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|Lending Companies Loan||Features||Welcome Offers|
|UA Finance i-Money Internet Personal Loan||Enjoy 0% interest for loans under HK$100,000||HKTVmall e-Gift Voucher*or foodpanda Voucher (Valued at HK$300)|
|UA Finance "NO SHOW" Personal Loan||Fully online, instant cash transfer, including Sat & Sun upon loan approval||HKTVmall e-Gift Voucher*or foodpanda Voucher (Valued at HK$300)|
|WeLend Personal Loan||offer instant verification with 3D A.I. identity authentication||N.A.|
|WeLend Debt Consolidation Loan||Offer 3 personalized repayment plan for flexible choice||N.A.|
|Promise Easy Loan||Offer no doc loans, get approved even on Sunday||Up to HK$3,500 cash reward for new customers|
|PrimeCredit Civil Servant & Professional Loan||Enjoy as low as 0.1% monthly flat rate with 14-day Flexi Payment||up to HK$8,000 cash bonus + MoneySmart exclusive $1,000 supermarket coupon|
|PrimeCredit Fixed Loan||Apply for personal loans from PrimeCredit's mobile application||up to HK$8,000 cash bonus + MoneySmart exclusive $1,000 supermarket coupon|
|PrimeCredit Tax Loan||10 mins instant approval with fast cash delivery within 1 hour||up to HK$8,000 cash bonus + MoneySmart exclusive $1,000 supermarket coupon|
|PrimeCredit Balance Transfer Loan||Tailor-made faster repayment plan with instant approval||up to HK$8,000 cash bonus + MoneySmart exclusive $1,000 supermarket coupon|
|AEON Flexi Personal Loan||Offer flexible repayment period up to 48 months without handling fee||N.A.|
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.
There are numerous lending companies offering loan services in Hong Kong, including personal loan, tax loan, debt consolidation loan and more, with benefits like instant cash delivery, no supporting documents required and loan approval on weekends etc. MoneySmart is here to help you pick the best personal loan from lending companies such as AEON, Promise, PrimeCredit, UA and WeLend, by comparing monthly interest rates, repayment amount, APR or more factors, to fit your financial needs in the most convenient way.
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 by 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.
You should always use APR (annual percentage rate) in calculation whether you are getting a loan from a bank or moneylenders. Although you can easily calculate the monthly repayment amount using monthly flat rates, APR includes fees you may be charged, like handling fee, interests etc, which can give you a better idea of how much you will pay exactly to take out a loan.
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.
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.
Check the Hong Kong Companies Registry for the most updated list of licensed money lenders. You can find this on the Companies Registry website. 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.
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. Moneylenders are required by law to follow these rules, but of course, there are unlicensed ones with illegal practices as well.
It is important to maintain a good credit rating, which will affect your interest rates. You can do so by paying off debts or correcting any errors in your credit history.
APR (annual percentage rate) is your interest rate stated as a yearly rate, which shows your borrowing cost. An APR for a loan can include fees you may be charged, like handling fees. APR is important because it can give you a good idea of how much you will pay to take out a loan. The lower the APR, the cheaper the loan is.
It depends. 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.