Frequently Asked Questions
Here are some of the commonly asked questions:
Do I have to pay to use Pod?
No, Pod is free. Yes, like air.
How do I transfer money into my Pod account?
You can set up weekly auto-savings by creating a direct debit order linking your bank account to Pod and your savings will be performed on a weekly basis automatically. On top of this, you can also save via instant save whenever you would like to save via bank FPX or e-Wallet transfer.
Where is my money stored?
Your money is placed in Pod’s trust account and it is managed by our Trustees, Pacific Trustee Berhad (“Pacific Trustee”) in their account at RHB Bank Berhad.
Who is the Pacific Trustee?
Pacific Trustees is a Securities Commission Malaysia licensed trustee that provides custodial services to Pod (SaphX Technologies Sdn Bhd).
Can I cancel my goal and/or withdraw my money from Pod?
Sure. You can cancel your goal and request your money back anytime with our withdraw button and the money will be back in your bank account in 1-3 business days with Saturday, Sunday, and public holidays excluded. Currently, Pod does not support partial withdrawal.
Can I edit my goals such as the target amount or deadline?
Sorry, once you set up your goal you can’t edit your savings target and deadline. You would have to terminate your current goal by clicking the withdraw button and setting up a new goal afterward.
If you want to track different savings goals, Pod App does allow you to track up to 4 different goals!
After you terminated your goal and if you have savings with Pod, the money will be back in your bank account in 1-3 business days with Saturdays, Sundays, and public holidays excluded.
I have set up direct debit savings but no savings performed
After you set up the direct debit savings, we will need up to 5 working days to receive confirmation of authorization from the bank to start performing the savings. Hence your 1st savings will likely happen 1 week after you set up the direct debit savings order.
I just save via instant save but money is not in my Pod app yet!
This case happened maybe because you have returned to Pod App without properly exiting the banking or e-Wallet site upon completing the transfer. However, do not worry! Please check your Pod App again 1 hour after your transfer and your account should be updated. If you still face the issue, please contact Pod.
Money is not in my Pod app, even though it has been deducted from my bank account via direct debit savings!
Due to bank processing time, it will take 1-2 business day for Pod App to update your savings from direct debit orders. Typically the bank will deduct your money from your account in the morning and Pod will update your savings on Pod App in the evening or late evening time upon receiving the confirmation of the transfer from the bank.
Does Pod work outside of Malaysia?
Unfortunately, Pod is only available in Malaysia for the time being but we will be expanding internationally in the future.
Frequently Asked Questions
Here are some of the commonly asked questions:
How much is the processing fee that Pod charges to borrowers?
Pod App is charging up to 1.5% pa profit rate per month.
How do I repay Pod financing?
There are several ways to repay Pod financing:
For gig workers working with partner platforms – set up salary/earning deductions from your employer.
For other borrowers – you can set up a direct debit from our app to directly deduct the weekly repayments from your bank account or do manual transfers via the app.
What is the penalty for late repayments?
We charge up to 1% per annum on outstanding balances calculated daily.
Who can apply for financing from Pod?
Malaysians above 18 years old can apply for financing from Pod.
Is the financing from Pod Shariah-compliant?
Yes, the financing from Pod is Shariah-compliant in line with commodity murabahah principles and approved by Masryef Advisory.
How long it will take for the fund to be disbursed to my bank account once the financing is approved?
Once the financing agreement is signed the fund will be disbursed in approximately 2 business days.
What is Pod Credit Score?
Pod evaluates the creditworthiness of the borrowers on 3 main metrics:
Consistent savings behavior
Good repayment history
Other positive money habits
How can I improve my Pod credit score?
You can improve your Pod credit score by creating saving goals, making more savings, reading our bite-sized financing literacy content, and answering quizzes on our app.
Do I need to provide any collaterals or guarantors?
No, you don’t need to provide any collaterals or guarantors