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| Personal Loans | APR | MAX. LOAN AMOUNT |
|---|---|---|
| Citi Speedy Cash | 1.78% | HK$3,500,000 or 12x monthly salary |
| WeLend Personal Loan | 1.88% | HK$600,000 |
| DBS Personal Instalment Loan | 2.2% | HK$2,000,000 or 20x monthly salary |
| PrimeCredit Civil Servant & Professional Loan | 1.18% | HK$600,000 |
| Dah Sing Express Money | 2.75% | HK$2,000,000 or 14x monthly salary |
| Promise Easy Loan | 4.49% | HK$600,000 |
| PrimeCredit Fixed Loan | 1.18% | HK$600,000 or 18x monthly salary |
APR (Annual Percentage Rate) is calculated by taking into account the interest rate on a loan and any other lender charges such as handling fee. APR is used to compare different loan products, making the process of finding the right loan easier.
The difference between an interest rate and an APR is that the lender charges are added to APR. Therefore the APR of a loan is usually higher than its interest rate if it comes with lender charges.
Lenders approve unsecured loans based on a borrower's credit history instead of relying on the borrower's assets as security. Examples of unsecured loans are personal loans, credit cards, etc.
A secured loan e.g. mortgage loan is money you borrow that is secured against an asset that you own.
An overdraft is an extension of credit from a lender that is granted when the account has no or insufficient funds. This allows you to continue withdrawing money even when your account reaches zero.
A person is considered to have poor credit if he/she has a history of not paying his/her bills on time. Poor credit is often reflected as a low credit score. Lenders will use it for reference when approving for any loan/ credit card applications. People with poor credit will find it harder to get a loan or get a credit card.
Revolving credit is a credit account that allows you to repeatedly borrow money up to a set limit and pay it back over time. Everytime you repay, it will replenish the amount available to you.
There are different types of personal loans catering to different purposes and varying in its interest rates and availability. Not sure which one is the best for you? Check out the various personal loans below!
Quick loan products are created to offer immediate solutions for cash emergencies. It is often deposited the same day of the application being approved. However, they usually come with smaller loan amounts.
Debt consolidation loan is designed for borrowers with multiple loans. With debt consolidation, borrowers can transfer higher-interest debt to a lower-interest debt repayment by gathering all outstanding unsecured loans into one monthly payment to save on interest and enjoy a reduced repayment amount and a shortened repayment period.
Tax loan is a type of personal loan available only during tax season with lower-than-usual interest rates. You can use tax loan for tax payment and other purposes including home furnishing, wedding, education, etc.
Car loans are loans you use to buy a car. It is often taken care of by the car dealer, and the interest rate is less transparent compared to personal loans and it usually comes with restrictions on the car’s age.
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 monthly repayment situation.
Different types of Personal Instalment Loans serve different purposes. For example, monthly instalment loans serve scaled expenses, balance transfer loans ease high-interest debts, and tax loans usually have lower interest rates. When comparing loan plans, you should not only focus on interest rates, but also consider whether they cater to your financial needs.
Banks and money lenders issue loan amounts which are about 12 to 21 months of borrower’s salary. The loan amount and interest rate are partly based on their credit score. Therefore, applicants with higher salary and better credit score may be given a larger loan amount. However, applicants need to consider whether or not they are able to repay the loan amount. To borrow or not to borrow? Borrow only if you can repay!
Personal loans are a form of unsecured loans, which means you can get a loan without collaterals. Therefore, instead of relying on a borrower's assets as security, it is based solely on the borrower's creditworthiness. Personal loan is a good solution to cash flow issues. Banks and private money lenders offer loan plans with longer repayment period. Some of them are even up to 72 months. So now you are able to manage cash flow with higher flexibility.
As long as you’re 18 or above and having a monthly salary of at least HK$5,000, you’re welcome to apply for personal loans. Bring your identity card, residential address proof, bank statement, and salary slip and you’re good to go!
| Personal loan | Min. - Max. Repayment Period | Min. - Max. APR |
|---|---|---|
| Promise Easy Loan | 6 - 84 Months | APR 4.49% or above, Max. at 59.26% |
| PrimeCredit Fixed Loan | 6 - 60 Months | APR 2.38% or above, Max. at 60.00% |
| WeLend Personal Loan | 12 - 60 Months | APR 2.79% or above, Max. at 59.90% |
| DBS Debt Consolidation Loan | 6 - 72 Months | APR 4.27% or above, Max. at 30.57% |
| UA "NO SHOW" Personal Loan | 6 - 60 Months | APR 6.18% or above, Max. at 48.00% |
| Standard Chartered Personal Instalment Loan | 12 - 60 Months | APR 4.94% or above, Max. at 5.35% |
| CNCBI $mart Plus Personal Installment Loan | 12 - 60 Months | APR 5.86% or above, Max. at 38.08% |
| BEA Tax Season Instalment Loan | 12 - 60 Months | APR 1.78% or above, Max. at 20.37% |
| Citi Speedy Cash | 6 - 60 Months | APR 1.38% or above |
| PrimeCredit Civil Servant & Professional Loan | 6 - 60 Months | APR 2.38% or above, Max. at 60.00% |
| BoCom(HK) DreamCash Personal Loan | 12 - 60 Months | APR 6.35% or above, Max. at 7.95% |
| CNCBI $mart Plus Personal Installment Loan – Debt Consolidation | 12 - 60 Months | APR 7.33% or above, Max. at 38.08% |
| BOC Express Cash Instalment Loan | 12 - 60 Months | APR 3.08% or above, Max. at 40.59% |
| CCBA Personal Loan | 6 - 60 Months | APR 1.56% or above, Max. at 13.00% |
| WeLend Card Debt Consolidation Loan | 12 - 60 Months | APR 4.33% or above, Max. at 59.90% |
| PrimeCredit Balance Transfer Loan | 6 - 60 Months | APR 2.38% or above, Max. at 60.00% |
| AEON Flexi Loan | 12 - 60 Months | APR 4.49% or above, Max. at 47.73% |
| Hang Seng Debt Consolidation Instalment Loan | 12 - 72 Months | APR 6.44% or above, Max. at 48.00% |
| UA i-Money Internet Personal Loan | 12 - 60 Months | APR 6.18% or above, Max. at 48.00% |
Before applying for personal loan, it is imperative that applicants calculate the interest payable first. MoneySmart Personal Loan Calculator helps you do just that. Most loan calculators online can only calculate repayment amount based on a static loan amount and APR, yet the APR of most loan products actually varies based on repayment period and loan amount. These loan calculators may therefore be unable to show the most accurate amount payable.
On the contrary, MoneySmart Personal Loan Calculator adjusts APR and calculates total amount payable of each loan product based on the loan amount, loan tenure and monthly income entered, making it easy for users to compare all Loan products with a more accurate total interest payable.
Please note that Providers have the final say on the interest rates they offer you.
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!
There are personal loans available to people with a low credit score and they are mostly offered by Lending Companies. However, do keep in mind that the interest rates from these companies are usually higher than those from the banks. Popular money lenders in Hong Kong include Promise, WeLend, UA Finance, and AEON. Before borrowing from these companies, you can also check out our Guide on borrowing from Money Lenders.
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.
Banks and money lenders offer in-person or online loan applications.
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.