Skyro Launches First Credit Product In Malaysia, Offers Cash Loans

KUALA LUMPUR, Nov 5 (Bernama) -- Skyro has launched its first credit product in Malaysia, offering eligible consumers a digital way to access short-term financing for everyday financial needs. 

The high-growth digital finance group said the cash loan allows Malaysians to apply for financing of up to RM1,000 on the first loan, subject to approval, with a four-month repayment tenure. 

The cash loan currently carries a fixed interest rate of 1.5 per cent per month, it said in a statement today. 

"The application process is entirely digital, from identity verification and credit assessment to loan approval and disbursement, without the need to visit a physical branch. 

"The company intends to progressively increase borrowing limits as it builds relationships with customers, with a longer-term goal of offering loans of up to RM10,000," it said.

The company said eligible Malaysian citizens with a valid MyKad and regular income can apply through the Skyro app by completing identity verification and submitting supporting income documents. 

It said applications are assessed individually based on customers' income, existing financial commitments and credit history, with most applicants receiving a decision within minutes.

Co-founder and co-chief executive officer Arsen Liametov said Skyro was beginning with cash loans to better understand the needs of Malaysian consumers and how they use credit. 

"As we build that understanding, we want to introduce more flexible financing options that can support customers as their needs evolve," he said. 

-- BERNAMA