Find The Best Tax Loans In Hong Kong

Tax loans offer immediate financial assistance and help manage cash flow for someone facing tax obli …
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Having questions when selecting Tax Loans?

What should I pay attention to during my application for tax loans?

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When applying for a tax loan, consider the following factors to ensure that you are getting the best tax loan for your financial needs. 

Loan Terms and Interest Rates: Understand the loan terms, including the repayment period, interest rates, and any additional fees or charges associated with the loan. Compare the terms offered by different lenders to ensure you are getting the best tax loan package for your needs.

Repayment Options: Consider the repayment options available for the tax loan. Assess your financial situation and choose an option that aligns with your ability to make timely payments. Keep in mind that late payments will incur penalties which can affect the future chances of getting tax loans with favourable offers/lower APR. 

Terms and Conditions: Carefully read and understand all the terms and conditions associated with the tax loan. Pay attention to any clauses related to early repayment, late payment penalties, or loan refinancing.

Are tax loans only for tax payments?

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Tax loans may also be used for other purposes not related to taxes. You may choose to use tax loans for purposes like debt consolidation, where they can combine high-interest debts into a single and more manageable loan. Or may opt to fund home improvement projects or cover unexpected emergency expenses, such as medical bills or car repairs. Additionally, tax loans could also be used for education-related expenses, investment in small businesses, or even travel and vacation costs. However, you should still check with the specific lender for their policies and terms, as they may vary.

Do tax loans offer lower interest rates than personal loans?

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Typically, the lowest APR that a tax loan can offer is lower than that of a personal loan. However, it is not guaranteed that tax loans will always provide more favourable interest rates compared to personal loans. The interest rates for tax loans and personal loans can vary depending on various factors, including the lender, your creditworthiness, the loan amount, and the repayment term.

What is the advantage of applying tax loan online?

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Applying for a tax loan online is far more convenient than traditional in-person and paper applications. Online applications can be made from anywhere with internet access, benefiting those in remote areas or with limited branch access. 

Another advantage is saving significant time, allowing you to complete forms, upload required documents, and submit everything with just a few clicks, even outside of regular business hours. Furthermore, online tax loans are typically processed faster than paper applications, as digital submissions allow for instant review and more efficient processing. The use of digital documentation eliminates physical paperwork, reducing the risk of document loss, and streamlining the process for lenders who receive information in a digital format.

Why should I apply for a tax loan through MoneyHero?

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MoneyHero lets you compare the best tax loan offers available on the market, ensuring that you get the best deals that cater to your financial needs. By applying through MoneyHero, you can research multiple lenders, and review their interest rates, terms, and fees. In addition, discover exclusive tax loan offers that you will not find on other online platforms. 

Tax Loan Information

What is tax loan?

Tax loans are typically offered by banks and lending companies during the tax season, designed to help individuals or businesses manage their tax-related expenses. Tax loans can assist you in covering your tax-related payments, such as Salaries Tax, Property Tax and Profits Tax, when you may not have the immediate funds to do so.

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What is the difference between instalment loans and tax loans?

There are differences and similarities between the types of loans, in terms of application periods, purposes, repayment structures, documentation & approval as well as interest rates & fees:

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When are tax loans available?

The availability and specific terms of tax loans in Hong Kong can vary among different financial institutions. Generally, these loans are available from October to April of the following year. For instance, financial institutions may begin offering tax loans from October 2024, up until April 2024 when the tax season in Hong Kong ends.

How do I apply for tax loans?

Applying for tax loans is usually easy. You can start by searching for the best tax loans offered by various financial institutions on MoneyHero's website, compare and choose the one that suits you best. Typically, you'll need to provide some documents related to your taxes, like tax slips or tax assessment notices. Once you've applied and been approved, the bank or lending company will let you know how you'll receive the money and when you need to repay it.

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What are the requirements for tax loan applications?

When applying for a tax loan, financial institutions will require a variety of details and documents. Generally speaking, applicants will need to provide identification documents, personal contact information, employment details, proof of tax obligations, and proof of income. 

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

 

Tax Loan Calculator 

Having trouble calculating the repayment? Hoping to learn more about loan formula? We’ll handle the task of filtering precise loan offers tailored to your profile and needs. Simply use our free tax loan calculator. With a few clicks, we will present you with a comprehensive list of available loan options for you, enabling you to confidently choose the most suitable one.

Best Tax Loans Offers 

When comparing tax loans, consider factors such as interest rates, fees, and repayment terms for your needs. MoneyHero has narrowed down the best tax loan offers of 2024 so you can secure the most favourable terms and maximise the benefits of borrowing against your expected tax refund.