RinggitPlus Review: Personal Experience of a RM15k Personal Loan

There’s a lack of RinggitPlus review from real people out there. Here’s my personal experience on taking a personal loan from RinggitPlus.

ringgitplus review

RinggitPlus Review

RinggitPlus is a Malaysian fintech web portal that mainly offers financial product comparisons and articles. I find that their website was quite informative and they break down the features about the specific products to make it easy for common people to understand.

Gone are the days when you need to ask for the information from the specific bank or read the fine print in the brochures or application forms. Most of the most important details are right there on the product page.

You can search and filter based on specific banks or specific type of financial products. They have calculators for you to estimate the quantum of loan installments or fixed deposit interest payments.

RinggitPlus Personal Loan

My RinggitPlus review is a personal experience, rest assured I’ve tried it out for real. I took out a personal loan sometime around September 2019 since I saw an attractive offer via a Facebook ad. At the time I chose to go for the Alliance Bank CashFirst Personal Loan and applied for RM15,500 to settle the oustanding balances on 3 credit cards.

I needed the loan to consolidate my credit card balances from my hugely expensive wedding into a lower interest rate loan with single monthly payment.

What’s interesting was the way they handle personal loan application – the initial part was very smooth and easy. You simply need to click on the relevant links and you’ll start getting WhatsApp messages.

The interaction is with their WhatsApp chatbot, after which your details will be forwarded to the bank and you’ll automatically get an email with the relevant documents to fill in.

The subsequent interaction will be handled by the bank so the experience might differ between banks. My personal loan application was handled by a bank officer who contacted me personally on WhatsApp to inform me of the status of the application and whether I opt for cash or transfer straight into the credit cards .

I opted for the transfer as I wanted to avoid the temptation of spending that cash. The bank will settle your credit card balance according to the latest statement.

Subsequent monthly payments can be done online as usual, which was convenient.

Is it Safe?

I made sure that the email I received was really from Alliance Bank. Simple way to do this is to check their email address domain name – it will typically end with an alias with whatever bank you’re applying from.

What I Liked

For someone who’s Internet savvy, it’s a very convenient way to apply for personal loans or credit cards online. You just need to fill up the forms, scan them and send the required documents and they’ll handle the rest.

RinggitPlus also runs offers from time to time for new applications so it’s worth checking them out. If you’re already getting the product, why not get some freebies right?

What I Disliked

Inevitably, the unsolicited phone calls start coming after I sent in my application. These are typically offers from unknown companies (who call themselves “Financial Agencies” or “Oursourcing Agency”) for personal loans and whatnot.

This is quite unavoidable as the banks will somehow share your details with these telemarketers. I wish there’s a way to opt out of these.

Overall Verdict

RinggitPlus is great for someone who wants everything to be done online without having to go to the banks personally. The whole process was quick and convenient.

Besides RinggitPlus personal loan, you can also apply for credit cards with them. Personally I have applied for many via the website. Here’s my article on best cashback credit card in Malaysia.

The only downside is that you are still required to fill up forms manually i.e. printing them out, fill, scan and email them back to the officer. I feel banks should really start digitising this part of their operations.

Hope my RinggitPlus review is helpful. Let me know your experience!

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