Best WeLend Personal Loans in Hong Kong
WeLend is a licensed money lender in Hong Kong that launched in 2013. Unlike traditional banks and money lenders, WeLend is an online business that uses technology to make borrowing money faster and easier, with most of the personal loan process taking place online.
Which WeLend Loan is Best for You?
Best WeLend Personal Loan
WeLend Personal Loan
- The lowest APR
- 1.38%
- Total Amount Payable
- HK$205,760
- Total Interest Payable
- HK$5,760
- Monthly Payment
- HK$8,573
During the Promotion Period, selected customers who have successfully applied via MoneySmart and drawn down with a net loan amount of HK$400,001 or above, on the designated Personal Loan with a minimum loan tenor of thirty-six instalments shall be eligible to receive up to HK$6,000 travel voucher (“Gift”).
WeLend Personal Loan is the most flexible loan option out of the three offerings. You can choose your desired repayment period from 14 days up to 60 months. Yes, you read right - 14 days! That's way shorter than a bank loan, where loan tenures are usually at least one year.
Your actual maximum loan amount is personalized based on your profile - WeLend assesses your credit score, monthly income, occupation, and financial situation. In theory, WeLend is able to lend any amount from HK$3,000 to HK$600,000.
Likewise, interest rates are customized for each applicant. You can get your personalized quote instantly by filling in an online application form. WeLend’s website also features a calculator tool so you can estimate repayment amounts for different loan tenures.
The eligibility criteria for WeLend personal loans is quite stringent. You need to be a Hong Kong resident, at least 18 years old, and be employed at your current job for at least two months, earning at least HK$8,000 a month.
*Calculation based on loan amount of HK$600,000 and repayment period of 12 months; the actual APR may vary for individual customers.
WeLend Debt Consolidation Loan
WeLend Card Debt Consolidation Loan
- The lowest APR
- 1.88%
- Total Amount Payable
- HK$205,760
- Total Interest Payable
- HK$5,760
- Monthly Payment
- HK$8,573
From now until December 23, Consolidate debt in 1 second^ to save interest. Boost your credit score in just one step! Selected customers can receive up to 💰HK$20,000 Rewards upon successful draw down!
Like many banks and lending companies, one of WeLend's offerings is a Card Debt Consolidation Loan, a special type of personal loan where WeLend clears multiple credit card debts in one shot, freeing you up to repay WeLend according to your preferred schedule. Not only does this improve your cash flow, it also helps your credit score and saves on the high interest you would otherwise pay on your credit card bills.
When you submit your loan application online, WeLend uses what they call an A.I. Card Debt Master to assess your credit profile automatically and calculate three repayment plans tailored to your profile. Each of the three options is optimized to reduce the interest paid, reduce the monthly installment amounts, or reduce the time taken to repay the loan.
Those who meet WeLend's credit requirements may also opt for a "phased" debt consolidation plan, which clears upcoming debts as well as current outstanding ones.
Eligibility requirements for this loan are the same: You must be a Hong Kong resident, at least 18 years old, employed at your current job for at least two months, and earning at least HK$8,000 a month.
Note: The final loan amount approved by WeLend and the loan tenure is evaluated on a case by case basis. Please submit your details to WeLend for your personalized quote.
*Calculation based on loan amount of HK$600,000 and repayment period of 12 months; the actual APR may vary for individual customers.
How to Apply for WeLend Personal Loan?
Choose Your Loan Product
Find a suitable loan product that best fits your financial needs. Make sure you read the fine print and understand the loan structure. Once selected, fill in the application form and submit all the required documents. You can do this online in a matter of minutes.
Wait for Your Loan Approval Result
WeLend has a two-step approval system. First, you will get preliminary approval by SMS and email within one working day of your online application. Once you get that, you can proceed to submit your supporting documents. A WeLend Loan Specialist will then contact you for verification and to confirm the loan agreement.
Disbursement of Your Loan
For WeLend personal loans, if the verification and loan agreement process is done before 1.30pm, the funds will be transferred to your disbursement account on the same day. For debt consolidation loans, WeLend will also transfer the outstanding amounts to the financial institutions on the same day.
WeLend Loan Application Supporting Documents
Here's a quick primer on how and what to submit to WeLend when applying for a personal loan from them.
What to submit
How to submit
WeLend Loan Fees & Charges
Frequently Asked Questions
How much can I borrow from WeLend?
- How much money you can borrow depends on your personal background, including your credit score, monthly income, occupation, and financial situation. WeLend provides loan amounts between HK$3,000 and HK$600,000.
How long does loan approval from WeLend take?
- WeLend has a two-step approval process. First, you can get preliminary approval within one working day of submitting your loan application. Subsequently, you'll be required to submit all supporting documents to get final approval. How long this takes depends on the amount you want to borrow, your credit standing, and the documents you submit. Upon approval, the funds will be credited instantly to your bank account.
How do I monitor my WeLend application status?
- A WeLend account will be created for you when you apply for a personal loan online. Simply sign in to WeLend's website with that account and you can easily check your application progress there.
What payment methods are accepted for repaying a WeLend loan?
- You can repay your WeLend loan using several payment methods. The easiest way is to set up an auto-pay instruction by filling up WeLand's Direct Debit Authorisation Form. This allows them to deduct monthly instalments directly from your bank account, which is set at 2 to 5 days after your salary credit. Alternatively, you can make payment through online/phone bill payment service PPS, at Jetco ATMs, or even at 7-11 convenience stores.
