Best Personal Loans in Hong Kong 2020

Personal loans are great for consumers who need extra cash. Our guide highlights the best personal instalment loans available in Hong Kong and allows you to easily compare interest rates and features.

LoanBest For:Monthly Flat RateTenor
Citi Speedy CashLoans Under 1 yearFrom 0.090%6 months-5 years
DBS Personal Instalment Loan1-3 Year LoansFrom 0.010%1-5 years
Citi Speedy CashLong-Term LoansFrom 0.090%6 months-5 years
BEA Super-Fast LoanLow-IncomeFrom 0.160%1-5 years
ICBC Personal Instalment LoanLarge Loan AmountsFrom 0.120%1-5 years
ZA Bank Personal LoanRapid Repayment PromotionFrom 0.900%1-5 years
WeLend Personal LoanTop Rebate PromotionFrom 0.125%14 days-5 years

The following list is our selection of the cheapest personal instalment loans available in Hong Kong. To compare and analyse each product we considered each loan's interest rate, handling fees and other features which allow our picks to stand out from others on the market. When selecting a loan, we recommend that you select a loan which minimises the total cost of borrowing, but also allows you to comfortably make monthly repayments. We have also highlighted the best loans for certain situations, and included a brief review of each below.

Bar graph comparing the cheapest personal instalment loans in Hong Kong
LoanBest For:Monthly Flat RateTenor
Citi Speedy CashLoans Under 1 yearFrom 0.090%6 months-5 years
DBS Personal Instalment Loan1-3 Year LoansFrom 0.010%1-5 years
Citi Speedy CashLong-Term LoansFrom 0.090%6 months-5 years
BEA Super-Fast LoanLow-IncomeFrom 0.160%1-5 years
ICBC Personal Instalment LoanLarge Loan AmountsFrom 0.120%1-5 years
ZA Bank Personal LoanRapid Repayment PromotionFrom 0.900%1-5 years
WeLend Personal LoanTop Rebate PromotionFrom 0.125%14 days-5 years

The following list is our selection of the cheapest personal instalment loans available in Hong Kong. To compare and analyse each product we considered each loan's interest rate, handling fees and other features which allow our picks to stand out from others on the market. When selecting a loan, we recommend that you select a loan which minimises the total cost of borrowing, but also allows you to comfortably make monthly repayments. We have also highlighted the best loans for certain situations, and included a brief review of each below.

Bar graph comparing the cheapest personal instalment loans in Hong Kong

Best Short-Term Personal Loans: Citi Speedy Cash & DBS Personal Instalment Loan

Min. Annual IncomeHK$72,000HK$80,000
Max. Loan AmountHK$2,000,000 (or 12x monthly salary)HK$2,000,000 (or 20x monthly salary)
Handling FeeN/A2% of Loan Amount (embedded in APR)
Loan Tenor6 months to 5 years1 to 5 years
DurationHandling FeeMonthly Flat RateAPRMonthly InstalmentTotal Cost
6 monthsN/A0.09%2.01%HK$33,514HK$1,082
1 yearN/A0.09%2.01%HK$16,848HK$2,171
2 yearsN/A0.09%2.01%HK$8,515HK$4,365
3 yearsN/A0.09%2.01%HK$5,738HK$6,583
4 yearsN/A0.09%2.01%HK$4,351HK$8,825
5 yearsN/A0.09%2.01%HK$3,518HK$11,092
Assuming borrowers with an annual salary of at least HK$72,000, loan amount of HK$200,000
DurationHandling FeeMonthly Flat RateAPRMonthly InstalmentTotal Cost
1 year2%0.01%4.04%HK$16,687HK$240
2 years2%0.05%3.15%HK$8,434HK$2,414
3 years2%0.08%3.23%HK$5,718HK$5,841
4 years2%0.19%5.50%HK$4,564HK$19,079
5 years2%0.24%6.45%HK$3,849HK$30,396
Assuming borrowers with an annual salary of at least HK$80,000, loan amount of HK$200,000

Consumers seeking a very short-term loan (duration of less than a year) should consider the Citi Speedy Cash personal loan. The loan has the lowest flat monthly rate (as low as 0.09%) for loans with a 6-month tenor, and is offered with no handling fees. Like many lenders in Hong Kong, Citibank advertises a lowest available rate which can guide consumers towards what they can expect to pay per month. However, you should always check the actual terms of any loan offered to you–and negotiate when possible–to ensure you can afford to make repayments on your loan.


DBS's Personal Instalment Loan is one of the cheapest on the market for consumers looking for a loan with a duration between 1 and 3 years. The bank charges the lowest flat monthly rate for 12, 24, and 36-month long loans, with an interest rate as low as 0.01% and an APR as low as 4.04% for a 1-year loan. By comparison, most competitors charge about 0.10% to 0.33% per month. The bank does charge a 2% handling fee, although this is embedded as part of the stated APR. Consumers unwilling to pay this high upfront cost, or who want loans with tenors greater than 2 years, may want to consider other options.

Best Large, Long-Term Personal Loan: Citi Speedy Cash

Consider this if you are looking to pay off a loan over more than 3 years

Promotion Up to HK$3,000 cash coupon
Min. Annual Salary HK$72,000
Max. Loan HK$2,000,000 (or 12x monthly salary)
Handling Fee N/A
Loan Tenor 6 months to 5 years
DurationHandling FeeMonthly Flat RateAPRMonthly InstalmentTotal Cost
6 monthsN/A0.09%2.01%HK$33,514HK$1,082
1 yearN/A0.09%2.01%HK$16,848HK$2,171
2 yearsN/A0.09%2.01%HK$8,515HK$4,365
3 yearsN/A0.09%2.01%HK$5,738HK$6,583
4 yearsN/A0.09%2.01%HK$4,351HK$8,825
5 yearsN/A0.09%2.01%HK$3,518HK$11,092
Assuming borrowers with an annual salary of at least HK$72,000, loan amount of HK$200,000

Not only is it the cheapest option for loans of less than a year, Citibank's Speedy Cash Personal loan is one of the most affordable loans at almost every available tenor. In fact, the Citi Speedy Cash loan is the least expensive loan for 6, 48 and 60 month durations. What's more, consumers pay no handling fees and can receive up to HK$3,000 in cash rebates depending on the size of their loan. Since most lenders offer a maximum duration of 60 months, Citi Speedy Cash is the best option for consumers looking to pay off a loan over a longer period of time.


Spreading a loan out over a long duration can decrease the monthly payment, making it more manageable to consumers. However, increasing the tenor of a loan also increases the total amount of interest paid, making it more expensive in the long run.

Read Our Full Review

Best Loan for Low-Income Borrowers: BEA "Super-Fast" Instalment Loan

Consider this if you earn less than HK$6,000 per month

Promotion N/A
Min. Annual Salary HK$60,000
Max. Loan HK$1,200,000 (or 12x monthly salary)
Handling Fee N/A
Loan Tenor 1 to 5 years
DurationHandling FeeMonthly Flat RateAPRMonthly InstalmentTotal Cost
1 yearN/A0.16%3.58%HK$16,990HK$3,874
2 yearsN/A0.18%4.17%HK$8,701HK$8,821
3 yearsN/A0.20%4.67%HK$5,970HK$14,916
4 yearsN/A0.24%5.59%HK$4,675HK$24,389
5 yearsN/A0.25%5.79%HK$3,872HK$32,323
Assuming borrowers with an annual salary of at least HK$60,000, loan amount of HK$200,000

BEA's "Super-Fast" Instalment Loan is great for consumers with modest incomes who plan to take out loans with tenors of 36 months or less. The loan has lowest monthly interest rates among those with the monthly income requirement of just HK$5,000. Other lenders like OCBC or PrimeCredit may not require proof of income, but due to higher handling fees or interest rates these are ultimately more expensive lending options for durations of 24 months or less. If you are personally struggling with your monthly income, we would not recommend taking on more debt which would add to your monthly expenses.

Read Our Full Review

Largest Personal Loan: ICBC Personal Instalment Loan

Consider this if you require a very large personal instalment loan

Promotion HK$100 rebate for successful drawdown of HK$300,000+ loan
Min. Annual Salary HK$60,000
Max. Loan HK$4,000,000 (or 10x monthly salary)
Handling Fee Waived
Loan Tenor 1 to 5 years
DurationHandling FeeMonthly Flat RateAPRMonthly InstalmentTotal Cost
1 yearN/A0.120%2.680%HK$338,165HK$57,982
2 yearsN/A0.120%2.780%HK$171,533HK$116,804
3 yearsN/A0.125%2.920%HK$116,222HK$183,994
4 yearsN/A0.125%2.920%HK$88,483HK$247,087
5 yearsN/A0.125%2.920%HK$71,856HK$331,335
Assuming borrowers with a salary of at least HK$5,000, loan of HK$4,000,000
ICBC's Personal Instalment Loan is the best option for consumers looking to borrow a lot of money. With a maximum loan amount of HK$4,000,000–the highest on the market–you should be able to pay for whatever renovations, furniture, events or other expenditures you need. By comparison, most banks cap personal loan amounts to between HK$1,000,000 and HK$2,000,000. Consumers should be aware that the loan's lowest advertised APR of 2.34% isn't the cheapest on the market, so those who only need a loan of around HK$2,000,000 may want to consider loans from other banks like DBS and Citibank. As with any financial decision, you should make sure that the tenor and interest rate make the most sense in your situation before maxing out the loan amount.

Read Our Full Review

Honourable Mention: Best Personal Loan Promotions

We firmly believe that the loans listed above are, based on their interest rates and total costs, the best personal loans for the majority of consumers and where potential borrowers should begin their search. However, we also think that it is important to portray these loans with outstanding promotions and attractive rates.

ZA Bank Personal Loans

Consider this if you plan on rapidly paying off your loan

Promotion Interest and fees refunded if loan paid off early within 3 months & HK$10 for every minute past 30 it takes to get a loan decision (up to HK$500)
Min. Annual Salary Unknown
Max. Loan HK$1,000,000
Handling Fee N/A
Loan Tenor 1 to 5 years

Duration

Handling FeeMonthly Flat RateAPRMonthly InstalmentTotal Cost
6 monthsN/A0.90%1.86%HK$33,514HK$1,082
1 yearN/A0.90%1.86%HK$16,848HK$2,171
2 yearsN/A0.90%1.86%HK$8,515HK$4,365
3 yearsN/A0.90%1.86%HK$5,738HK$6,583
4 yearsN/A0.90%1.86%HK$4,351HK$8,825
5 yearsN/A0.90%1.86%HK$3,518HK$11,092
Assuming borrowers with an annual salary of at least HK$60,000, loan amount of HK$200,000
The ZA Bank Personal Loan stands out by offering a unique promotion of up to HK$100,000 in "free" cash. Consumers who take out a loan of up to HK$100,000 and pay it off early within 3 months will have all interest and fees refunded. Consumers can receive rebates even during the application process. For every minute past the initial 30 minutes it takes to process an application, the borrower is entitled to a HK$10 rebate, up to HK$500. Finally, the loan is offered with a competitive APR as low as 1.86%. While these are tempting offers, consumers who don't take advantage of the fee and interest rebate for early repayment can pay lower total costs with other loans.

WeLend Personal Loans

Consider this if you're seeking the highest personal loan rebate on the market

Promotion Up to HK$10,000 cash rebate for select loans
Min. Annual Salary HK$96,000
Max. Loan HK$600,000
Handling Fee N/A
Loan Tenor 14 days to 5 years
DurationHandling FeeMonthly Flat RateAPRMonthly InstalmentTotal Cost
6 monthsN/A0.125%2.00%HK$33,583HK$1,500
1 yearN/A0.125%2.00%HK$16,918HK$3,011
2 yearsN/A0.125%2.00%HK$8,586HK$6,067
3 yearsN/A0.125%2.00%HK$5,810HK$9,170
4 yearsN/A0.125%2.00%HK$4,423HK$12,319
5 yearsN/A0.125%2.00%HK$3,592HK$15,515
Assuming borrowers with an annual salary of at least HK$60,000, loan amount of HK$200,000
WeLend is currently offering the most impressive cashback rebate on the market, up to HK$10,000 depending on the size and duration of the loan. Borrowers are eligible for this high rebate with a loan of as little as HK$50,000, meaning they can receive up to 20% of the loan principal as a rebate. This rebate combined with a modest monthly interest rate of 0.1246% makes WeLend's personal loan a competitive option. Consumers should note that the maximum rebate of HK$10,000 has fairly long tenor requirements (varying by individual loan amounts) and consumers can receive lower interest rates with other loans.
Loan AmountRebate
HK$50,000-HK$99,999HK$2,000-HK$10,000
HK$100,000-HK$199,999HK$2,500-HK$10,000
HK$200,000+HK$5,000-HK$10,000
Individual rebates are dependent on loan tenor. Consult WeLend for complete terms and conditions

How to Choose the Best Personal Loan in Hong Kong

Before you apply for a personal loan, you should first consider your available options. While loans are cheaper than credit card debt and aren't typically tied to one of your assets like a mortgage is, they still come at a relatively high price and have serious penalties for defaulting. Here are some important factors to consider when choosing between personal loan options.

  • Total Cost: this is how much you will wind up paying in interest and fees. You can minimize total cost by selecting loans with a shorter duration and a low interest rate.
  • Monthly Payment: being able to comfortably make your monthly repayments is a crucial factor when deciding on a loan. Paying late almost always incurs a punitive late fee, and the late payment is charged at a higher interest rate. The monthly payment can be determined by multiplying the loan amount by its annual flat rate. Next, divide this product by the duration of the loan to find the monthly payment amount.
  • Balance: The two numbers above are often at odds, since an increase in loan's duration typically lowers the monthly payment amount, but causes total cost to rise. Nonetheless, you should try to minimise total costs while finding a loan whose monthly instalments you can comfortably handle.

APR vs. Monthly Flat Rate

A Monthly Flat Rate is used for calculations of interest fees based upon the approved loan amount and repayment tenor. We use the Monthly Flat Rates advertised by different lenders, along with any handling fees, to determine the total cost of each loan at a given tenor. On the Other hand, the APR (Annual Percentage Rate) is a reference rate which includes both the basic interest rate and any other fees of the product, this is expressed as yearly rate.

What You Need to Apply for a Personal Loan in Hong Kong

You must be at least 18 years old to apply for most personal loans in Hong Kong. Additionally, most banks have a monthly income requirement of at least HK$5,000. Many loans also require that the applicant be a resident of Hong Kong.

Documents Typically Required for Personal Loan Application

Required document
Proof of IdentityHKID card, passport
Proof of AddressMortgage payments, utility bills
Proof of incomePaystubs, bank Statement

You can usually apply for a loan online, although some banks may require you to do so in-person for loans of a certain amount. While the terms of each loan are usually specific to each applicant, you may be able to negotiate interest rates with your lender.

Methodology

To find the best personal instalment loans in Hong Kong, we collected information from the terms and conditions from more than 30 lenders.

AEON CreditCashing ProCMB Wing LungDBSHang SengOCBCPublic FinanceWeLend
BOCCCBCNCBIEgo FinanceHK FinanceOK FinanceSCBWing Fung Credit
BOCOMChong HingCredit GainFor You LoanHSBCPrimeCreditStd. CharteredZA Bank
BEACitibankDah Sing BankFubon BankICBCPublic Bank HKUA Finance

Next, we calculated the total cost of each loan. This cost includes everything a borrower ends up paying the bank outside of the loan amount, like administrative/handling fees and interest rates. We also accounted for any current promotions like special rates or rebates, which decrease the total cost of the loan. In our calculations, we assume that each instalment is paid on time, thereby avoiding any late fees or prepayment penalties.

Loans do have different costs depending on their size and tenor. By mapping out each loan's total costs at different sizes and durations, we were able to find the list above of loans with the lowest costs to consumers.

Jacob Weiss

Jacob is a Junior Research Analyst at ValueChampion, focusing on credit cards and other consumer financial products. Previously, he covered hedge funds and long only products for Cambridge Associates. He holds a B.S. in Finance from the University of Maryland and has passed Level 1 of the CFA exam.