The ultimate loan approval is always contingent upon the internal regulations, procedures, and eligibility standards of each loan source. As a result, it is challenging to determine your eligibility for a final loan prior to utilizing our application form. We boost your chances of acquiring a loan by working with several banks and financial institutions; even if one bank rejects your application, you still have a strong chance of getting accepted by others.
However, in order to apply with Lendingpot, you must meet these minimal requirements:
• You must be between the ages of 21 and 70
• You must have a monthly salary of at least HK$5,000
• You must be a Hong Kong resident or permanent residency for selected loans
Yes, most personal loans in Hong Kong allow for early repayment. However, some banks may charge penalties, typically around 2%~4% of the outstanding principal amount for early repayment.
Your choice of loan tenure should align with your financial goals and repayment capacity. Shorter loan tenures result in higher monthly payments but lower overall interest costs, while longer tenures offer lower monthly payments but may result in higher interest expenses.
This is based on your monthly income. In Hong Kong, some banks allow you to borrow up to ~20 times your monthly income and licensed money lenders do not have a fixed statutory maximum loan amount.
In Hong Kong, interest rates are typically below 36% per annum and any rates over it are presumed to be extortionate. Under the Hong Kong Moneylender Ordinance, the maximum legal interest rate for personal loans is capped at 48% per annum. Lending at a rate above this is illegal and constitutes a criminal offence.
In Hong Kong, typical loan tenure for personal loans in Hong Kong ranges from 6 months to 60 months for banks. However, individual financial institutions may offer varying loan tenures, which could be shorter or longer.
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