Find the Best Bank Loans In Hong Kong

Looking for a bank loan in Hong Kong that fits your financial needs? MoneyHero has curated a list to …
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What should i do if banks reject my loan applications?

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If your loan application is rejected, you can find out why and work on improving your credit score or financial situation. You might also consider applying to a different bank or financial institution with different eligibility criteria or loan products that fit your needs better. Seeking advice from a financial advisor or credit counsellor could also help improve your financial situation for future loan applications.

If I need money now, are bank loans preferable?

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Bank loans might not be the best option if you need cash urgently as their approval process is usually longer and may require more documentation. However, some banks and financial institutions offer personal loans with quick approval and disbursement of funds. It's important to compare different loan options, including interest rates, fees, and repayment terms, before deciding.

What are the consequences of late payment on bank loans?

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Late payment on bank loans can result in late payment fees, additional interest charges, and a negative impact on your credit score. It could also lead to legal action, such as a lawsuit or repossession of collateral for secured loans. Making payments on time and in full can help you avoid these consequences and maintain a good credit score.

Is there any benefit to repay before the due date?

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Repaying a bank loan before the due date can have several benefits. It can reduce the amount of interest paid over the life of the loan, improve your credit score, and help save money on interest charges. However, it's important to check with the bank for any early repayment fees or penalties before making an early repayment.

Bank Loans Information

What type of loans do banks usually provide?

Banks provide different types of loans, such as personal loans, mortgage loans, car loans, and business loans. Personal loans are versatile and don't require collateral, while mortgage loans are secured and are used to buy or refinance property. Car loans finance the purchase of a vehicle, and business loans are used for financing business operations or expansion.

What are the basic requirements for a loan application from banks?

You will also need to provide documents such as proof of identity (e.g. Hong Kong ID card or passport), proof of income (e.g. salary slips or tax returns), and collateral for some loans. However, some banks may have different or extra requirements for loan applications. 

What Are the Required Supporting Documents for Loan Applications?

The required supporting documents for loan applications can be different based on the lender and the type of loan you are applying for. In general, the following documents are typically required when applying for a loan:

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What is the procedure for a loan application from banks?

The process for a loan application from banks differs, and it usually depends on the bank and the type of loan you are applying. However, some common steps include comparing loan options, checking the eligibility criteria and required documents for the chosen loan, submitting the loan application form and required documents to the bank, waiting for the bank to process the application. If the bank approves your application, then you will need to sign the loan agreement to receive the funds.

How Long Does the Loan Application Process Take?

The loan application process from banks usually lasts several days to a few weeks, depending on the loan type, lender, and your financial situation. Personal loans, which usually have a more straightforward process, can often be approved in as little as one hour. Meanwhile, complex mortgage loans could take up to 60 days. 

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What do I need to consider when applying for bank loans?

When you’re applying for bank loans in Hong Kong, it is important to first consider these factors - (i) Annual Percentage Rate (APR) and fees, (ii) loan amount and repayment terms, (iii) prerequisites for application and required documents, (iv) credit history and credit score, (v) the ability to repay and financial stability, and (vi) penalties for late payments or early repayment. You should compare loan options from different banks and choose the one that aligns best with your needs and financial situation.

What Is the Difference between Bank Loans and Loans from Lending Companies?

Bank loans and loans from lending companies are different in terms of interest rates, loan amount, eligibility criteria, repayment terms, and the application process:

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Overview of Popular Loan Products on MoneyHero: Repayment Periods and Maximum Annual Percentage Rates (APR)

Loan product Repayment period Highest APR Example
Promise Easy Loan 3 Months - 84 Months 4.49% or above, the highest is 48% Loan amount of HK$200,000 with a 36-month repayment period, at an APR of 4.49%, the monthly repayment amount is HK$5,940, and a total repayment amount of HK$213,840
PrimeCredit Fixed Loan 3 Months - 72 Months 1.18% or above，the highest is 48% The monthly repayment amount is HK$839, the total interest expense is HK$68, and the total repayment amount is HK$10,068 for a Loan amount of HK$10,000 with an interest rate of 0.6% per annum and a repayment period of 12 months
WeLend Personal Loan 3 Months - 84 Months 1.88% or above, the highest is 48% Loan amount of of HK$240,000 with a 36-month repayment period, at an APR of 3.03%, the total repayment amount is HK$251,189
DBS Debt Consolidation Loan 3 Months - 84 Months 6.38% or above, the highest is 30.57%
Loan amount of HK$200,000 with a 48-month repayment period, at an APR of 10.42%, inclusive of a 2% loan opening fee, a monthly repayment amount of HK$4,967, and a total interest expense of HK$38,416
UA「NO SHOW」Personal Loan 3 Months - 60 Months 1.68% or above, the highest is 48.00% Loan amount of HK$10,000, at an APR of 30%, 6 months instalment, the monthly repayment amount is HK$1,815, total repayment of HK$10,890
Standard Chartered Personal Instalment Loan 12 Months - 60 Months 1.85% or above, the highest is 36% Loan amount of HK$200,000 with a 24-month repayment period, at an APR of 6.28%, the monthly repayment amount is HK$8,873.33 repayment per month and a total interest expense of HK$12,960
CNCBI $mart Plus Personal Instalment Loan 12 Months - 72 Months 1.65% or above, the highest is 38.08% Loan amount of HK$200,000 with a 24-month repayment period, at an APR of 5.03%, handling fee of 1% of loan amount per annum, handling fee of HK$4,000 for the whole term, flat rate per month: 0.129%, total interest for the whole period of HK$6,192
Citi Speedy Cash Personal Loan 6 Months - 60 Months 1.78% or above, the highest is 35.78% Loan amount of HK$3,500,000 with a 12-month repayment period, at an APR as low as 1.78%
PrimeCredit Civil Servant & Professional Loan 3 Months - 72 Months 1.18% or above, the highest is 48% Loan amount of HK$10,000 with a 12-month repayment period, at an interest rate of 0.6% per annum, the monthly repayment amount is HK$839, the total interest expense is HK$68, and the total repayment amount is HK$10,068
CNCBI $mart Plus Personal Installment Loan - Debt Consolidation 12 Months - 60 Months 7.33% or above, the highest is 38.08% Loan amount of HK$20,000 with a 60-month repayment period, at an APR of 6.89%, fixed monthly fee of 0.20%, inclusive of 1% handling fee per annum, monthly repayment amount is HK$373
BOC Express Cash Instalment Loan Balance Transfer 12 Months - 60 Months 5.93% or above, the highest is 32.51%。 Loan amount of HK$20,000 with a 24-month repayment period, at an APR of 10.01%, inclusive of 1% handling fee per annum, monthly repayment amount is HK$9,173
CCB (Asia) Personal Instalment Loan 6 Months - 60 Months 1.56% or above, the highest is 13.00% Loan amount of HK$400,000 with a repayment period of 60 months, with a monthly repayment amount of HK$7,747
WeLend Card Debt Consolidation Loan 3 Months - 84 Months 1.88% or above, the highest is 48% Loan amount of HK$360,000 with a repayment period of 60 months, at an APR of 8.05%, and the total repayment amount is HK$422,578
PrimeCredit Balance Transfer Loan 3 Months - 72 Months 1.18% or above, the highest is 48% Loan amount of HK$10,000 with a repayment period of 12 months, at an interest rate of 0.6% per annum, the monthly repayment amount is HK$839, the total interest expense is HK$68, and the total repayment amount is HK$10,068
AEON Flexi Loan 6 Months - 60 Months 4.49% or above, the highest is 36% Loan amount of HK$600,000 with a repayment period of 12 months, at an APR of 4.49%, total interest of HK$14,400 and total repayment of HK$614,400.
Hang Seng Debt Consolidation Instalment Loan 6 Months - 72 Months 6.68% or above, the highest is 36% Loan amount of HK$150,000 with a repayment period of 72 months, at an APR of 4.63%, and a total loan repayment amount of HK$171,604.80.
UA i-Money Express Online Personal Loan 3 Months - 60 Months 1.68% or above, the highest is 36% Loan amount of HK$10,000 with a repayment period of 6 months, at an APR of 30%, a monthly repayment amount of HK$1,815, and a total repayment amount of HK$10,890
Promise Easy Loan 3 Months - 84 Months 1.12% or above, the highest is 48% Loan amount of HK$200,000 with a repayment period of 36 months, at an APR of 4.49%, a monthly repayment amount is HK$5,940 and a total repayment amount of HK$213,840
CreFIT ClearCard Debt 3 Months - 24 Months 1.98% or above, the highest is 36% Loan amount of HK$200,000 with a repayment period of 24 months, at an APR of 8%, a monthly repayment amount is HK$9,019.33 and a total repayment amount of HK$16,464.00
OCBC Bank Personal Loan 6 Months - 60 Months 2.16% or above, the highest is 36% Loan amount of HK$1,500,000 with a repayment period of 12 months, at an APR of 2.16% (including HK$9,000 cash rebate) or 3.30% (excluding cash rebate), inclduing the annual 1% handing fee, total repayment amount is HK$16,464.00

Best Bank Loans Products

If you are in search of the perfect bank loan, we’ve got you covered with our top recommendations for each loan category. From the offer with the lowest APR to the one with the highest rebates, we’ve identified the best bank loan products that suit your needs.