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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