar mendapat pinjaman apabila anda memerlukannya. Apabila pemiutang meneliti pengalaman seseorang dalam pengurusan hutang, mereka ingin melihat bahawa anda boleh melakukan pembayaran secara konsisten dan tepat pada masanya setiap bulan, sebelum memutuskan sama ada mereka ingin memberikan anda kredit atau pinjaman. Mempunyai sejarah pembayaran yang baik adalah penting untuk membuktikannya. Tidak mengapa jika anda mempunyai hutang. Jika anda mampu membayar semua hutang anda tepat pada masanya, ia tidak akan menimbulkan masalah kepada skor kredit anda. 4. Anda tidak perlu menyemak skor kredit anda secara berkala. [table id=1229 /] Satu bahagian penting yang membentuk skor kredit ialah sejarah kredit anda. Bahagian ini boleh mempengaruhi skor kredit anda dengan mudah, tetapi ia juga bahagian yang anda boleh memperbaiki dengan cepat. Maklumat yang digunakan dalam bahagian ini dihasilkan daripada laporan Sistem Maklumat Rujukan Kredit Pusat (CCRIS) anda. Oleh itu, skor kredit anda akan berubah dari semasa ke semasa apabila anda memperbaiki pembayaran anda, atau ia akan menjadi lebih buruk jika anda terlepas melakukan apa-apa bayaran! Untuk mengekalkan kesihatan kewangan yang baik, anda disyorkan untuk menyemak skor kredit anda sekali setiap tiga bulan. 5. Menjelaskan rekod negatif bermakna ia dikeluarkan daripada laporan kredit saya. [table id=1230 /] Laporan kredit anda merekodkan sejarah kredit anda sehingga satu tahun. Hutang yang dijelaskan tidak bermakna rekod kredit yang negatif, seperti pembayaran lewat akan dikeluarkan daripada laporan kredit anda, tetapi ia akan ditunjukkan sebagai “dibayar”. Skor kredit anda akan mempertimbangkan laporan CCRIS anda dalam pengiraan skor, oleh itu, rekod yang negatif dijangka mempunyai kesan sehingga ia tidak lagi dipaparkan dalam laporan anda. 6. Jika saya membayar baki kad kredit saya tepat pada masanya setiap bulan, saya akan mempunyai skor kredit yang sempurna. [table id=1231 /] Anda sentiasa digalakkan untuk membayar baki kad kredit anda sepenuhnya dan tepat pada masanya setiap bulan. Namun demikian, ini tidak semestinya menjamin skor kredit yang cemerlang bagi anda. Faktor lain yang dipertimbangkan dalam skor kredit anda ialah campuran kredit, penggunaan kredit, sejarah kredit, rekod undang-undang dan tempoh sejarah kredit, dan juga jika anda menggunakan terlalu banyak had kredit anda. Jika anda mencaj RM9,000 pada kad yang mempunyai had RM10,000, skor anda masih akan menunjukkan anda menggunakan 90% daripada kredit tersedia anda, walaupun jika anda melakukan pembayaran tepat pada masanya. Sebagai perbandingan, jika anda mencaj RM5,000 pada kad yang sama, skor anda akan menunjukkan bahawa anda hanya menggunakan separuh daripada kredit tersedia anda. Anda boleh mengimbangi ini dengan meminta had yang lebih tinggi atau menggunakan beberapa kad yang berbeza untuk membayar bil setiap bulan. Lagi rendah nisbah hutang kepada kredit anda, lagi baik skor kredit anda. 7. Skor kredit yang rendah menjejaskan kredit saya selama-lamanya. [table id=1232 /] Skor kredit anda adalah tidak kekal dan akan berubah mengikut perkembangan dalam pengurusan kredit anda. Lakukan apa yang diperlukan untuk mendapat kredit yang baik, dan anda akan ditawarkan kadar yang lebih baik untuk pinjaman anda. Rekod kredit yang negatif pada masa lampau lama-kelamaannya tidak akan begitu bermakna, selagi anda mengekalkan skor yang lebih tinggi. 8. Menutup akaun kredit akan meningkatkan skor kredit saya. [table id=1234 /] Selepas membayar hutang kad kredit, anda mungkin berfikir lebih baik anda menutup akaun. Walau bagaimanapun, langkah ini boleh menjejaskan skor kredit anda, sebab pemiutang melihat pengalaman dengan akaun yang lama dipegang. Jika anda mempunyai kad kredit untuk tempoh yang lama, pertimbangkan untuk mengekalkannya walaupun selepas anda menjelaskan hutang. Ini akan menunjukkan kemampuan anda untuk menguruskan kredit dari semasa ke semasa. 9. Mengurangkan had kredit akan meningkatkan rekod kredit saya. [table id=1235 /] Pernahkah anda berfikir untuk menurunkan had kredit anda kerana takut anda akan lebih berbelanja dan mendapat bil yang besar? Fikirkan semula. Dengan mengurangkan had kredit, anda boleh menjejaskan skor kredit anda. Anda kelihatan mempunyai lebih kepercayaan kredit jika anda hanya menggunakan sebahagian kecil daripada keseluruhan kredit tersedia anda, atau mempunyai nisbah penggunaan kredit yang rendah. Malah, jika jumlah hutang bagi kad anda menghampiri tahap had kredit, maka skor anda akan terjejas. Walau bagaimanapun, anda perlu berhati-hati kerana mempunyai had kredit yang tinggi boleh menyebabkan anda menggunakan kad anda dengan lebih kerap, jadi kawalan diri adalah penting di sini. 10. Jumlah faedah yang dibayar ke atas akaun kredit akan mempengaruhi skor kredit saya. [table id=1236 /] Jumlah faedah yang anda bayar atas baki yang tinggal dalam akaun kredit anda tidak akan menjejaskan skor anda. Rekod terbukti mengenai tingkah laku kewangan yang baik serta masa akan mempunyai kesan paling ketara ke atas skor anda. Adalah bijak bagi anda membayar bil tepat pada masanya, berusaha untuk mengurangkan hutang dan membetulkan apa-apa ketidaktepatan. Memahami fakta yang sebenar di sebalik mitos skor kredit akan membantu anda memperoleh skor cemerlang dalam pengurusan kredit anda. Jadi, luangkan masa untuk menjaga skor kredit anda, dan anda akan meraih manfaat apabila tiba masanya untuk mendapat pinjaman besar!

The post 10 Mitos Biasa Tentang Skor Kredit Yang Perlu Dibetulkan appeared first on iMoney Malaysia.

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      Being a parent changes everything, including your finances. As you prepare to welcome your first child into the world, you may see a huge shift in your financial priorities. After all, you’re no longer supporting just yourself and your spouse – there’s someone new in the picture, and he or she will depend on you financially for the next 20 or so years. Are you aware of the financial considerations you need to make when you become a parent? Read our infographic to find out.

The post What Financial Considerations Do You Need To Make In Each Stage Of Parenthood? appeared first on iMoney Malaysia.

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Anda mungkin pernah mendengar istilah skor kredit, tetapi anda mungkin tidak sedar betapa besar kesannya ke atas kehidupan anda. Setiap keputusan kewangan yang anda lakukan, setiap kad kredit yang anda miliki atau inginkan, setiap pinjaman yang anda perlukan – semuanya dikaitkan kepada skor kredit anda. Skor kredit adalah penarafan yang diberikan oleh agensi penarafan kredit untuk kesihatan kredit anda. Jika anda membayar hutang secara konsisten – sama ada pinjaman kereta, pinjaman pelajar atau kad kredit – maka kesihatan kredit anda adalah baik kerana anda mungkin mempunyai skor kredit yang tinggi. Walau bagaimanapun, jika anda sentiasa terlepas bayaran bulanan anda, maka skor anda mungkin tidak begitu baik. Ini adalah sesuatu yang anda mahu elakkan. Skor kredit yang baik bermakna bank kemungkinan besarnya ingin berurusan dengan anda, dan lebih cenderung untuk meluluskan permohonan pinjaman dan kredit anda. Walau bagaimanapun, jika ini bukan keadaan anda, berikut adalah beberapa perkara yang mungkin berlaku jika anda mempunyai skor kredit yang buruk: 1. Anda mungkin ditolak untuk kad kredit yang memberi ganjaran. Kad kredit boleh membantu anda menjimatkan wang – jika digunakan dengan betul – dan memperoleh pelbagai ganjaran. Sebagai contoh, kad kredit tertentu melayakkan anda mendapat tawaran tiket wayang ‘beli 1, percuma 1’ atau memberikan pulangan tunai apabila anda mengisi petrol atau menggunakan Grab. Terdapat juga kad lain yang memberikan tawaran untuk barangan runcit dan tempat makan. Kad kredit juga berguna apabila anda mengembara ke luar negara, atau sewaktu kecemasan. Walau bagaimanapun, skor kredit yang buruk boleh menghalang bank daripada meluluskan permohonan kad kredit anda. Lagipun, bank tidak akan tahu jika anda benar-benar dapat membayar bil anda setiap bulan jika anda sentiasa terlepas bayaran. 2. Anda mungkin tidak boleh membeli kereta atau rumah. Bank adalah seperti rakan anda. Mereka mungkin meminjamkan wang kepada anda, tetapi reputasi anda sebagai seorang yang kedekut akan merebak jika anda “lupa” untuk membayar balik. Berhubung dengan bank, ini hanya bermakna anda tidak akan mendapat pinjaman kereta atau rumah. Walaupun pinjaman anda diluluskan, skor kredit rendah anda mungkin menyebabkan kadar faedah yang lebih tinggi bagi menampung risiko bank untuk memberi pinjaman kepada anda. Kadar faedah yang lebih tinggi bermakna ansuran bulanan yang lebih tinggi. Ini boleh dielakkan jika anda mengekalkan skor kredit yang baik. 3. Ia mungkin menjejaskan peluang pekerjaan. Anda mungkin tidak pernah terfikir tentang skor kredit anda apabila memohon pekerjaan – adakah sesiapa yang berbuat demikian? Anda harus berfikir mengenainya kerana bakal majikan mungkin akan menyemak kesihatan kewangan anda jika anda memohon jawatan kanan atau jawatan yang melibatkan kewangan. Jika skor kredit anda kurang memuaskan, bakal majikan mungkin menawarkan pekerjaan tersebut kepada orang lain. Majikan inginkan seseorang yang konsisten dan boleh dipercayai, dan skor kredit buruk anda mungkin menunjukkan yang sebaliknya. Jangan ambil risiko ini. Sebaliknya, jika anda mempunyai skor kredit yang baik, anda tidak perlu risau tentang kehilangan peluang kerja yang baik. 4. Ia mungkin menjejaskan hubungan anda. Bayangkan anda akan berkahwin tidak lama lagi dan tidak sabar untuk memulakan kehidupan baru anda. Anda dan pasangan anda membuat keputusan untuk membeli rumah bersama-sama. Anda memohon pinjaman rumah, hanya untuk mendapati permohonan anda ditolak – kerana salah seorang daripada anda mempunyai skor kredit yang rendah dan tidak menyedarinya. Ini mungkin akan menjejaskan hubungan anda kerana di samping tekanan persiapan perkahwinan, anda kini perlu memikirkan cara untuk memperbaiki skor kredit anda – satu proses yang akan memakan masa berbulan-bulan. Akibatnya, anda menunda membeli rumah impian anda atau memohon pinjaman peribadi supaya dapat menyatukan hutang anda. Pasangan perlu berterus terang tentang kesihatan kredit mereka dan bekerjasama untuk meningkatkan skor kredit mereka bagi mengelakkan apa-apa kejutan yang tidak diingini pada masa hadapan. Bank dan institusi kewangan lain akan sentiasa menggunakan kesihatan kredit anda sebagai rujukan sebelum berurusan dengan anda. Skor kredit anda adalah petunjuk baik untuk bank melihat anda sebagai pelanggan berpotensi. Untuk mengelakkan empat senario yang tidak diingini di atas, pastikan anda sentiasa mengekalkan skor kredit yang baik dengan membayar hutang bulanan anda secara konsisten. [block]Tidak sabar untuk mengetahui skor kredit dan menilai kesihatan kewangan anda? Lakukannya sekarang di CreditScore iMoney. Ia mengambil masa kurang dari 10 minit dan ia benar-benar percuma.[/block]

The post 4 Keadaan Tidak Diingini Apabila Mempunyai Skor Kredit Yang Rendah appeared first on iMoney Malaysia.

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AIA has announced an expansion to its A-Plus Health medical rider. As an addition to the Health Wallet feature, this does not mean direct coverage. Rather it comes as a side benefit for not making any other claims. Up to RM1,500 per year can be claimed from the Health Wallet to cover expenses for six mental health conditions: Major Depressive Disorders, Post-Partum Depression, Schizophrenia, Bipolar Disorder, Obsessive-Compulsive Disorder and Tourette Syndrome. The Health Wallet is a part of the A-Plus Health rider; an addition to AIA's regular premium investment-linked plan. It allows an amount of funds to be credited into the wallet for each year that no claim is made from the A-Plus Health. These funds can then be used on a select number of care services and medical expenses that are not usually covered. Chief Marketing Officer of AIA Bhd, Heng Zee Wang said: “Mental health continues to remain a challenge for both the public and health industry due to the lack of data and understanding. While there is definitely more work to be done – AIA is happy to do whatever we can at this point to move the needle forward. One of the first steps we thought to address was seeking treatment, often one of the first barriers in the journey to mental health recovery. With this new feature, AIA hopes to enable more Malaysians to take that first step to seek professional help.” The Ministry of Health that the number of Malaysians suffering from mental health problems had a double digit increase between the years of 1996 to 2015; with 4.2 million people diagnosed.

The post AIA Introduces Coverage For Mental Health Conditions appeared first on iMoney Malaysia.

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Intrigued by the high returns promised by peer-to-peer (P2P) lending platforms, but sceptical about what they really entail? We’ll try to demystify P2P lending for you, as well as help you decide if you should (or should not) invest in it. What is P2P lending? P2P lending is when investors lend money to individuals and businesses through online platforms. This allows borrowers to obtain loans without having to go through the strict requirements of banks. P2P lending generally promises higher returns than traditional investments, but investors take on higher risk as well. Like traditional financial institutions, P2P lending platforms calculate interest rates based on the risk profile of the borrower. Pros: what are the advantages of P2P lending? High returns. Your return on investment with P2P lending can range from 10% to 18%. These are pretty high returns when compared to other investment options:
  • Fixed deposits: Fixed deposits in Malaysia offer interest rates of 3% to 4% per annum.
  • Unit trusts: Only 22 funds out of the 300+ unit trust funds available on Fundsupermart reported an annualised return of over 10% in the past year.
  • EPF: The Employees Provident Fund (EPF) declared a dividend rate of 6.15% for Conventional Savings and 5.9% for Shariah Savings for 2018.
  • Stock market: The S&P 500 Index (a stock market index that tracks the 500 largest US companies; often used as a benchmark among American and global investors) has an average annual return of around 8% since 1957.
Monthly returns. With P2P lending, you’ll generally start receiving monthly repayments a month or two after your initial investment, which is great if you like consistent returns on a monthly basis. Low initial investment. You need as little as RM50 to RM100 to start investing in P2P lending, although platforms like B2B Finpal and Funding Societies require an RM1,000 initial deposit. Control. You have direct control over which businesses to invest in. Don’t want to invest in education-related businesses, or only want to invest in Shariah-compliant businesses? It’s your call. Cons: what are the drawbacks of P2P lending? High risk. Businesses who apply for loans with P2P lending platforms tend to be startups or small businesses that aren’t well established – and startups are notorious for their high failure rate. These businesses tend to have lower credit ratings that make them ineligible for bank loans. When you invest with P2P lending platforms, you’re exposing yourself to higher credit risk, so be prepared for the possibility that a borrower will default on their loan. You could lose your entire principal. If borrowers default on their payments, you could lose the principal you have invested. Some platforms may take legal action against borrowers or work with them to propose alternative repayment solutions. Even so, your repayments are not guaranteed as you are an unsecured creditor. To mitigate these risks, it’s best to diversify your P2P portfolio. Don’t invest your entire portfolio in a single business. Instead, consider diversifying your investments across different industries, risk ratings and even platforms. This way, you lessen the impact of a default will have on your portfolio. Is P2P lending safe? P2P lending is regulated by the Securities Commission Malaysia (SC). Before you start investing on a P2P lending platform, check if it has been licensed under the SC. There are strict guidelines on who these platforms can offer loans to. SC-licensed platforms are required to conduct background checks on all potential issuers to verify their business proposition and assess their creditworthiness. P2P platforms reject around 70% of potential issuers. Licensed platforms don’t actually hold your money, but hand it over to a third-party trustee to manage. This is to minimise the possibility that P2P platforms will mismanage your funds. If the platform you invest with closes, the trustee will ensure that your ongoing loans still remain payable. Do I have to pay tax on my interest returns? Yes, you do. If you are a Malaysian tax resident, you need to declare the interest that you have earned when you file your taxes. Comparison of P2P lending platforms in Malaysia Here’s how the P2P lending platforms in Malaysians compare: [table id=1217 /] It’s best to choose P2P platforms that are reputable. As of 2018, Funding Societies, B2B Finpal and Fundaztic have the biggest market shares in Malaysia. Funding Societies takes the lead with over RM2.06 billion funds raised to date. In terms of number of investment deals available, Funding Societies and Fundaztic seem to come up top. However, Fundaztic has a much higher default rate (3.52%) than Funding Societies (1.26%). This suggests that Fundaztic is taking on higher-risk loans, which could translate into higher interest returns – if borrowers don’t default on their payments. On the other hand, if you want to invest in Shariah-compliant businesses, consider Nusa Kapital or microLEAP Islamic, although the number of investments available on these platforms may be limited. Does P2P lending have a place in your portfolio? If you can stomach the risk that comes with P2P lending, it may be worth including in your portfolio for its high returns. As it’s a high-risk investment, try to keep it to just a fraction of your portfolio. Balance out your portfolio with other lower-risk investments, such as bonds and retirement-scheme savings.

The post All You Need To Know About P2P Lending In Malaysia appeared first on iMoney Malaysia.

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Anda berusaha membayar bil anda tepat pada masanya setiap bulan dan sentiasa prihatin tidak melebihi had kredit demi meningkatkan kesihatan kewangan anda. Usaha anda sehingga kini telah membuahkan hasil dan anda berjaya meningkatkan skor kredit anda. Tetapi bayangkan kejutan anda apabila mendapati permohonan pinjaman peribadi anda ditolak walaupun keadaan kewangan anda teratur. Selepas kejutan tersebut reda, anda mungkin tertanya-tanya mengapa permohonan anda ditolak walaupun skor kredit anda amat baik. Skor kredit yang tinggi tidak menjamin kelulusan secara automatik Apakah skor kredit yang baik? [table id=1216 /] Mungkin anda telah mencuba CreditScore iMoney dan mendapati anda mempunyai skor yang melebihi 700. Anda juga tidak menerima apa-apa notis kutipan hutang atau notis pembayaran lewat pada tahun lepas. Ini memang berita baik, tetapi ia tidak menjamin permohonan bank anda akan diluluskan. Bank dan institusi kewangan tidak semestinya melihat skor kredit yang sama apabila menilai permohonan kredit anda. Ini adalah kerana bank juga mempunyai kaedah pemarkahan kredit dalaman mereka sendiri. Namun demikian, CreditScore iMoney anda pada amnya masih memberikan petunjuk yang baik sama ada permohonan kredit anda akan diluluskan atau tidak. Skor kredit yang baik boleh membantu anda mencapai banyak perkara dari segi kewangan, tetapi ia harus dianggap sebagai panduan sahaja. Bank mempunyai cara yang berbeza untuk menilai permohonan pinjaman, dan betapa pentingnya sejarah kewangan masa lampau anda, sama ada baik atau buruk, akan berubah. Penanda aras bank terhadap toleransi risiko adalah berbeza dan kriteria ini akan mempengaruhi pelaksanaan polisi kredit bank apabila anda memohon pinjaman atau meningkatkan kemudahan kredit anda. Walaupun anda telah membeli rumah dan kereta tanpa sebarang masalah sebelum ini, permohonan untuk mendapat kemudahan kredit yang baru hari ini masih boleh ditolak. Ingat, skor anda hanyalah satu daripada beberapa faktor yang digunakan oleh bank untuk menentukan sama ada kredit yang diminta oleh anda baru-baru ini untuk membeli kereta, rumah atau pinjaman peribadi harus dilanjutkan. Sebab-sebab utama skor kredit yang tinggi masih boleh ditolak Inilah sebabnya mengapa skor kredit yang baik tidak menjamin kelulusan secara automatik. Anda perlu prihatin tentang empat perkara ini dalam profil kewangan anda yang masih boleh membawa kepada penolakan:
  • Pekerjaan Bank ingin mengetahui jika anda boleh mendapat wang untuk membayar balik jumlah yang anda pinjam. Salah satu cara paling baik untuk berbuat demikian adalah dengan mengetahui jika anda mempunyai pekerjaan. Jika anda tidak dapat membuktikan anda mempunyai pekerjaan ketika anda memohon pinjaman, ini boleh menyebabkan penolakan secara automatik.
  • Syarat pendapatan Walaupun anda dapat membuktikan anda mempunyai pekerjaan, ini boleh membawa kesan negatif jika terdapat perubahan dalam jumlah pendapatan anda. Skor kredit anda tidak menunjukkan tahap pendapatan semasa anda, bagaimanapun, bank akan memerlukan anda mengisytiharkan maklumat penting ini. Jika pendapatan anda adalah lebih rendah daripada syarat yang ditetapkan oleh bank, walaupun dengan hanya beberapa ringgit sahaja, permohonan anda boleh ditolak.
  • Nisbah khidmat hutang (DSR) Jika bayaran balik bulanan untuk pinjaman perumahan, kereta, kad kredit atau pelajar anda pada masa ini memakan hampir 50% daripada pendapatan bulanan anda, bank mungkin memutuskan bahawa anda mempunyai terlalu banyak hutang untuk mengambil yang baru. Bank yang berbeza menggunakan nisbah yang berbeza untuk menentukan kelulusan kredit mereka. Bank Negara mengesyorkan agar rakyat Malaysia tidak mempunyai DSR yang lebih daripada 60%.
  • Pengumpulan hutang dengan cepat Betapa cepat hutang anda meningkat juga boleh memberi amaran kepada bank. Petunjuk seperti ini boleh dikesan jika anda melakukan permohonan kredit berkali-kali dalam beberapa bulan kebelakangan ini. Bank mungkin melihat pengumpulan hutang dengan cepat sebagai sesuatu yang luar biasa. Mengambil terlalu banyak hutang terlalu cepat juga boleh menyebabkan permohonan anda ditolak.
Walaupun anda telah menjelaskan semua perkara di atas, alasan mudah seperti sejarah kredit anda terlalu pendek atau anda tidak mempunyai pengalaman kewangan yang mencukupi juga boleh menyebabkan permohonan anda ditolak. Jangan lupa untuk menyemak permohonan anda sekali lagi sebelum menghantarnya sebab kesilapan kecil juga boleh menyebabkan permohonan anda ditolak. Terlepas pandang butiran kecil seperti memberikan maklumat peribadi dengan tepat tanpa ejaan salah, atau tidak mengira dengan betul, boleh membawa kepada permohonan yang tidak lengkap atau menyebabkan bank tidak boleh mengesahkan butiran peribadi anda. Apakah yang anda boleh lakukan selepas ini? Jika permohonan anda ditolak, adalah penting anda mengambil langkah untuk mengetahui mengapa pinjaman anda tidak diluluskan. Jika anda mempunyai salah satu profil kewangan seperti yang disenaraikan di atas, luangkan masa untuk menangani isu-isu tersebut dengan sewajarnya. Bergegas untuk memohon semula tanpa menangani masalah ini hanya akan menjejaskan lagi reputasi kewangan anda walaupun skor kredit anda masih sama. Sebaik sahaja anda berada dalam kedudukan yang lebih baik untuk memohon semula, anda juga seharusnya mengelak daripada melakukan sebarang perubahan kewangan yang besar apabila anda mengemukakan permohonan anda. Kekalkan tingkah laku perbelanjaan dan kredit yang terbaik ketika permohonan anda sedang dinilai. Walaupun skor kredit anda bukan satu-satunya faktor yang dipertimbangkan oleh bank dalam menentukan kelayakan anda mendapat pinjaman, perlu diingati bahawa ia berfungsi sebagai petunjuk yang sangat baik terhadap peluang anda mendapat kelulusan. [block]Anda seharusnya menyemak CreditScore iMoney anda setiap tiga hingga enam bulan bagi memastikan anda berada di landasan yang betul dalam mengekalkan skor kredit kukuh anda.[/block]

The post Inilah Sebabnya Pinjaman Anda Ditolak Walaupun Skor Kredit Anda Baik appeared first on iMoney Malaysia.

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