GXBank announces the launch of GX FlexiCredit, a new line of credit that allows customers to access funds up to a pre-approved limit. According to the Grab subsidiary, this new service aims to address the financial needs of Malaysians by providing a more flexible and convenient alternative to traditional personal loans.
GX FlexiCredit Begins Pilot Phase
Traditional loan processes often involve lengthy approval times, complex documentation, and rigid repayment terms; on the contrary, GX FlexiCredit can get credit approval “in minutes”, the company claims. There is no early settlement fees involved here, which means you’re not stuck to a rigid repayment period – in fact, GXBank says you can repay your loan at any time.
Malaysians interested in GX FlexiCredit can register to be part of the pilot phase. New customers can sign up through the GXBank website (click here), while existing customers can opt-in for credit-related products and offers through the “Manage Consents” section under the “Me” tab in the GXBank app.
GXBank will review registrations and select eligible customers based on specific criteria, including having an active GX Savings Account, being a Malaysian citizen with a MyKad, being between 21 and 64 years old, and having a minimum monthly income of RM1,500. Selected customers will be notified via an in-app banner and provided with instructions on the next steps.
However, just like other forms of loans, GXBank notes that you may still be monitored for your credit performance (i.e. bankruptcy, fraud, and other factors), which can determine the result of the loan process.
Pokdepinion: This does seem like the loan equivalent of BNPL scheme, the latter of which has its problems.
