What kinds of financial assistance are available in Malaysia
Malaysia is an upper-middle-income country based on the World Bank Group report. It leaves a small number of households within or below the poverty line – less than 1% of the population. However, Malaysia is experiencing food and oil price hikes, ongoing pandemic situations, and labor force challenges. The poverty population may go higher over time.
Because of this, financial resources may be a concern not only for the poor but for every Malaysian citizen. So how do you get financial assistance in Malaysia when you need it?
Ways to get financial assistance in Malaysia
- Personal donations from family and friends. The use of eWallet in Malaysia has boomed in 2019 with more than 53 platforms available in the country. It eases sending money to anyone using only a smartphone. It makes requesting financial help from family and friends easy, especially if you are far apart. But, this method is quite limited to your network and their financial capacity. It may, in turn, be not enough for your needs.
- Malaysian Government Welfare Assistance. The government has made it easy for its citizens to request financial help through its online portal. You can apply for financial help for children, single parents, senior citizens, people with disabilities, medical assistance, and more. Getting financial assistance from the Malaysian government could be tedious. They need requirements and a long processing time. If you opted for this option, make sure you have enough lead time up to the time you get the money.
- Private financial institutions. There are more than 50 financial institutions in the Malaysian banking sector. You can send them a loan application with your desired amount to receive. Most of these banks offer fast approval processing – but only if you provide the required documents and pass the credit score.
- Private industry-related institutions. Depending on the purpose of your financial need, you can find a private institution related to it. For example, if you are looking for school tuition funds, you can find a university offering scholarship funds. If you are looking for medical financial assistance, you can find a hospital that has medical funds to support those in need. The process might be time-consuming because of the research needed. Also, to get a high probability of getting the financial help you need, applications must be done from one institution to another. Applying to just one might be risky and may be rejected.
- Crowdfunding. Crowdfunding activities have popped up all over the globe at the start of the pandemic. Crowdfunding is the solicitation of money from a large number of people to raise funds. Online crowdfunding has already been proven by multiple platforms to be safe with security protocols in place. Creating an online fundraiser will also increase the potential of receiving an amount more than the actual amount you need.
Crowdfunding in Airfunding
✓ Fast and free registration. Setting up an Airfunding project is simple. Determine your fund goal, write up your story, and pick the date when you want to receive your funds. In a few minutes, you’re on your way to receiving donations from all over the world.
✓ Financial assistance for anyone. The donations do not have to be yours. You can select another beneficiary to receive the funds. Airfunding provides a platform for a community to help each other out remotely. It is how Shabaz Munir helped a deceased friend’s family through Airfunding. In 12 days, their community raised $5,393 (RM 23,834.36) to support his wife and two-year-old son.
✓ Fundraise for anything. People come to Airfunding for all types of financial needs – medical, disaster, business, education, travel, and even for your pets. Surprised? Here’s a story of Syed and how she rescued a cat’s life through Airfunding.
Start an Airfunding project today!
Considering starting a crowdfunding campaign for your financial need? Start a project for yourself, a loved one, or a charity in Malaysia now.