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We compare personal lines of credit from different banks

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A line of credit, or a credit line, is a source of funds that a borrower can tap into any time they wish. They are a flexible type of loan, and you only need to apply for it once to get money whenever you need it. It works like a credit card in the sense that you have a maximum credit limit, and monthly fees that you need to pay. The difference is that you don't need a plastic card to charge your purchases with, because you get the actual amount in cash instead.

Credit lines are also called revolving loans where the amount that you borrow will be subject to a maximum loan amount and no fixed tenor for some credit line offers. You may be subject to a minimum payment requirement when you do take funds from your credit line, it all depends on the bank or company.

Credit lines are still loans, however. Aside from the monthly interest and other fees you might have for taking out a credit line, you might also be asked for a collateral for a secured line of credit. Unsecured lines of credit will not have collateral, but will have a higher interest rate to account for the greater risk to the lender.

Find a loan
There are a number of banks and lenders that offer consumers a line of credit here in Hong Kong. Check out MoneyHero.com.hk's Personal Loan page and click on the Credit Line tab to see all available offers. Compare the offers from Dah Sing Bank, DBS, Hang Seng Bank, HSBC, and Standard Chartered among others. Don't limit yourself with the bank you currently have an account with or that you have used over time, always compare all the banks and their different products. MoneyHero.com.hk's comparison tool will let you compare different interest rates, tenor periods, and total repayment values of different loan offers. You can also find out about the special deals from these banks, such as welcome gifts for successful application on your credit line, special rates, switch between secured and unsecured loans, special business offers and other promotions and privileges. The comparison tool is easy to use: you'll easily find the right credit line with the lowest interest rates that fits your needs, we help make your banking easier.
Applying for a loan with MoneyHero.com.hk is easy. Just go to the Personal Loan page and click on the Credit Line tab. Use the filters to refine your search and to calculate your monthly interest rate, your monthly repayment fees, the annual percentage rate, and the total repayment you will be making. Once you've decided on which credit line you want, just click on the Apply Now button and start with your banking in now time! Applicants for a revolving loan or a line of credit must be between 18 years of age and 65 years, and should also be a resident of Hong Kong. During your application, you might be asked to submit a few additional documents. These documents depend on which loan provider you apply for. Loan providers may ask for proof of income and proof of residence, so be ready with copies of these documents just in case. So what are you waiting for? Compare and apply for your personal line of credit today!
Revolving Loan can be further categorized into overdraft account, which has cheque facility; and standby credit line which usually appears in form of a cash card.
People with periodic short term fund needs such as SME(small and medium sized enteprise) owners or day traders could choose credit line / revolving loan to fit their short term liquidity needs with repayment flexibility.
A personal line of credit is a flexible borrowing tool that you could withdraw loan money anytime and there is no penalty for early repayment. But banks and financial institutions usually charge an annual fee and withdrawal fee, and they have a minimum monthly payment as a reference to adjust the interest rate. You should compare the fees and charges of different banks and financial institutions before applying for the loan.
Banks and financial institutions offer personal lines of credit in amount ranging from HK$50,000 to HK$3,000,000 or 3 - 12 times your monthly salary. They will also adjust the loan amount based on your repayment record.
The interest rate for a personal line of credit is normally 5% - 16%, depending on your loan amount -- you pay lower interest rates when you borrow more. Some banks and financial institutions also offer low interest rates or interest-free deals for the first few months.
There is no specific repayment period for a personal line of credit, which means you can borrow again and again as long as you don't exceed the credit limit. If you are those consumers who can't resist temptation, you should apply for a personal instalment loan which allows you to have a regular repayment schedule and avoid over-borrowing.
Both personal line of credit and credit card overdraft have a credit limit and their interest rates are calculated on a daily basis, and both ways have a minimum payment. The interest rate of a personal line of credit is generally lower than that of a credit card overdraft.

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