Get the Best Lending Companies Rates 2019

Updated November 2019

Thinking about getting a lending companies in Hong Kong? MoneySmart.hk lets you compare and choose the best lending companies in Hong Kong with confidence.

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Loan Details
HK$
HK$
Promise Easy Loan
Monthly
Payment
HK$2,978

4.49%

APR*

$107,200

Total Amount Payable

$7,200

Total Interest Payable

HK$2,978

Monthly Payment
  • Up to HK3,500 Cash Rewards for new customers ▲ Welcome Hong Kong non-permanent residents with 3 months and above working visa validity※

Key Features

▲New Customer can enjoy an instant Cash Reward up to HK$3,500.
※ For Hong Kong non-permanent resident’s loan application, at least 3 months’ working visa validity is required.
Promotion Period: 2 October 2019 to 30 November 2019
Repayment period 6 months or above, maximum 84 months
“Instant Money Transfer” applies to loans that are transferred via Faster Payment System (FPS), which subject to the system maintenance periods.
*All examples and information of interest rate are for reference only, and any final approval is subject to actual circumstances of individual loan applicant.
Subject to terms and conditions of promotion. For terms and conditions details, please visit website of Promise (Hong Kong) Co., Limited.
Promise (Hong Kong) Co., Limited reserves the right to change any terms and conditions relating to this promotion. All loan approvals are subject to the final decision of Promise (Hong Kong) Co., Limited Money Lenders License Number: 1140/2019

Repayment Summary

Principal Loan AmountHK$100,000
Total Interest PayableHK$7,200
Total Amount PayableHK$107,200
Annual Percentage Rate4.49%
Monthly PaymentHK$2,978
Repayment Period36 months
WeLend Personal Loan
Monthly
Payment
HK$2,868

2.77%

APR*

$103,240

Total Amount Payable

$3,240

Total Interest Payable

HK$2,868

Monthly Payment

Key Features

New customers who apply for the designated Personal Loan through the designated channels, complete the entire application process (including checking of credit report) and submit all required documents and information during the Promotion Period, regardless of approval result, shall be eligible to receive one set of ‘Round-Trip Taipei Ticket’ for One Passenger from Hong Kong to Taipei provided by hutchgo.com (reference valued at $1,000)
The Promotion is valid from November 1, 2019 to December 4, 2019, both dates inclusive.
Terms and conditions apply, please refer to Promotional Terms and Conditions on Application Website for details.
Our online application protects your data with advanced grade encryption standards from data transfer to storage. Real time credit assessment using A.I. technology and big data analysis can calculate your real loan rate in seconds, anytime, anywhere.
We provide a more reliable, more instant way to approve your loan by using one time passwords, facial recognition and A.I. scanning to verify your identity, I.D. Card and document me to fasten the approval process.
No more waiting for transfers. Sign your loan agreement online, and once final verification and approval is complete, we’ll transfer your money automatically^
*All required information on the application must be complete and accurate. Final approval is subject to the final submission of all relevant documents and the credit record of the applicant.
^Disbursement into customers’ bank account will be made automatically after the loan agreement has been signed and all the details on the application has been verified and approved. Actual transfer time is subject to each individual bank's transfer service hours.
The interest rate, handling fee and repayment details are for reference only. Final approval is subject to the final submission of information and the credit record of the applicant.
WELEND LIMITED reserves its absolute rights on the final loan decision and on any disputes.
Money Lender's License: 0671/2019

Repayment Summary

Principal Loan AmountHK$100,000
Total Interest PayableHK$3,240
Total Amount PayableHK$103,240
Annual Percentage Rate2.77%
Monthly PaymentHK$2,868
Repayment Period36 months
PrimeCredit Fixed Loan
Monthly
Payment
HK$2,978

4.64%

APR*

$107,200

Total Amount Payable

$7,200

Total Interest Payable

HK$2,978

Monthly Payment
MoneySmart Exclusive: 1% Cash Bonus + exclusive $500 octopus for successful applications via MoneySmart

Key Features

Instant approval and withdrawal, no income proof is required for loan amount of $50,000 or less
10 mins express approval. Cash will be disbursed within 1 hour from loan confirmation
No handling fee, no early settlement fee
From 1 November to 31 December 2019 (both days inclusive), 1% Cash Bonus + exclusive $500 octopus for successful applications via MoneySmartFor more loan and offer details, please visit PrimeCredit’s websiteMoney
Lender’s License No.: 383/2019

Repayment Summary

Principal Loan AmountHK$100,000
Total Interest PayableHK$7,200
Total Amount PayableHK$107,200
Annual Percentage Rate4.64%
Monthly PaymentHK$2,978
Repayment Period36 months
PrimeCredit Balance Transfer Loan
Monthly
Payment
HK$2,978

4.64%

APR*

$107,200

Total Amount Payable

$7,200

Total Interest Payable

HK$2,978

Monthly Payment
MoneySmart Exclusive: 1% Cash Bonus + exclusive $500 octopus for successful applications via MoneySmart

Key Features

Instant approval and withdrawal, no income proof is required for loan amount of $50,000 or less
10 mins express approval. Cash will be disbursed within 1 hour from loan confirmation
No handling fee, no early settlement fee
From 1 November to 31 December 2019 (both days inclusive), 1% Cash Bonus + exclusive $500 octopus for successful applications via MoneySmartFor more loan and offer details, please visit PrimeCredit’s websiteMoney
Lender’s License No.: 383/2019

Repayment Summary

Principal Loan AmountHK$100,000
Total Interest PayableHK$7,200
Total Amount PayableHK$107,200
Annual Percentage Rate4.64%
Monthly PaymentHK$2,978
Repayment Period36 months
AEON Flexi Loan
Monthly
Payment
HK$2,978

4.67%

APR*

$107,200

Total Amount Payable

$7,200

Total Interest Payable

HK$2,978

Monthly Payment

Key Features

Fast-track 30 minutes approval
Monthly flat rate as low as 0.2% (Annual Percentage Rate: 4.48%)
Loan amount up to HK$800,000 or 8 times your monthly salary
Flexible repayment period up to 48 months
No handling fee

Repayment Summary

Principal Loan AmountHK$100,000
Total Interest PayableHK$7,200
Total Amount PayableHK$107,200
Annual Percentage Rate4.67%
Monthly PaymentHK$2,978
Repayment Period36 months
 i-Money Internet Personal Loan
Monthly
Payment
HK$3,038

6.16%

APR*

$109,360

Total Amount Payable

$9,360

Total Interest Payable

HK$3,038

Monthly Payment
  • From now until Dec 20, 2019, no matter the loan amount, new customer can get cash rewards up to HK$5,000*

Key Features

Loan amount up to HK$1,000,000. The minimum and maximum repayment period are 6 months and 60 months respectively
24x7x365 Fully online service, instant approval and cash transfer by FPS including Sat and Sun
Apply online anytime anywhere, no face-to-face contact is required
Upon loan approval, cash will be transferred to your designated account
*Terms and conditions apply. For details, please contact Customer Service Officer of United Asia Finance Limited
United Asia Finance Limited reserves the right to make final decision on loan approval
Warning: You have to repay your loans. Don't pay any intermediaries
Enquiry and Complaint Hotline: 2681 8888
Money Lender's Licence No.: 0612/2019

Repayment Summary

Principal Loan AmountHK$100,000
Total Interest PayableHK$9,360
Total Amount PayableHK$109,360
Annual Percentage Rate6.16%
Monthly PaymentHK$3,038
Repayment Period36 months

The APR includes the basic interest rate, as well as any other fees and charges (i.e.: Handling Fee) so that it reflects the actual total cost of borrowing. The actual APR applicable may differ, please check with the provider to confirm your final APR based on your loan.

Disclaimer: At MoneySmart.hk, we strive to keep our information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products and services are presented without warranty. Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first. To borrow or not to borrow? Borrow only if you can repay!

Best Licensed Money Lender Loans in Hong Kong 2019

Money Lender Name of Loan Maximum Loan Amount
WeLend Personal Loan HK$600,000
Promise Easy Loan HK$600,000
PrimeCredit Fixed Loan18X monthly Salary or HK$600,000
AEON Flexi Personal Loan HK$800,000

What is a Licensed Money Lender?

Traditionally, going to the bank was the only way you could get a loan, whether secured (for example, a mortgage, where the bank holds your property as collateral to make sure you repay them) or unsecured (such as a personal loan disbursed in cash).

Today, though, it’s not just banks that do this. There are now hundreds of money lenders in Hong Kong - that is, any company that lends money to individuals.

For those who have difficulty getting a bank loan approved (due to lack of income or bad credit score, for example), money lenders are an alternative, even though they typically charge higher interest rates than banks do.

To protect yourself from illegal businesses, however, you should only borrow from a licensed money lender that is registered with the Hong Kong government. You can find a list of licensed money lenders in the Hong Kong Companies Registry (www.cr.gov.hk) website.

Licensed money lenders are governed by the Money Lenders Ordinance under Hong Kong law, which protects consumers and prevents lending companies from taking advantage of or harassing them.

Why Would You Borrow from a Money Lender?

Many people who borrow from money lenders don’t have a choice. In spite of the higher interest rates, borrowers turn to these lending companies simply because they cannot meet the much more stringent requirements that banks impose. If you are eligible for both bank loans and licensed money lender loans, though, you might be wondering if there is ever a reason for you to choose the latter. Here are a few differences between the two.

Faster Approval Process

Licensed money lenders are usually more nimble than banks, so you can usually get a personal loan approved by a money lender sooner - which would be crucial if you need to borrow money for a sudden emergency. In some cases, money lenders don’t even require supporting documents from you, which makes the process even quicker. For example, WeLend has a No Document Loan, where you do not need to submit income or address proof.

Instant Cash Withdrawal

Again, if you require cash urgently, a licensed moneylender can often beat a bank in terms of how quickly they disburse the money into your account. PrimeCredit, for example, will disburse the money within one hour of your loan confirmation.

Flexible Payment Plans

Money lenders may charge higher APR than banks, but on the flip side, they usually offer more flexible repayment options, and it might make more sense to go with a money lender if you plan to repay the loan in a very short period (less than a year). While most banks charge fees like 1.5% or 2% if you repay the loan amount ahead of schedule, licensed money lenders typically do not charge such fees. So if your cash flow allows for it, you have the freedom to clear your debt earlier.

Can You Borrow from a Money Lender with Bad Credit?

Going to a licensed money lender may be the most suitable option (or the only one) for applicants with bad credit scores. However, one will have to keep in mind that the interest rates from these companies are generally a lot higher than the rates offered from banks (due to the risky nature of these transactions). In Hong Kong, there are over one hundred licensed money lenders. The most popular money lending institutions include WeLend, Promise, UA Finance, and AEON

Frequently Asked Questions

How do I know if a money lender is licensed or not?

Check the Hong Kong Companies Registry for the most updated list of licensed money lenders. You can find this on the Companies Registry website at www.cr.gov.hk. Should you encounter a company that claims to be licensed, you can also check CR for lists of expired, dismissed and withdrawn money lending licenses.

What is the Money Lenders Ordinance?

The Money Lenders Ordinance is a set of laws that regulate money lending companies in Hong Kong. These are typically meant to protect the consumer. For example, money lenders are prohibited from lending money at more than 60% per annum effective interest rate. Money lenders are required by law to follow these rules, but of course, there are unlicensed ones with illegal practices as well.

How much can I borrow from money lenders in Hong Kong?

Most licensed money lenders do not stipulate specific loan limits; instead, they personalize the loan limit based on each applicant’s background, financial situation, and income. Another factor is the number of supporting documents submitted - money lenders usually restrict the amount a person can borrow if only the minimum documents are submitted.

Is it safe to apply for personal loans online?

Many money lenders offer online loan applications for customers, which is certainly appealing considering how quickly and conveniently you can get a loan this way. You should always do your due diligence to protect yourself from online fraud and scams, though. For example, make sure the money lending site is encrypted (look for the padlock icon) and that the URL is correct. You should also read the terms and conditions carefully to protect yourself from unexpected circumstances.