Hey, loan rejection hurts more when you’ve done everything right. It took some guts for me to share this kind of experience, but I know I’m not the only one going through it. Even with a perfect payment track record, the system can still screw you over. Here’s what happened, what I tried to do, and how I ended up relying on PayLater cashouts just to survive.
I Used to Be Financially Stable
I wasn’t always in this mess. There was a time when my finances were okay. Okaylah, not that great. Still couldn’t afford a vacation, though. I had some savings, manageable commitments, and enough breathing space to feel human. But life has changed. Work drained my wallet. A huge chunk of my money now goes to petrol, tolls, and parking. I only shop for new clothes once or twice in a year, bruh. Yes, I’ve been actively applying to other jobs, but so far, nothing has landed. No offer. No reply. Just silence. Malas pula aku nak membebel pasal benda ni.
The Plan: Consolidate My Debts, Start Fresh
So, like any reasonable adult, I made a plan. I have multiple small-to-medium debts. Mostly from PayLater platforms. I figured: apply for a personal loan, clear everything, and commit to one monthly repayment. Just one. Easier to manage, easier on the mind. My CCRIS report? Clean. No arrears at all.
But guess what the bank said? “NOPE”.
Plan B: The PayLater Cash Out Trap
After that slap in the face, I had no choice but to go back to the platforms I was trying to escape. Yes. I cashed out my PayLater limits. Some charge a 5% fee, others go as high as 25%. I call it the desperation tax, the price you pay for trying to survive.
I needed the money to:
- Pay off this month’s dues
- Avoid being blacklisted
- Buy time until the next payday
Each time I hit “Cash Out,” I feel a little more stuck.
From No Record to “Too Risky”
Before all this, I had no loan history. So guess what banks said? “You’re not credit-tested. High risk.” Fine. I started my first loan which was ASB loan. Never defaulted, which got me my first (real) loan ever.
Applied again. Why not, as I’ve been paying religiously, no matter how I struggled. But, “Your commitments are too high. We can’t approve.”
So which is it? No record = cannot. Got record and pay well = still cannot. You either die a “non-risk” or live long enough to become overcommitted. It’s giving clown energy and I’m the whole circus. LOL
So What Now?
Right now, I’m tracking my debts like a hawk, rotating what little cash I have, and still trying hard to get some loans to get me some more air to breathe. Still trying. Still tired. But still here. At this time of life, I’d think I’d like to default on any loans I have with the banks, and focus on the PayLater debts first. But, I don’t know, it doesn’t feel right.
Dear Banks, Please Read This
We’re people who show up, who work, who pay everything on time, even if that leaves us RM3 for lunch. We’re just trying to reorganise our chaos. Please don’t punish us for having our CCRIS clean but loan rejected.
Final Thoughts
If you’re in the same boat, I see you. Your clean CCRIS might not get you a loan, but it says something about you…that you’ve tried. And that counts. You’re not a failure just because you’re surviving differently.
So here’s to us, the ones doing everything right and still getting no. Stay strong. Rotate smart. And keep going.
I truly hope things change. I hope banks start seeing us, not just our numbers. And above all, I hope we never reach a point where turning to ah long feels like the only way out. Because if doing everything right still gets you nowhere, what choice do we really have?
Thanks for reading.