Best Balance Transfer Loans 2020: Clear Credit Card Debts

We found 8 Personal Loans for you!

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

Apply Now

MoneySmart Exclusive: Up to HK$3,300 Coupons for applying for Debt Consolidation Loan Valid till 30 Jun 2020.

More Details

Principal Loan Amount	HK$100,000
Total Interest Payable	HK$240
Total Amount Payable	HK$100,240
Annual Percentage Rate	4.27%
Monthly Instalment	HK$8,353
Repayment Period	12 Months

Monthly Payment

HK$8,518

3 tailored repayment plans suggestion

WeLend Card Debt Consolidation Loan

APR*: 4.3%
Total Amount Payable: HK$101,200
Total Interest Payable: HK$1,212
Monthly Payment: HK$8,518

Apply Now

More Details

Principal Loan Amount	HK$100,000
Total Interest Payable	HK$1,212
Total Amount Payable	HK$101,200
Annual Percentage Rate	4.3%
Monthly Instalment	HK$8,518
Repayment Period	12 Months

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

Apply Now

MoneySmart Exclusive: 1% cash bonus will be rewarded upon successful application Valid till 30 Jun 2020.

More Details

Principal Loan Amount	HK$100,000
Total Interest Payable	HK$2,400
Total Amount Payable	HK$102,400
Annual Percentage Rate	4.64%
Monthly Instalment	HK$8,533
Repayment Period	12 Months

Monthly Payment

HK$9,053

MoneySmart Exclusive

Repayment term up to 72 months

Citibank Card Debt Consolidation Loans

APR*: 8.64%
Total Amount Payable: HK$108,640
Total Interest Payable: HK$8,640
Monthly Payment: HK$9,053

Apply Now

MoneySmart Exclusive: New customer who successfully apply and drawdown Citi Speedy Cash or Citi Card Debt Consolidation Loan, can get up to HK$1,500 welcome offer + HK$4,500 MoneySmart offer = HK$6,000 cash voucher! Valid till 30 Jun 2020.

More Details

Principal Loan Amount	HK$100,000
Total Interest Payable	HK$8,640
Total Amount Payable	HK$108,640
Annual Percentage Rate	8.64%
Monthly Instalment	HK$9,053
Repayment Period	12 Months

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

Apply Now

More Details

Principal Loan Amount	HK$100,000
Total Interest Payable	HK$7,279.20
Total Amount Payable	HK$107,200
Annual Percentage Rate	16.04%
Monthly Instalment	HK$9,032
Repayment Period	12 Months

Monthly Payment

HK$8,754

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

Apply Now

More Details

Principal Loan Amount	HK$100,000
Total Interest Payable	HK$5,052
Total Amount Payable	HK$105,052
Annual Percentage Rate	9.6%
Monthly Instalment	HK$8,754
Repayment Period	12 Months

Monthly Payment

HK$9,179

Loan amount up to HK$2,000,000

BOC Express Cash Balance Transfer

APR*: 19.85%
Total Amount Payable: N/A
Total Interest Payable: HK$9,144.54
Monthly Payment: HK$9,179

More Details

Principal Loan Amount	HK$100,000
Total Interest Payable	HK$9,144.54
Total Amount Payable	HK$109,054
Annual Percentage Rate	19.85%
Monthly Instalment	HK$9,179
Repayment Period	12 Months

Monthly Payment

HK$8,533

Promotion

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

Apply Now

Promotion: Up to HK$3,500 instant cash reward for new customers！ Welcome Hong Kong non-permanent residents with 3 months and above working visa validity※ Valid till 30 Jun 2020.

More Details

Principal Loan Amount	HK$100,000
Total Interest Payable	HK$2,400
Total Amount Payable	HK$102,400
Annual Percentage Rate	4.49%
Monthly Instalment	HK$8,533
Repayment Period	12 Months

Bank / money lenders	Loan plans	Max. loan amount
Citibank	Card Debt Consolidation Loans	HK$1,200,000 or 21x monthly salary
HSBC	Personal Instalment Loan Balance Consolidation Programme	HK$1,200,000 or 21x monthly salary
BEA	"Super-Fast" Debt Clearance Plan	HK$1,200,000 or 21x monthly salary
DBS	Debt Consolidation Loan	HK$2,000,000 or 21x monthly salary
Standard Chartered	Debt Consolidation Program	HK$2,000,000 or 18x monthly salary
Dah Sing	Credit Mastermind Instalment Loan	HK$1,200,000
BOC	Express Cash Instalment Loan Balance Transfer	HK$2,000,000 or 21x monthly salary
PrimeCredit	Balance Transfer Loan	HK$600,000 or 18x monthly salary

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.

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!

Compare Balance Transfer 2020

Refine Your Results

HK$8,353

DBS Debt Consolidation Loan

Key Features

Repayment summary

HK$8,518

WeLend Card Debt Consolidation Loan

Key Features

Repayment summary

HK$8,533

PrimeCredit Balance Transfer Loan

Key Features

Repayment summary

HK$9,053

Citibank Card Debt Consolidation Loans

Key Features

Repayment summary

HK$9,032

Dah Sing Credit Mastermind Instalment Loan

Key Features

Repayment summary

HK$8,754

Standard Chartered Debt Consolidation Program

Key Features

Repayment summary

HK$9,179

BOC Express Cash Balance Transfer

Key Features

Repayment summary

HK$8,533

Promise Easy Loan

Key Features

Repayment summary

Compare Debt Consolidation Loans

How to Pick the Best Debt Consolidation Loan?

What is a debt consolidation loan?

Why Do We Need Debt Consolidation Loans?

Avoid snowballing your debts

Simpler and more flexible loan application

Tips for Getting Debt Consolidation Loans

Tip #1Compare Annual Percentage Rate (APR)

Tip #2Compare debt consolidation rebates

Frequently Asked Questions

Am I qualified for debt consolidation loan applications?

Where can I get a debt consolidation loan?

How much can I borrow from a debt consolidation loan?

How long can my loan repayment period be?

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

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