Get Online Loans in HK: Instantly Approved Low Interest Loans
What are Online Loans?
The borrowing process of online loans is done primarily online, from application, instant approval to funding. You may even be able to get your funds as soon as the same business day. This stands different from most loans that you would apply for through a brick-and-mortar location. Online loans can help you to weather the storm when you’re facing emergency expenses.
Online Loans - What Do You Need To Know?
Pros of Online Loans
What is the difference between online loans and general personal loans? Is the application open on weekends?
Compare Loans
Compare Online Loan Providers in HK
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Best Instant Approval Loans
Must Read Before Applying
Can you trust Money Lenders?
Must Read Before Applying
Online Loans FAQ
Pros of Online Loans
1. Lower borrowing cost
2. Instant Approval and Disbursement + TU Free
3. Online Loan applications are open even during weekend
4. Enjoy Cashback
Best Online Loan Provider
| Online Money Leaders/Banks | Platform Features | Loan Features |
|---|---|---|
| Online Money Leaders/Banks Welend | Platform Features Infinite A.I. seamless, fully-online experience from quotation, approval and disbursement | Loan FeaturesColumn No income or address proof required for HK$300,000 or below3 |
| Online Money Leaders/Banks UA Finance | Platform Features Established in 1993 and a member of Sun Hung Kai Properties | Loan FeaturesNo need to show up for loan application, no documents are required |
| Online Money Leaders/Banks PrimeCredit | Platform Features Led by China Travel Financial Investment and formed by Pepper Group and York Capital Management Global Advisors | Loan FeaturesOnline instant loan approval and 24x7 cash delivery |
| Online Money Leaders/Banks Promise | Platform Features Established in 1992 and a member of Sumitomo Mitsui Financial Group (SMFG) - one of the leading finance institutions in Japan. | Loan FeaturesNo supporting document is required, apply for a loan with HKID and mobile number only. |
| Online Money Leaders/Banks DBS Bank | Platform Features Can apply online or via mobile apps | Loan FeaturesInterest rate as low as 1.56% and instant approval |
| Online Money Leaders/Banks Citibank | Platform Features Can apply online or via telephone | Loan FeaturesInterest rate as low as 1.78% and same day approval |
Must Read Before Applying Loans on the Internet
Unlike applying for loans in person, there is no one walking you through the details such as APR, monthly interest rate, or any charges applicable to your loan application when applying online. However, you can leave this with MoneySmart. You can compare different loans available in the market on the platform.
Best Online Loans
| Loans | APR | How to Sign Contracts |
|---|---|---|
| LoansPromise Easy Loan | APRAs low as 4.49% | How to Sign Contracts Online |
| LoansUA i-Money Express Online Personal Loan | APRAs low as 6.18% | How to Sign Contracts Online |
| LoansPrimeCredit Fixed Loan | APRAs low as 2.38% | How to Sign Contracts Online |
| LoansDBS Personal Instalment Loan | APRAs low as 1.56% | How to Sign Contracts Online |
| LoansCiti Speedy Cash | APRAs low as 1.78% | How to Sign Contracts Online |
Banks VS Licensed Money Leaders |Can you trust HK Money Lenders?
The benefits of borrowing from a licensed moneylender in HK are that they offer instant approval and they usually come with fewer restrictions with regard to your income, credit history and the documents required. Usually, banks would only extend personal loans to applicants with a stable income and good credit history.
With licensed moneylenders, you can even get the loan approved and funds within minutes, and they don’t scrutinise your credit history as much as the bank does. However, you usually end up paying higher interest rates than you would at a bank.
So personal loans should only be taken out for a specific purpose, with a focused plan on repayment. Find the best Personal Loan for you on MoneySmart, where you can compare all interest rates at one glance!
FAQ
What offers can I enjoy if I apply for online loans via MoneySmart?
- Apply through MoneySmart to enjoy extra cashback. For example, if you apply for UA "NO SHOW" Personal Loan through MoneySmart on or before 31 Aug 2021, you can enjoy up to HK$5,000 Welcome Cash Reward + Extra Nintendo Switch Lite or HK$1,500 supermarket voucher! Apply for Citibank Personal Loan and you can enjoy up to HK$12,000 exclusive cash rewards!
Without proof of income, can I still apply for online loans?
- Yes, you may be eligible to apply for some online loans from some moneylenders such as UA. It doesn’t require proof of income, even full-time workers without fixed income, students, freelancers, housewives, etc. are eligible to apply.
Which money lenders provide instant online loans?
- Money lenders such as PrimeCredit, UA, WeLend, etc. offer instant approval and disbursement.
What should I do if I need urgent loans for emergencies on weekends?
- You can consider online loans such as PrimeCredit Fixed Loan which can be approved as fast as 10 minutes and the funds will be released in an hour.
What can be used as proof of address?
- Utility bills of the last 3 months with your names clearly printed can be used as proof of address.
Why do money lenders charge higher interest rates than banks?
- Yes, they are eligible for some online loans such as UA "NO SHOW" Personal Loan which doesn’t require income proof.
Will your credit history affect your online loans application?
- Yes. When you apply for online loans, a lender usually runs a check on your credit history to determine whether you qualify for a loan or the final interest rate applies to you.