Consolidating debts into a personal loan can be smart, but understand the interest rate first. Typical Malaysian personal loan rates range from 6-18% annually, based on factors like credit score and loan amount. For debt consolidation, you may qualify for lower rates than your existing debts, potentially as low as 6-10%. This can reduce long-term interest costs.
Compare lender offers to get the best rate. The consolidation loan process is straightforward, requiring documents like ID, income proof, and debt details. Approvals are often fast, in 1-2 business days. With the right loan, you can simplify payments and pay less over time. Explore options to find the most competitive rate.