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Compare Balance Transfer 2020

Looking for ways to get out of debts? Compare balance transfer plans now to clear your debts with a lower APR and loan rate. Read More
100,000 personal loan Paid over 12 Months
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We found 8 Personal Loans for you!
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WeLend logo

Monthly Payment

HK$8,526

Promotion
3 tailored repayment plans suggestion

WeLend Card Debt Consolidation Loan

APR*
4.33%
Total Amount Payable
HK$101,296
Total Interest Payable
HK$1,308.96
Monthly Payment
HK$8,526
Promotion: New customer who successfully apply can get HK$300 supermarket cash coupon! Up to HK$10,000 cash rebate for successful drawdown! Skip Proof of Income and Address! Enhanced A.I. helps you to resolve all your debt! Valid till 05 Oct 2020.
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安信信貸 logo

Monthly Payment

HK$8,533

MoneySmart Exclusive
Professional suggestions on best repayment plan

PrimeCredit Balance Transfer Loan

APR*
4.64%
Total Amount Payable
HK$102,400
Total Interest Payable
HK$2,400
Monthly Payment
HK$8,533
MoneySmart Exclusive: Up to $12,000 Cash Bonus + exclusive $500 octopus for successful applications via MoneySmart Valid till 30 Sep 2020.
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花旗銀行 logo

Monthly Payment

HK$8,523

MoneySmart Exclusive
Repayment term up to 72 months

Citibank Card Debt Consolidation Loans

APR*
4.26%
Total Amount Payable
HK$102,280
Total Interest Payable
HK$2,280
Monthly Payment
HK$8,523
MoneySmart Exclusive: New customer who successfully apply and drawdown Citi Speedy Cash or Citi Card Debt Consolidation Loan, can get up to HK$3,000 welcome offer + HK$4,000 MoneySmart reward = total HK$7,000 cash voucher! Valid till 30 Sep 2020.
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邦民日本財務 logo

Monthly Payment

HK$8,533

Welcome Offer
Flexible repayment period up to 84 months

Promise Easy Loan

APR*
4.49%
Total Amount Payable
HK$102,400
Total Interest Payable
HK$2,400
Monthly Payment
HK$8,533
Welcome Offer: Up to HK$3,500 instant cash reward to new customers▲! Welcome Hong Kong non-permanent residents with 3 months and above working visa validity※  Valid till 31 Aug 2020.
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大新銀行 logo

Monthly Payment

HK$9,032

Monthly flat rate as low as 0.11%

Dah Sing Credit Mastermind Instalment Loan

APR*
16.04%
Total Amount Payable
HK$107,200
Total Interest Payable
HK$7,279.20
Monthly Payment
HK$9,032
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渣打銀行 logo

Monthly Payment

HK$8,754

Promotion
Up to HK$3,000 cash rebate for online application

Standard Chartered Debt Consolidation Program

APR*
9.6%
Total Amount Payable
HK$105,052
Total Interest Payable
HK$5,052
Monthly Payment
HK$8,754
Promotion: Online Offer up to HK$3,000 Cash Rebate Valid till 04 Oct 2020.
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中國銀行 logo

Monthly Payment

HK$9,088

Loan amount up to HK$2,000,000

BOC Express Cash Instalment Loan Balance Transfer

APR*
19.85%
Total Amount Payable
HK$109,054
Total Interest Payable
HK$9,054
Monthly Payment
HK$9,088
Apply Now
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星展銀行 logo

Monthly Payment

HK$8,353

MoneySmart Exclusive
Loan amount up to HK$2,000,000

DBS Debt Consolidation Loan

APR*
4.27%
Total Amount Payable
HK$100,000
Total Interest Payable
HK$240
Monthly Payment
HK$8,353
MoneySmart Exclusive: Up to HK$3,300 Coupons for applying for Debt Consolidation Loan Valid till 31 Aug 2020.
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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
PrimeCreditBalance Transfer LoanHK$600,000 or 18x monthly salary

How to Pick the Best Debt Consolidation Loan?

What is a debt consolidation loan?

Debt consolidation (also known as balance transfer) is a way to transfer higher-interest debt to a lower-interest debt repayment by gathering all your outstanding, unsecured debt from credit cards and personal loans into one monthly payment. You will save on interest, enjoy a reduced repayment amount and a shortened repayment period. Banks or money lenders will pay your former creditors directly via bank transfers or promissory notes.

Why Do We Need Debt Consolidation Loans?

Avoid snowballing your debts

Try to pay attention to your lowest interest rate cards to consider transferring a higher-interest bill to that one by having APR at 12% instead of the one at 30%. Otherwise, get a debt consolidation to pay off all outstanding, unsecured debts then pay back the loan in fix-rate instalments over a set of terms.

Simpler and more flexible loan application

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

Tips for Getting Debt Consolidation Loans

Tip #1Compare Annual Percentage Rate (APR)

The calculation of APR includes all the interests, admin fees and handling fees of a loan. That’s why APR is the best way to compare the actual expenses of personal loans.

Tip #2Compare debt consolidation rebates

Debt consolidation loans typically come with lower interest rates than balance transfer credit cards. Also, different banks offer rebates that would lower your costs of monthly loan repayments.

Frequently Asked Questions

Am I qualified for debt consolidation loan applications?

If you’re 18+ and earning HK$5,000+/month, you’re welcomed to apply for debt consolidation 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 debt consolidation loan?

You can apply to banks and money lenders in-person or online for debt consolidation loans.

How much can I borrow from a debt consolidation loan?

It depends on your salary and the loan cap of banks or money lenders. The loan amount can be 18x to 21x of your salary.

How long can my loan repayment period be?

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

How much interest expenses can a debt consolidation loan save for me?

Debt consolidation loans APR can be as low as 4% in Hong Kong, which is far lower than credit card 30% interest rate. Some loan plans can save up to 80% interest expenses for you, but it depends on your approved APR and credit score.

What do I need to prepare for my debt consolidation loan application?

You’ll need these are the documents for your debt consolidation 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.