Promise is a subsidiary of Japan's Sumitomo Mitsui Financial Group and has been a licensed money lender in Hong Kong since 1992. Unlike banks which require you to submit a lot of documents, getting a loan from Promise can be done with minimal time, effort, and administrative work.
Max Repayment Period
As its name suggests, it's very easy to obtain the Promise Easy Loan, which makes it a good option if you are unable to meet the more stringent requirements that banks typically impose, or if you have been rejected by other lending companies.
To qualify for a Promise personal loan, you need to be at least 18 years old and a Hong Kong resident with the right of abode in Hong Kong, i.e. citizens or permanent residents. There is no minimum income requirement.
You can get preliminary approval for your loan in a few easy steps on their website. Just provide your education level, type of housing you live in, your occupation and your desired loan amount. If successful, you will be prompted to proceed with your Hong Kong ID number and mobile phone number.
The entire process can be done online, and the loan will be disbursed directly into your designated account, typically within 30 minutes of submitting your application. If you hold a Bank of China (Hong Kong) bank account, the funds can even be disbursed 24 hours a day, including public holidays.
While it's possible to obtain a loan with just your HKID and mobile number, the loan amount will be capped at HK$100,000. So if you would like to borrow more, you may need to provide proof of income and residential proof. In special cases, such as if you are paid in cash or self-employed, Promise may loan you the money without requiring income proof.
Note the repayment period and interest rate on your Promise loan depends on your profile. The loan tenure can range from 3 months to 84 months, while the APR can be anything from 4.49% to 59.26%. They do have a flexible repayment policy, though, where you are charged interest on a daily basis. You can make early repayment or repay more than what's scheduled without a penalty, and the interest will be adjusted automatically.
*Calculation based on a loan amount of HK$1,500,000 and the repayment period of 12 months; the actual APR may vary for individual customers.
Promise only has one loan product, the Promise Easy Loan. Before jumping into it, take the time to read the fine print and understand the loan structure.
If you are comfortable with the Promise loan, go ahead and fill in the online application form to obtain an instant result. If successful, you may proceed to submit the relevant documents. After Promise has verified your documents, you will be prompted to read and sign the loan agreement, typically within 30 minutes of you submitting the documents. All this can be done online, but you can also call the Promise hotline at 3199 1199, or visit to a Promise branch if you prefer.
Once your loan is approved, the money will be disbursed directly into your designated repayment bank account. If you are a Bank of China (Hong Kong) customer, disbursement can be done around the clock - even at night and on public holidays.
From time to time, Promise may offer promotions such as cash rewards for new customers, or incentives to refer your friends and family to Promise. Such promotions should only be a secondary consideration - it is far more important to look at the interest rates, penalties and loan structure when deciding on a personal loan. After all, the extra interest you pay on a poorly-chosen personal loan may far exceed the cash voucher you got from the money lender! Also, note the fine print before you take advantage of the promotion. Typically, banks and lending companies reserve the right to "claw back" any incentives they gave you if you break the terms of the loan.
All you need to get a loan with Promise is your Hong Kong ID, mobile number, and bank account details. However, the loan amount is HK$100,000 at most. If you wish to borrow more, you will also need to provide the following documents:
Promise accepts common forms of income proof, such as employer payslips, company letter of employment, proof of MPF contribution, Tax Demand Note, or bank statement with salary credit. Any income proof submitted must be within the past 3 months,. If you are unable to provide any form of income proof, e.g. you are self-employed or paid in cash, you can request an exemption by calling the Promise hotline at 3199 1199. Promise may grant exemptions on a case-by-case basis.
For loan amounts larger than HK$100,000, Promise may also require you to submit proof of address for verification. This can be any official document with your name and address clearly printed on it, such as a government letter, utilities bill, or bank statement. It also needs to be issued within the past 3 months.
Unlike a loan from a bank, which tends to be very structured, Promise has a more flexible repayment policy. Here are some facts you should know about how and when to repay your Promise personal loan.
The easiest way to repay Promise is by setting up an auto-debit instruction with your bank account. You can arrange this at a Promise branch. Alternatively, you can also make payment by Bank of China (HK) online banking, Jetco ATMs, PPS, and even 7-11 convenience stores. Finally, you can visit their branches and make payment by EPS or cheque too.
The monthly loan repayment day is stated in your loan agreement, so make sure you can meet this date before you sign off. If you do not make payment by this day, you will be charged daily interest on the outstanding loan balance, plus HK$100 administration fee. Apart from this, there are no added penalties or raised interest for overdue payment.
To reduce the daily interest paid on a Promise personal loan, you are encouraged to repay the loan as soon as possible. You can repay extra funds at any point, and your loan will be recalculated immediately. You can also fully settle your loan in advance with no additional charges or penalties.
Once you have a loan with Promise, you have the option to convert your loan into a "revolving" loan; that is, redraw from the loan with no further application or approval process. You can apply for this through the online member zone, call the 24-hour Promise member hotline at 3199 1111, or go to any Promise branch. Note that if you have applied for a revolving loan, Promise will still retain your credit even after your loan is repaid, so you can redraw the loan even after you have fully repaid it.
Unlike banks, which typically offer up to X times your monthly salary, Promise does not only look at your monthly salary to determine the maximum loan amount. They also factor in your occupation, financial status, type of residence, and so on. The final amount is calculated by Promise's computer evaluation system.
Similar to the procedure for determining loan limits, Promise also personalises interest rates from applicant to applicant by processing the abovementioned data, as well as the loan amount and tenure. The APR can vary from 4.49% to a whopping 59.26%.
Fund will be transferred via Faster Payment System (FPS) provided by banks which could be completed instantly at any time notwithstanding at night or during holidays (Service may be suspended during its maintenance period).
You can call the Promise Customer Service Hotline at 3199 1199 during operating hours. The hotline is manned from Mondays to Fridays 9am to 7pm, and Saturday & Sunday 9am to 6pm.