Ryt Bank has introduced Ryt Credit as an updated version of Ryt PayLater with limits of up to RM100,000.
Ryt Credit became available in the Ryt Bank app where customers previously accessed Ryt PayLater from 3 September 2026.
Further updates will be introduced over the coming weeks.
Ryt PayLater previously gave eligible users access to credit of up to RM1,499 without requiring income documents.
Its users could use it for online and in-store purchases with their Ryt Card, as well as DuitNow QR payments.
Higher Limits Require Income Documents
Eligible customers can apply for a higher Ryt Credit limit by submitting their Employees Provident Fund (EPF) statement.
Ryt Bank says applications can be approved in as little as five minutes.
The higher-limit option is not yet available to gig workers, self-employed customers or KWAP users.
Ryt Bank did not specify why but said these customers would be notified when it becomes available.
Customers can accept their approved credit limit in full or choose a lower amount.
Once approved, they must enable Ryt Credit on their Ryt Card before using the limit for card purchases.
Repayment periods range from three to 24 months, although the 24-month option is available only to selected eligible customers.
The transition to Ryt Credit will not affect existing Ryt PayLater plans.
Customers with existing plans will continue paying the same instalment amounts on the same repayment dates and at their existing rates.
They do not need to take any action.
New Rates Take Effect From 23 September
Ryt Credit users will pay no interest if they settle their entire statement balance before the repayment date.
This falls four calendar days after the statement date.
The current effective annual interest rates are 26.80% for three-month plans, 30.23% for six-month plans and 31.32% for nine-month plans.
The rate for 12 and 24-month plans is 31.72% per year.
From 23 September 2026, new three, six and nine-month plans will also carry an effective interest rate of 31.72% per year.
Plans created before that date will retain their original rates until they are fully settled.
Before confirming a new Pay Over Time plan, customers will see the monthly instalment and total repayment amount.
If customers do not choose a plan or settle their full statement balance before the repayment date, the outstanding amount will be automatically converted into instalments at an effective interest rate of up to 31.72% per year.
Instalments due on the repayment date will be automatically deducted from the customer’s Ryt Bank account.
Customers can also settle their financing early through the app without a penalty.
Ryt Credit carries no late-payment charge. However, the bank may suspend the credit line if payment remains unpaid one day after the repayment date.
Missed payments may also affect the customer’s credit score.
The rollout follows Ryt Bank’s announcement that it had attracted more than 1.5 million customers within its first year.
Featured image: Edited by Fintech News Malaysia, based on image by startg619 via Magnific
