Compare most personal loans in Hong Kong. Find out the best loan with lowest interest rate!
You should evaluate your financial situation, your actual needs and your ability to repay before applying for a personal loan to avoid overborrowing. Many financial institutions advertise their loans with wordings like 'lowest interest', '0 interest' and 'interest waiver throughout the tenor', but keep in mind that you may need to pay interest plus other fees including handling and service fees. So when you compare different personal loans, you should look at their Annual Percentage Rates. Annual Percentage Rate (APR) refers to the annual costs of a loan including the cost of interest and additional fees, which helps you understand the total cost of a loan.
What is more, you should also read the full terms and conditions of a loan to avoid extra charges, like whether early repayment fees apply if you pay off your loan early. Last but not least, be sure to repay your loan timely, as you could be charged late payment penalties and extra interest; and the late payment will also show up on your credit report, hurting your credit score and affecting your chance of getting a loan, some financial institutions might even charge you a higher interest rate.
Loan approval is generally influenced by the borrower?s income and occupation, financial situation and repayment ability, credit history, relationship with the bank and others.
Monitored by the Hong Kong Monetary Authority, banks usually have higher requirements; while lending companies are governed by the Money Lenders Ordinance and they tend to approve loans easier.