Two financing options. Two very different borrower journeys.
(Kuala Lumpur, 21 July) Here’s a scenario that plays out every day across Malaysia. An SME owner needs RM100,000. They find two options: First N Ever Financial Services and Fundaztic. Both offer financing, are regulated and seem like legitimate choices.
But the borrower’s journey with each is completely different.
First N Ever is a KPKT-licensed money lender that has been operating for over 20 years, with its own capital and a direct lending relationship with borrowers. Fundaztic is a peer-to-peer (P2P) lending platform fully owned and managed by Peoplender Sdn Bhd, licensed by the Securities Commission of Malaysia as a Recognised Market Operator.
One is a lender. The other is a matchmaker.
One gives you a single point of contact. The other gives you a crowd of investors.
This article walks through the borrower’s journey with each provider — from application to approval to repayment — so you can see exactly what you’re signing up for before it’s too late.
The Borrower’s Journey: One Lender vs A Crowd of Investors
The borrower’s journey with First N Ever and Fundaztic starts the same way — you apply for financing — but diverges immediately.
First N Ever: One Lender, One Decision
With First N Ever, you submit your application to a single institution. First N Ever is a licensed money lender and credit community registered with KPKT with over 20 years of experience in providing financial assistance to Malaysians. The company reviews your application internally, using its own criteria and expertise. You get a yes or no from one decision-maker.
If you’re approved, you borrow directly from First N Ever. You make your repayments to First N Ever. If you have questions, you call First N Ever. The relationship is straightforward, and the accountability is clear.
Fundaztic: A Crowd of Investors Who Can Say Yes or No
Fundaztic works differently. It is a platform that matches borrowers with investors. Your application is listed on the platform, and individual and institutional investors decide whether to fund your loan. You’re not asking one lender for money — you’re asking a crowd of strangers, each of whom can independently decide to participate or not.
Since its launch, Fundaztic has facilitated significant financing volume, with a total funding volume of RM397,192,450 and over 46,000 investors on the platform. But volume doesn’t guarantee your loan gets funded. Your success depends on whether investors find your business attractive enough to back.
What this means for borrowers:
With First N Ever, you get a clear answer from a regulated lender with a track record. With Fundaztic, you get a market-based answer that depends on the preferences of strangers. One is a direct lending relationship. The other is a public appeal for funding.
The Money You Actually Receive: What Borrowers Don’t Realize
This is where many borrowers get a surprise. The amount you borrow and the amount you actually receive are often two different numbers.
First N Ever: What You Borrow Is What You Get (Almost)
With First N Ever, the fees are straightforward and transparent:
- Stamp duty: 0.5% of the total loan amount
- Processing fee: As per the loan agreement
- No advance instalment fee or security deposit: First N Ever does not require you to pay any advance instalment fee or security deposit before your financing application
If you borrow RM100,000, you receive approximately RM99,300 to RM99,500 after fees. You start repaying from month one with the full amount you borrowed.
Fundaztic: What You Borrow Is Not What You Get
Fundaztic’s fee structure is more complex. According to the platform’s official terms, borrowers are subject to:
- Application fee: RM50 at the funding application stage
- Origination fee: 1% per annum of the principal amount for the tenure of the funding. This works out to:
The origination fee is charged upfront and deducted from the funded amount before it’s transferred to you.
- First month instalment deduction: The first month’s principal and interest payment is deducted from the total amount prior to disbursement
- Late payment fee: 2% of missed payment, minimum RM80, maximum RM250
The math on a RM100,000 loan over 36 months:
| First N Ever | Fundaztic | |
|---|---|---|
| Loan amount | RM100,000 | RM100,000 |
| Fees deducted | Stamp duty RM500 + processing fee ~RM50-200 | Origination fee RM3,900 + application fee RM50 + first month deduction ~RM3,321 |
| Actual amount received | ~RM99,300 | ~RM92,700 |
You borrow RM100,000, but with Fundaztic, you receive approximately RM92,700 — nearly RM7,000 less. And you still repay the full RM100,000.
Who’s Really in Control? The Borrowers’ Hidden Reality
Beyond the numbers, there’s a deeper difference between these two options: who controls your financing experience.
With First N Ever, you control your relationship.
You deal with a single, licensed lender. First N Ever is regulated by KPKT under the Moneylenders Act 1951. The company has been in the Malaysian market for over 20 years. You know who you’re borrowing from; you know who to call if there’s an issue. You have a direct, accountable relationship.
First N Ever’s approval is based on its own internal assessment. You’re not competing with other borrowers for investor attention. You’re not waiting for strangers to decide if your business is worth their money.
With Fundaztic, investors control your outcome.
Fundaztic is a P2P platform regulated by the Securities Commission of Malaysia. Your loan depends on investors choosing to fund it. Investors can see your application and decide whether to participate. If they’re not interested, your loan may not be fully funded.
Fundaztic’s advertised return for investors is up to 15.18%, which means investors are looking for attractive returns. Their interests — maximizing returns — may not always align with yours — getting affordable financing.
What this means for borrowers:
With First N Ever, you’re a customer in a direct lending relationship. With Fundaztic, you’re a product being offered to investors. One treats you as a borrower. The other treats you as an investment opportunity.
Which Journey Is Right for Your Business?
Choose First N Ever if:
- You want a direct lending relationship with a single, accountable counterparty
- You prefer certainty — a decision from a licensed lender, not from strangers
- You want to receive close to the full amount you borrow
- You value over 20 years of experience in the Malaysian market
- You need less than RM20,000 or more than RM200,000
Choose Fundaztic if:
- You’re comfortable with a market-driven financing model
- You understand that origination fees and first-month deductions will reduce your actual proceeds
- You’re willing to have your loan evaluated and funded by investors
- You’re looking for RM20,000 to RM200,000 in financing
- You accept that your loan may not be funded if investors aren’t interested
Select Your Borrower Journey Wisely
First N Ever and Fundaztic both offer financing, but the borrower’s journey is completely different. First N Ever gives you a direct relationship with a licensed lender with 20 years of experience. Fundaztic puts you in front of investors who decide your fate. If you want certainty, transparency, and a single accountable partner, contact First N Ever Financial Services for a free consultation.
First N Ever Financial Services
Official Website：firstnevermalaysia.com
Business Loan Microsite：businessloan.firstnevermalaysia.com
Email：enquiry.firstnever@gmail.com
Adress：B26-3A, Tower B, Vertical Business Suite, Bangsar South, No. 8 Jalan Kerinchi, 59200 Kuala Lumpur
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