Easy ways to get a personal loan in Hong Kong

Here are some sure-fire ways to get a loan in Hong Kong that have existed since the city has been on the map, along with a new one that is making a grand entrance to the city as we speak.

Bank loans, the first option for both individuals and businesses alike. This has been an age old model which sees a variety of success rates for personal loans. It could be pay-day loans to fund purchases, or tax loans to pay off taxes when facing a cash crunch. Some of these are for low rates, though other forms of borrowing might charge you a lot more. Alternatively, some personal loans will not be available. For example, you might not be able to get a loan that cashes in your leased out apartments rental income here.

Money lenders tend to be more flexible with what they are going to allow you to borrow against, and it may well be easier to get a loan approved here. But careful about the terms, and pay attention to the fine print, as interest rates can soar above 50%.

Family and friends are an option, with these informal loans being more prevalent in Asia than in the West. The dynamics of this are unique from family to family, but this probably isn’t a reliable option nor is it what you should set up for when looking at planned expenditures because things can get complicated very quickly.

Then there is the new option available to people in Hong Kong looking for a personal loan. Peer to peer lending (P2P lending) is one of the most innovative yet simple ways to borrow money in the world. It allows you to apply for a loan online, any time of the day, and get it listed on a large marketplace where a community of lenders can fund it. The best part is all of the borrowing remains anonymous, so your personal details are not shared publicly. Think of it like crowdfunding for the borrowing and lending community.

Find out more about how Monexo can help you join the peer to peer community as a borrower today.