How often have you been in a situation where you go, man, I need money urgently..
Are you simply planning ahead, just in case you’ll be in that situation? Or are you currently desperate for money right now?
Then this article is exactly for you. I can only imagine the mental stress you’re going through. Maybe you need money to pay rent this month. Maybe your car or house is about to get possessed by the bank. Maybe a sudden, unexpected medical bill wiped out your emergency savings.
And all the financial articles you read online… weren’t exactly helpful. Now, correct me if I’m wrong, but ‘don’t get into the situation in the first place’ is a horrible thing to say to someone who’s going through the problem.
Here are some ideas on what you can do to come up with some money urgently in Malaysia. Thanks to everyone who contributed to the RoR mini-forum.
#1 – Financial tools
Financial tools can be a bunch of things. It could be personal loans, credit cards, debit cards, ewallets, and more.
The annoying this about this option is: the more financially vulnerable you are, the less accessible these financial tools are for you. Banks and financial institutions are not that keen to lend money to people with bad credit scores.
BUT! If you are able to access and use these financial tools, they’re incredibly helpful. Many credit cards offer cash advances. Some personal loans can be applied online. It’s fairly easy to put a big expense on credit cards to pay at a later date. You might even able to divide the payment into smaller, more manageable chunks through instalment plans.
Some people even have ‘hacks’ for borrowing money using financial tools. For example:
Ho Wei Yen – (If you need physical cash,) reload your BigPay card with a credit card, then withdraw it from the ATM. You can save money this way instead of withdrawing cash directly from your credit card. Note that BigPay ATM withdrawal will cost RM6 for withdrawal fee regardless of the amount.
I’m using my Public Bank mastercard Quantum credit card for Rm30 cashback (5% from RM 600 spending) and Visa Signature Public Bank for RM38 cashback (6% from RM634 spending) to reload my BigPay card. The money can be transferred from BigPay to own savings account maximum RM1000 with a fee 50 sen.
Brendan – Offer to pay for someone using my credit card, and collect cash upfront.
It goes without saying that you shouldn’t borrow money for non-emergency situations, and try your best to make the payments in time. Missing payments
may will ruin your credit score.
It also goes without saying to NEVER, EVER BORROW MONEY FROM A LOAN SHARK.
Say you don’t have financial tools at your disposal. What can you do? Well, you can..
#2 – Step up the side hustle
When I asked the RoR audience on what they would personally do to come up with an extra RM1000 by the end of the month, many showed their incredible grit – an admirable character strength tbh. They said they would simply try to get more clients for their business/side business or put in more hours in their work.
It didn’t matter what the business was. One person mentioned will-writing. Another mentioned web-designing services. Another sold baked goodies (did you know you can sell homemade food in Malaysia on Kravve?). Some mentioned Grab.
Muhammad Amar Hasshim – Anyone needs a website? Quick and beautifully made, as long as you provide all the info and images for the website regarding your product/services. RM1k only
James Leng – (I would) drive for Grab after working hours for that month (to get an extra RM1000). Based on previous experience, RM10-RM20 net profit on average per hour is achievable with a Myvi or Axia. If RM20 per hour, then (to earn RM1000 I would have to work) 50 hours or 1.7 hours every single day for 30 days straight. However, one needs to also factor in that your car needs to be serviced a little bit earlier than what was scheduled.
Unable to work or get new clients? Then perhaps you can…
#3 – Sell something you own
Looking through the replies, many of you mentioned selling things you own for extra cash.
Some also mentioned downgrading their gadgets if they really need the money urgently. They would sell their phones and buy a cheaper one.
I was surprised by how useful (physical) gold is as an option:
Sams – (I would) take my gold bar – purposely bought for emergency situation like this – to Ar-Rahnu. With them, I’m able to get a loan worth 60%~70% from the the current market gold price. They charge 0.07% per month in fees (note: fees may vary).
I’ve done this a lot when I need to renew car insurance, repair car breakdown, cover medical bills and more. By using Ar-Rahnu or pawnshop service, always try to redeem your gold as fast as possible, to avoid more charge (‘upah simpan’). The good thing about this method, you are able to get your gold back once you redeem it thus maintaining your asset.
Example calculation: 10g gold bar 10g x RM190 x 60% = RM1140 | Fees – RM1140 x 0.7% = RM7.98 per month
Read up my various articles on gold investment if interested.
#4 – Borrow from friends & family
And finally (intentionally) is borrowing money from friends and family. Some mentioned siblings, some mentioned parents, some mentioned good friends. A fair few of you emphasised the importance of paying back the money as soon as possible to maintain good relations.
Some of you also got a bit creative. For example:
Audrey Herrera – We have this ‘kutu’ thing with our family members for the fun of it, it’s like forced savings. (So to get RM1000,) start a ‘kutu’ and be the first to take it
Mohd Haffiszul Mohd Said – I would organise a trip for my friend for a distant future and ask for RM1000 in deposit. (The trip) would take place 6 months from the date I asked for a deposit.
I love the RoR audience, I really do 🙂 Would have never thought of those!
Which option should you do to get money urgently in Malaysia?
I arranged all the options in this article in this order:
- Use financial tools
- Earn more from side hustle
- Sell stuff
- Borrow from friends/family
However I really liked what Sara said about having a sequence of things to try:
Sara Razz – I will try by sequence and move to the next if the first fails:
- Promote my website/design services
- Pre-sell a product
- Find something I own that can sell
- Ask from my husband
- Credit card
- Borrow from friends
I think it’s good to think about your plan to come up with the money. At least if plan A fails, plan B or C may work. If this is a recurring issue, contact AKPK for help. They have financial education, financial counselling and debt management programme.
What other options do you know?
What other things can someone try to get fast cash in Malaysia, aside from the above? Share them all in the comments section!
I wrote this article in good faith. I expect you to use the knowledge and act in good faith as well. Money issues cause broken families and people committing suicide – it’s no joke at all.
Please never, ever borrow money without the intention of paying it back. Please never take advantage of someone or a company at their expense. Please don’t use any of the tips to live a life outside your financial means.
Thanks. Share this article around if you find it helpful.