{"id":52803,"date":"2022-05-24T10:36:53","date_gmt":"2022-05-24T02:36:53","guid":{"rendered":"http:\/\/wordpress-my-161844363.ap-southeast-1.elb.amazonaws.com\/articles\/?p=52803"},"modified":"2022-05-25T08:41:46","modified_gmt":"2022-05-25T00:41:46","slug":"tng-gopinjam-review","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/tng-gopinjam-review","title":{"rendered":"Is Touch \u2018n Go\u2019s GOpinjam Worth It Compared To Their Competitors?"},"content":{"rendered":"

On 1 April 2022, Touch \u2018n Go launched GOpinjam, a digital personal loan service that\u2019s available through the Touch \u2018n Go eWallet. But what exactly is GOpinjam? How does it work? Well those are the questions that we\u2019ll look to answer in this article.<\/span><\/p>\n

So let\u2019s get started.<\/span><\/p>\n

<\/span>What is GOpinjam?<\/b><\/span><\/h2>\n

So first before we can compare GOpinjam with other financing options, let’s take a closer look at the official product description<\/span> in <\/span>Touch n\u2019 Go\u2019s FAQ<\/span><\/a>:<\/span><\/p>\n

\u201cGOpinjam is a service made available by TNG Digital Sdn Bhd to customers for electronic access and application for personal loan via the GOpinjam icon in the TNG eWallet mobile app.\u201d<\/span><\/p>\n

So to put it simply, GOpinjam allows users to access and apply for personal loans using the TNG eWallet mobile app.<\/span><\/p>\n

One important distinction to be made is that GOpinjam does not offer personal loans themselves, but through GOpinjam, customers can apply for various loans from regulated financial institutions.<\/span><\/p>\n

For now, Touch \u2018n Go is collaborating with CIMB bank to provide the CIMB e-Zi Tunai loan through GOpinjam\u2019s service.<\/span><\/p>\n

Now that we understand what GOpinjam is, let\u2019s have a look at their key features.<\/span><\/p>\n\n\n\n\n\t\n\n\t\n\t
Loan amount<\/th>RM100 - RM10000<\/th>\n<\/tr>\n<\/thead>\n
Loan tenure<\/td>1 week - 12 months<\/td>\n<\/tr>\n
Interest rate<\/td>18% p.a - 36% p.a<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

<\/span>Rates<\/b><\/span><\/h2>\n

Now let\u2019s discuss the key features of GOpinjam, starting with the most eye-catching feature of this service; the interest rates.<\/span><\/p>\n

As you can see above, the interest rate can go up to a whopping 36%, which may scare off potential customers.\u00a0<\/span><\/p>\n

However, Touch \u2018n Go has clarified the situation, saying that the interest rate offered depends <\/span>on several factors<\/span><\/a>, such as credit history and the tenure of the loan.<\/span><\/p>\n

But does this make the interest rates of GOpinjam worth it?<\/span><\/p>\n

Here\u2019s a table comparing GOpinjam to other options to better illustrate the picture for you.<\/span><\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t
Type of financing solution<\/th>Interest rates offered<\/th>\n<\/tr>\n<\/thead>\n
GOpinjam<\/td>18% p.a - 36% p.a<\/td>\n<\/tr>\n
Credit cards<\/td>15% p.a - 18% p.a<\/td>\n<\/tr>\n
Personal loans<\/td>2.31% p.a - 18% p.a<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

As you can see from the table, even the lowest possible interest rate from GOpinjam is equal to the upper end from competing products, which makes GOpinjam a much less attractive financing solution option than its competitors.<\/span><\/p>\n

There are other digital microlending products making their way to the market from providers like BigPay<\/a> and GrabFin<\/a> but there are no details on specific products to compare yet.<\/div><\/div>\n

To help you better understand just how impactful the 36% interest rate can be, here\u2019s an example of just how much you\u2019d be paying back;<\/span><\/p>\n\n\n\n\n\t\n\n\t
Loan amount<\/th>Loan tenure<\/th>Interest rate<\/th>Monthly repayments<\/th>\n<\/tr>\n<\/thead>\n
RM10,000<\/td>12 months (maximum)<\/td>36% p.a (maximum possible) <\/td>RM980.52<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

This table shows that with the 36% p.a interest rate, you\u2019ll be paying RM980.52 per month, which totals up to RM11,766.19 in 12 payments. This means that you\u2019ll be paying RM1,766.19 in interest alone.<\/span><\/p>\n

<\/span>Eligibility requirements<\/b><\/span><\/h2>\n

Now let\u2019s look at the eligibility requirements for GOpinjam.<\/span><\/p>\n

The eligibility requirements are as follows;<\/span><\/p>\n