Find the Best Personal Installment Loans in Hong Kong

If you are facing unexpected financial emergencies, you may be in search of the best personal instal …
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How can I find the right financial products?

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MoneyHero has partnered with the most trusted banks and financial institutions in Hong Kong to help you find the right financial products. Through our comparison engine, you can compare credit cards, personal loans, mortgages, medical insurance, travel insurance, HK stock accounts, US stock accounts, payroll accounts, and other financial products. We provide accurate, up-to-date information and an unbiased overview of financial products in Hong Kong so that you can make the best choice, saving your time and money.

What is a personal instalment loan

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A personal instalment loan, also known as an unsecured loan, is a type of loan that allows you to borrow a specific amount of money and repay it through fixed instalments over a period of time. Unlike a secured loan that requires collateral like a house or car, a personal loan only requires a monthly payment that includes both the loan's principal and interest. 
If you can pay off the loan principal and interest on time, you can use the money from your loan to finance your personal goals, such as renovating your home or planning your next dream vacation. Instead of paying off the loans in one lump sum, repaying them as instalments from 1 to 5 years could help ease your financial burden.

How can I find different personal loan offers in Hong Kong?

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Personal loans can be applied in a majority of banks and lending companies here in Hong Kong. Popular lenders include the likes of Citibank, Hongkong and Shanghai Banking Corporation(HSBC), China Construction Bank, Standard Chartered Bank, Hang Seng Bank,vDBS Bank,  WeLend, Promise, United Asia Finance, and many more. They provide loans at competitive rates and are often paired with equally tempting promotions and offers. You can also use MoneyHero's online comparison tool to easily find out the interest rates, loan amounts, total repayment values, and terms offered by various personal loan providers in Hong Kong, then instantly select the right personal instalment loan with the lowest monthly rates to suit your needs.

Should I choose the personal instalment loan with the lowest monthly interest rate?

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While low monthly interest rates may seem appealing for a personal instalment loan, they may not always offer the best overall deal. Additional factors such as handling and administrative fees should be taken into consideration, as they can significantly impact the total cost. To make an informed decision, you can compare the Annual Percentage Rates (APR) of different loans, as they provide a more accurate representation of the borrowing costs. Additionally, be sure to watch out for any hidden charges that could potentially increase your expenses.

How long does it take to get approved for a personal instalment loan?

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While certain financial companies advertise "instant loan approval," this typically refers to passing the initial screening of your application. In reality, you may still need to wait for a period ranging from 10 to 60 minutes to receive the actual approval. Certain banks may take longer, with approval times ranging from 2 to 5 working days. 


How do I calculate the monthly interest of my personal instalment loan?

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You will repay the loan monthly with a fixed amount of principal and interest, and the interest for the loan amount will usually be calculated based on a monthly flat rate. If you know your total loan amount, monthly flat rate, and repayment period, you can calculate the monthly interest.You can consider using our free personal loan calculator to help .

Loans Information

What Are Loans?

Loans are financial products that offer a person or a business the necessary funds to fulfil their financial requirements or needs. Typically provided by financial institutions, loans come with specific repayment terms and conditions. Based on the terms that you agreed to, you will need to repay both the initial loan amount and the accumulated interest

 

Types of Loan Products

There are various types of loan products available in Hong Kong. If you are looking to borrow money or take out a personal loan (also known as P loan) for a particular financial goal, you should try to learn and understand the differences between each loan product before deciding the one that is best for your needs:

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What is the repayment period for personal loan applications?

The shortest repayment period for personal loan applications can be 60 days, while some lenders offer a flexible repayment period of up to 84 months.

What is the maximum loan amount you can apply for personal loans

The maximum loan amount you can borrow is typically 6 to 18 times of your monthly income, with a limit of HK$4 million. The actual amount you qualify for depends on factors like your credit score and income status, regardless of the lender's maximum offering. Banks and financial institutions may also consider your Debt Servicing Ratio (DSR) to determine the loan amount. In general, maintaining your DSR below 40% increases your chance of receiving a favourable loan offer. We advise you to maintain your DSR within this percentage.

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

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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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What is the procedure of loan application?

The process for a loan application largely depends on the lender and the type of loan you are applying. 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, and waiting for approval. Both traditional banks and virtual banks offer online loan applications that can be completed through a quick and easy process on their mobile banking apps.

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What are the requirements of loan applications?

Loan application requirements can vary depending on the lender. In general, most lenders typically require applicants to be at least 18 years old, residents of Hong Kong, and have a minimum annual income.

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What are the required supporting documents for loan applications?

The supporting documents needed varies depending on the lender and the type of loan you are applying for. In general, the documents listed below are typically required when applying for a loan:

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What Needs to Be Considered Before Applying for Loans

If you are thinking about applying for a loan, you have to carefully consider various factors beforehand. Here are some key points to remember when applying for a loan in Hong Kong:

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Personal Loan Calculator 

Having trouble calculating the repayment amount? Hoping to learn more about loan formulas? We’ll handle the task of filtering precise loan offers tailored to your profile and needs.Our personal loan calculator makes it easy for you to compare different loan options and choose the one that works best for you. It only takes a few clicks to see a complete list of suitable loans that match your criteria. 
Formula to calculate monthly loan payment:monthly payment = principal x (interest rate / 12)

 

Personal Loans Glossary

If you've read through our page and struggle to gain a thorough understanding of which personal loan to select due to the unfamiliar terms and information about personal loans, don't worry, we've got you covered. We have a personal loans glossary where you can find a comprehensive list of terms with easy-to-understand definitions. Our glossary can be a valuable tool for anyone who wants to educate themselves on the world of personal finance. So, if you're confused about any of the terms we use on this page, be sure to check out our personal loans glossary for clarity.