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By February 8, 2009 11 Comments

CIMB Xpress Cash is a legal loan sharks


The CIMB Xpress Cash advertisement look nice and convincing and you might think that it just another personal financing from our local bank. Since they aggressively promote this product I drop to their nearest branch to ask for 10k cash. To my surprised, their profit rate is as high  as 24% per annum compared to 5-8% offered by other banks.

For me the rate 24% is just like a legal loan sharks. They take advantage to customer who are in the need of cash. They offers 24 hours approval and without guarantor for amount less than RM5k. For people like me who just join a new company, and still under probation, to get a personal financing is not an easy task. So I am not sure where to go now as I need some cash badly. I have few options, one of the easy one is to sell 2 lots of my Sime’s share worth RM5.40 per lot. But  you know, before general election the price was RM13.50. Or to swap my credit card ha ha.

Anyway, back to this loan shark, to see more clearly how this 24% affected the borrower, the following calculation (for RM10,000 loan) taken from their brochure :

Period   monthly   total to pay

  • 12     RM1,034       RM12,408
  • 24    RM617      RM14,808
  • 36    RM478    RM17,208

If I were to take CIMB Xpress, I will take 4k only and pay for 12 months RM414.

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Posted in: Business

11 Comments on "CIMB Xpress Cash is a legal loan sharks"

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  1. julian says:

    24% is certainly a very high rate, especially at a time when BLRs are coming down everywhere.

    It would be cheaper to borrow from a credit card at that rate!

  2. admin says:

    true..i heard maybank charge that range as well….

  3. Jimi says:

    they take advantage from those desparate. compared to ahlong, tis will be better…

  4. attahun says:

    hahahaha and i thought i was the only one who noticed.. i even gave it to the promoter who promoted the package to me “ur rates are ridiculous!!! go and study the market rate..”

  5. admin says:

    they are really suck..but compared to ahlong, this one still better he he

  6. bubbly says:

    cimb is the screw up bank and to add to that they very proud to say that is their blue ocean thingy.

  7. max says:

    do we really need to “confirm” or work 6 months if we want to apply for this loan?Im working in non-government company and need cash badly…..

  8. intan says:

    i heard AmBank is lowering their profit rate ever this month. You guys can check this out.Lowext in the market.

  9. queen says:

    I took the loan too..suprisingly, the bank selling price is RM232 000. Did the calculation and it is true that the interest rate is more or less 24%… was very surprised… then i ask my brother (works at other bank).. he said that this is due to the “ceiling rate” imposed recently for islamic banking.. … if we calculate our payment right form the first month until the final month, the total amount paid would be lower than the selling price…actually that is only the ceiling rate that you will pay should the economic really going down and BLR goes to the highest rate…
    therefore.. there is no such thing as fix rate here and there is no such thing as islamic banking here..nama saja islamic.. they manipulate the names and the islamic principle..if they really wanna do it islamic, there shouldn’t be profits taken too high..because it can be a riba’.. so as a conclusion memang along jugakla…. now i’ve been trying to settle that and find other bank..BSN maybe… :(

  10. admin says:

    True, the rate too high. Some of the sales person not recommending this product as well.

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