What is a No Income Personal Loan?

Whether you identify as unemployed, self-employed, student, or have difficulty obtaining requisite paperwork, there are still options for financial assistance. Also referred to as easy apply loans and non-income proof loans, no income personal loans could be your ticket to gaining some flexibility while you build your personal financial profile. Our analysts have outlined some information and considerations you should take when deciding if a no income loan is right for you.

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What Are Some Features of No Income Personal Loan Plans?

Most no income personal loan plans offered in Hong Kong are designed with the loan recipient’s status in mind. Whether you are an overseas worker or foreign domestic helper residing in employers’ quarters or are recently unemployed and looking for new work opportunities, there are plans that can suit your lifestyle and needs.

No Income Personal Loans Might Benefit You If You Are:
  • A post-secondary or university student
  • Self-employed
  • Recently unemployed
  • Looking for work
  • An overseas worker
  • A foreign domestic helper
  • A recent immigrant of Hong Kong

When choosing the right plan for yourself, however, you should be aware of the various differences between personal loan packages and choose accordingly.

If you can, in fact, provide proof of income, consider checking out our assessment of the best personal loan and best low income personal loan options in Hong Kong.

No Income Loan Features: Maximum Amounts, Interest Rates, and Loan Tenor

The maximum amount you can borrow depends on the plan you choose. Although amounts vary—for instance, HBSC offers up to HK$1,500,000 while Promise offers a fixed amount of HK$2,000—the total will depend on your application and consultation.

If you borrow money, consider how the loan amount contrasts with the interest rate and repayment tenor. Most non-income proof loans have flexible repayment tenor, some up to 60 months, but carry higher interest rates than those of traditional schemes. Be sure to pay attention to this. It’s important to prioritize a low interest rate or APR if you aren't confident in the stability of your future income. Our guide to personal loans helps to define each of these terms.

Most no income and easy loan schemes charge no handling fee for a consultation, and make funds available through either 24 hour or instant approval. For as easy it is to apply for and receive a loan, you need to do your due diligence. Make a plan of paying a loan back before you decide to take one out. Remember that you must pay back whatever amount and accrued interest you owe.

No Income Loans Offered in Hong Kong by Amount and Rate

LenderLoan Amounts OfferedLoan TenorInterest Rate
CashingPro No Income Proof LoanHK$5,000 to HK$200,000Flexible (you can repay freely within 60 months)Minimum monthly flat rate: 0.59%
HSBC Personal Instalment LoanUp to HK$1,500,000Choice of repayment method from 6 months to 60 monthsMonthly flat rate as low as 0.09%; APR as low as 2.02%
HY Credit Loan ProgrammeVaries by application; apply online for a consultationFlexible repayment arrangements, ranging from one month to 20 yearsN/A
MoneySmart Fixed LoanVaries by application; apply online for a consultationMinimum of 3 months; maximum of 60 monthsActual interest rate will not exceed 60% of the annual interest rate; rate varies by application
Promise Emergency LoanFixed amount of HK$2,000Repayment period varies from 3 to 84 monthsAnnual interest rate varies from a minimum of 4.49% to a maximum of 59.26%
UA Finance "NO SHOW" Personal LoanVaries by application; apply online for a consultationMinimum of 3 months; maximum of 60 monthsMaximum annual rate: 48%
WeLend No-Doc LoanVaries by application; apply online for a consultationVaries by application; apply online for a consultationN/A
ZeroFinance X Wallet LoanYou can borrow as little as HK$1,000; higher amounts will depend on applicationPay back within a period of 24 monthsDaily interest of HK$0.25 for every HK$1,000 borrowed
LenderLoan Amounts OfferedLoan TenorInterest Rate
CashingProHK$5,000 to HK$200,000Within 60 monthsMinimum monthly flat rate: 0.59%
HSBC Up to HK$1,500,0006 to 60 monthsMonthly flat rate as low as 0.09%; APR as low as 2.02%
HYVaries by application1 month to 20 yearsN/A
MoneySmartVaries by application3 to 60 monthsActual rate < 60% of the annual interest rate; varies by application
Promise Fixed amount: HK$2,0003 to 84 monthsAnnual rate: 4.49% to 59.26%
UA FinanceVaries by application3 to 60 monthsMaximum annual rate: 48%
WeLend Varies by applicationVaries by applicationN/A
ZeroFinance $1,000+Within 24 monthsDaily interest: HK$0.25 for every HK$1,000 borrowed

What Do I Need to Apply for a No Income Loan?

The requirements to qualify for non-income proof loans in Hong Kong differ by lender. As the name suggests, no income loans will not require you to provide initial proof of income and in most cases will lend without proof of employment.

You will, however, need to verify some information during your initial consultation. Although the lending requirements are not uniform across the board, most lenders require a source of identification in the form of a Hong Kong ID card and a bank account to facilitate the transfer of funds. Lenders such as UA Finance, MoneySmart, and Promise do not specify bank requirements. If you have no bank account at a licensed bank in Hong Kong, seek an immediate consultation to find out what can be done for you.

Our analysts have compiled a chart of major loan providers below, along with individual plans’ requirements for documentation and income or residential status:

Application Requirements for Major No Income Loan Programmes

LenderPersonal IdentificationAddress / Proof of ResidenceHong Kong Bank AccountProof of Employment
CashingPro No Income Proof LoanYes, you will need a Hong Kong ID card to prove permanent residenceYesYes, you will need an account with any licensed bank in Hong KongYes
HSBC Personal Instalment LoanYes; must be 18 years or olderNoYes, you must have an HSBC bank accountNo, as long as you have maintained an automatic payroll account with HSBC for more than one month
HY Credit Loan ProgrammeNo, even Mainland China residents are encouraged to applyYes, address proof within two monthsYesNo, however income and/or payroll records must be provided within three months
MoneySmart Fixed LoanYes; must be 18 years or olderNoNoNo
Promise Emergency LoanYes, you will need a Hong Kong ID cardNoNoNo
UA Finance "NO SHOW" Personal LoanNoNoNoNo
WeLend No-Doc LoanYesYesYesNo
ZeroFinance X Wallet LoanYes, you will need a Hong Kong ID card and be aged 18 years or olderNoYes, you will need a bank account so that funds can be directly depositedNo
LenderPersonal IdentificationAddress / Proof of ResidenceHong Kong Bank AccountProof of Employment
CashingPro Yes, you will need a Hong Kong ID card to prove permanent residenceYesYes, you will need an account with any licensed bank in Hong KongYes
HSBC Yes; must be 18 years or olderNoYes, you must have an HSBC bank accountNo, as long as you have maintained an automatic payroll account with HSBC for more than one month
HY No, even Mainland China residents are encouraged to applyYes, address proof within two monthsYesNo, however income and/or payroll records must be provided within three months
MoneySmart Yes; must be 18 years or olderNoNoNo
Promise Yes, you will need a Hong Kong ID cardNoNoNo
UA Finance NoNoNoNo
WeLend YesYesYesNo
ZeroFinance Yes, you will need a Hong Kong ID card and be aged 18 years or olderNoYes, you will need a bank account so that funds can be directly depositedNo

Are No Income Loans the Same as Non-Means-Tested Loans?

You may have heard of a non-means-tested loan, which is not quite the same as a no income proof loan. The primary difference between the two is that no income proof loans can be provided to anyone by private companies, whereas non-means-tested loans are available only to students through government programmes.

Offered by the Student Finance Office of the Working Family and Student Financial Assistance Agency (WFSFAA), the non-means-tested loan scheme for full-time tertiary students (NLSFT) and extended non-means-tested loan scheme (ENLS) are available to full-time students of accredited post-secondary and tertiary level academic institutions in Hong Kong. Check out the WFSFAA website to learn more about government programmes and financial assistance schemes for students.

Now that you have learned about the basics of no income loans and the qualities of some major loan plans offered in Hong Kong, you should decide whether taking out an easy apply loan is the right financial decision for yourself. Recall that no income proof loans typically yield higher interest rates and more rigid maximum amounts than traditional personal loans. A no income loan should only be taken out if you are confident that you’ll be able to pay back the amount within the designated time period.

If you are close to securing a new job and need quick cash to help with current expenses, a no income loan might make the most sense to provide you with immediate financial relief. Likewise, if you are paid in cash or are an immigrant in the process of obtaining documentation, the flexibility of easy apply loan plans may fulfil your needs. Regardless of your situation, if the above information resonates with you, it doesn’t hurt to contact a lender and seek a free consultation to find out if a no income loan is right for you.

For anything else you might want to know about loans in Hong Kong, our loans page is here to serve as a resource for you.

黄奭彤

黄奭彤 (Seaton Huang) is a Junior Research Analyst covering consumer finance products in Hong Kong. As an alumnus of Columbia University (M.A., 2020), Northeastern University (B.A., 2019), and a former Fulbright Fellow at Shaanxi Normal University (2018), he has significant academic and analytical expertise in the economic and political terrains of China, Hong Kong, and Asia Pacific. His past research has concerned the socioeconomic effects of mobile payment systems in China and the efficacy of China's Belt and Road Initiative in Central Asia, among other poignant topics in contemporary Asia.