You need RM50,000 for your business. You search online and find two lenders: First N Ever and Funding Bee. Both are KPKT-licensed, offer unsecured loans and start at 12% p.a. On the surface, they look almost identical.
But look closer. One offers up to RM300,000 with 36 months to repay and charges only 0.5% stamp duty. The other caps at RM50,000, gives you 24 months, and charges an 8% to 12% administration fee on top of interest. The same RM50,000 loan could cost you thousands of ringgit more with one than the other.
First N Ever Financial Services is a KPKT-licensed money lender with over 20 years of experience, offering unsecured personal financing up to RM300,000. Funding Bee, operated by Bee Informatica, is a digital microfinance platform that secured its nationwide digital lending license from KPKT in April 2025. Both are legitimate. Both serve SMEs. But they serve very different types of SMEs. This article breaks down the five key differences — so you know exactly which one fits your business.
Loan Amount: RM50,000 Cap vs RM300,000 Limit
Funding Bee positions itself as a microfinance platform — designed specifically for micro-enterprises and small businesses that struggle to qualify for traditional bank financing. Its loan amounts range from RM5,000 to RM50,000. For Sole Proprietorship companies, the loan amount is RM5,000 to RM30,000. For Sdn Bhd companies, it’s RM20,000 to RM50,000.
What can RM50,000 do? It can cover a small inventory restock, pay a few months of rent, or buy basic equipment. But if your business needs to upgrade production lines, open a new branch, or purchase machinery, RM50,000 won’t go far.
First N Ever offers a completely different scale of financing. Its unsecured personal financing ranges from RM5,000 to RM300,000. For SMEs needing larger capital, First N Ever also provides business financing that can reach up to seven figures (RM1,000,000+) with repayment terms up to 60 months.
This difference in loan amounts isn’t random — it reflects who these lenders are built to serve. Funding Bee serves micro-enterprises that need quick, small injections of working capital. First N Ever serves established SMEs that need substantial funding for growth, equipment, or expansion. If your business has a turnover of RM60,000 per year, Funding Bee might be enough. If your turnover is RM500,000 or more, RM50,000 may barely scratch the surface.
Fees: 8%-12% Administration Fee vs 0.5% Stamp Duty
This is where the two lenders diverge most dramatically. On the surface, both advertise interest rates “from 12% p.a.” But the actual cost of borrowing tells a very different story.
Funding Bee’s Fee Structure
Funding Bee charges interest between 12% and 17% p.a.. But beyond interest, it also charges an administration fee of 8% to 12%. This is a one-time fee charged upon loan approval. Additionally, Funding Bee charges a processing fee of 12% and a late penalty fee of 15% from the current outstanding amount.
Let’s do the math. Borrow RM50,000 from Funding Bee at 15% p.a. with a 10% administration fee and 12% processing fee, repaid over 24 months:
- Interest: approximately RM8,176
- Administration fee: RM5,000
- Processing fee: RM6,000
- Total financing cost: approximately RM19,176
- Effective annual cost: approximately 19% to 22%
That RM11,000 in additional fees could be one or two months of net profit for a micro-enterprise.
First N Ever’s Fee Structure
First N Ever’s fee structure is simpler and more transparent. Interest ranges from 12% to 18% p.a. The only additional charges are:
- Stamp duty: 0.5% of the total loan amount
- Processing fee: As per the loan agreement (typically RM50 to RM200)
- Early termination fee: Not applicable
- Late penalty fee: 8% p.a. on the outstanding amount
Most importantly, First N Ever does not charge any upfront fees or security deposits. You pay nothing before your loan is approved and disbursed.
The difference is clear. For the same RM50,000 loan, Funding Bee could cost you RM10,000 more than First N Ever. That’s enough to hire a part-time employee for several months or cover a significant portion of your operating expenses.
Repayment Tenure: 24 Months vs 36 Months
Repayment tenure determines your monthly cash flow burden. Shorter tenures mean higher monthly payments. Longer tenures mean lower monthly payments — but more total interest over time.
Funding Bee: Up to 24 Months
Funding Bee offers repayment tenures of 6 to 24 months (2 years). With a RM50,000 loan at 12% p.a. over 24 months, your monthly payment would be approximately RM2,350. Over 12 months, it would be approximately RM4,400.
First N Ever: Up to 36 Months
First N Ever offers repayment tenures of 6 to 36 months (3 years). With a RM50,000 loan at 15% p.a.:
- 24 months: approximately RM2,424 per month
- 36 months: approximately RM1,733 per month
The 36-month option gives you RM691 more cash in hand every month compared to the 24-month option. Over a year, that’s RM8,292 of additional working capital — money that can be used for inventory, marketing, or paying staff.
Approval: AI Psychometric Test vs 20 Years of Human Expertise
Funding Bee and First N Ever don’t just differ in numbers — they differ in how they decide who gets approved.
Funding Bee: AI-Powered Psychometric Assessment
Its operator, Bee Informatica, secured its nationwide digital lending license from KPKT in April 2025. The entire loan process is fully digital — e-KYC verification, e-signatures, and AI-based approval. Applicants can complete the process online in as little as 10 minutes, submitting only four documents. Approval can happen within two to three hours, and funds are transferred within 1 to 2 working days.
Funding Bee’s non-performing loan (NPL) ratio stands at just 1.4%, suggesting its AI model is effective at identifying reliable borrowers.
First N Ever: 20 Years of Human Expertise
First N Ever takes a different approach. Instead of algorithms and psychometric tests, it relies on over 20 years of experience in the Malaysian SME financing landscape. First N Ever is a licensed money lender and credit community registered with KPKT, operating under the Moneylenders Act 1951.
The approval process takes 3 to 5 working days. While slower than Funding Bee’s AI-driven system, this human-centered approach allows First N Ever’s experienced advisors to understand each business’s unique situation, cash flow patterns, and financing needs. First N Ever also provides free 1-on-1 consultations, helping business owners understand their options before they commit.
For businesses with complex financial situations or those that don’t fit neatly into an algorithm’s boxes, this human touch can be invaluable.
Which One Should You Choose?
| Comparison | First N Ever | Funding Bee |
|---|---|---|
| Max Loan Amount | RM300,000 (Business: RM1,000,000+) | RM50,000 |
| Interest Rate | 12%-18% p.a. | 12%-17% p.a. |
| Administration Fee | None | 8%-12% |
| Processing Fee | ~RM50-RM200 | 12% |
| Stamp Duty | 0.5% | None |
| Late Penalty | 8% p.a. | 15% p.a. |
| Repayment Tenure | 6-36 months | 6-24 months |
| Approval Time | 3-5 working days | 2-3 hours |
| Approval Method | Human expertise (20+ years) | AI + Psychometric Test |
| KPKT License | Yes (20+ years) | Yes (digital license, 2025) |
| Collateral Required | No | No |
Choose First N Ever if:
- You need more than RM50,000 in financing, or may need additional funding in the future
- You want a longer repayment period (24-36 months) to keep monthly payments manageable
- You prefer a transparent fee structure with no 8%-12% administration fee or 12% processing fee
- You value working with a lender who has 20+ years of experience in the Malaysian market
- You have a more complex business situation that benefits from human assessment rather than algorithms
- You can wait 3 to 5 days for approval to get better terms
Choose Funding Bee if:
- You need RM50,000 or less for quick working capital
- You need funds urgently and cannot wait 3 to 5 days
- You prefer a fully digital application experience
- Your business has clean, straightforward financial records
- You are comfortable with AI-based assessment, including the psychometric test
- You are a micro-enterprise or sole proprietor that may not qualify for traditional financing