Best Personal Loan Rates in Hong Kong 2019

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

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Compare Personal Instalment Loans

Bank / money lendersLoan plans Max. loan amount
CitibankSpeedy CashHK$2,000,000 or 12x monthly salary
HSBCPersonal Instalment LoanHK$3,000,000 or 12x monthly salary
BEA"Super-Fast" Instalment LoanHK$1,200,000 or 12x monthly salary
DBSPersonal Instalment LoanHK$2,000,000 or 12x monthly salary
Standard CharteredPersonal Instalment LoanHK$2,000,000 or 18x monthly salary
BOCExpress Cash Instalment Loan Balance TransferHK$2,000,000 or 12x monthly salary
Dah SingExpress MoneyHK$1,000,000 or 10x monthly salary
Bank of CommunicationsDreamCash Personal LoanHK$1,200,000 or 12x monthly salary
PromiseEasy LoanHK$600,000
PrimeCreditFixed LoanHK$600,000 or 18x monthly salary

How to choose the best personal loan?

Interest rate is not the ONLY factor for comparing loans

Comparing loan plans are not only about interest rates but the total costs of your loan, such as the total amount, repayment period, and handling fee. Whether it is a personal instalment loan, debt consolidation loan or revolving loan, they are expenses to your finances.

Compare Debt Consolidation Loans

Bank / money lendersLoan plansMax. loan amount
CitibankCard Debt Consolidation LoansHK$1,200,000 or 21x monthly salary
HSBCPersonal Instalment Loan Balance Consolidation ProgrammeHK$1,200,000 or 21x monthly salary
BEA"Super-Fast" Debt Clearance PlanHK$1,200,000 or 21x monthly salary
DBSDebt Consolidation LoanHK$2,000,000 or 21x monthly salary
Standard CharteredDebt Consolidation ProgramHK$2,000,000 or 18x monthly salary
Dah SingCredit Mastermind Instalment LoanHK$1,200,000
BOCExpress Cash Instalment Loan Balance TransferHK$2,000,000 or 21x monthly salary
PrimeCreditDebt Consolidation Instalment LoanHK$600,000 or 18x monthly salary

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Compare Revolving Loans

BankWithdrawal feeAnnual fee
HSBCN/A1% of borrowing amount
DBSN/A1.5% of borrowing amount
Standard Chartered1% of withdrawal amount1% of borrowing amount
BEAN/A1% of borrowing amount
CitibankN/A1% of borrowing amount
Dah SingN/A1% of borrowing amount
BOC2% of withdrawal amount & plus extra $20 1% of borrowing amount

Why do we need personal loans?

Ease your cash flow concern

Banks and private money lenders offer loan plans with longer repayment, some of them even extend to 72 months. So now you are able to manage cash flow with higher flexibility.

Flexible application process

As long as you’re 18+ and earning HK$5,000+/month, you’re welcomed to apply for personal loans. Bring your identity card, residential address proof, bank statement, and salary slip and you’re good to go!

Tips for Getting Personal Loans

Tip #1

Annual Percentage Rate (APR) is the key to compare loans

APR reflects the actual expenses of your loans which includes interest rate, admin fees, handling fees etc. You may hear of Monthly Flat Rate which is only a calculation based on the repayment amount and not describing the actual repayment situation.

Tip #2

Personal loans serve different purposes

Loans help you to reduce money stress and get motivated to take control of your finances. For example, fixed instalment loans serve scaled expenses, balance transfer loans ease high-interest debts, revolving loans give extra flexibility of cash flow in a foreseeable future.

Tip #3

Loan amounts are varied

Unsecured loans have no collateral backing. Banks and lenders issue loan amount which is about 12 to 21 months of borrow’s salary, and is based on their creditworthiness and promise of repayment.

Frequently Asked Questions

Am I qualified for personal loan application?

If you’re above 18 and earning HK$5,000+/month, you’re welcomed to apply for loans. Simply bring your identity card, residential address proof, bank statement, and salary slip, and you’re good to go!

Where can I get a personal loan?

Banks and money lenders offer in-person or online loan applications.

How long can my personal loan repayment period be?

Normally, it’s 3 to 72 months. Banks and lenders will set you a fixed monthly repayment amount. The longer the repayment period, the lower the repayment amount, and the higher the interest rate.

Do personal loans have an extra handling fee?

Yes and no. Some banks will calculate your handling fee yearly. If you’re getting a revolving loan, the bank may charge you extra withdrawal fees.

What do I need to prepare for my personal loan application?

You’ll need these are the documents for your personal loan:

  • Photocopy of your HKID card (both sides);
  • Residential address proof (e.g. electricity bill, demand notes for rates);
  • Salary proof of the latest month (e.g. salary proof, bank statement).
If you’re self-employed, you may need to submit a full set of the latest Profits Tax Demand Note.