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The provisions of the Money Lenders Ordinance (Cap.163 of Laws of Hong Kong) (the "Ordinance") summarised below are important for the protection of all the parties to a loan agreement, and should be read carefully. The summary is not part of the law, and reference should be made to the provisions of the Ordinance itself in case of doubt.
Luckily, Promise self-employment loans concern the needs of individuals who are part-timers, do not have a fixed-employer, receive salaries in cash or are self-employed like me, and do not require us to submit any income supporting documents. All we needed is my ID card and mobile number to get our application approved instantly.
- Repayment Period
- Interest Rate
- Fee
- Application Documents
- Reward Program
The length of your repayment period will affect your monthly payment. A longer repayment period means a lower monthly repayment amount, with less repayment pressure. However, it also means a higher total interest. Therefore, when applying for a loan you should evaluate your financial status and repayment ability in order to choose a suitable repaym...
When borrowing money, it's better to choose a loan product with lower interest rate because a higher interest rate will increase the total cost of a loan. Before borrowing money, you should learn about different methods of interest calculation such as monthly flat-rate, day rate, etc. When you compare different loan products, you should also take t...
Some financial institutions charge handling fees and administration fees when granting loans. When comparing loan products, you need to check if there are any hidden costs or interests which will eventually increase your loan cost. Promise has no hidden costs or handling fees attached to their product, so our clients will receive their loan in full...
It is common that loan application requires documents including HKID card, proof of address, proof of income, etc. Some people may not be able to provide the required documents, which results in being rejected for a loan. Certain financial institutions have launched solutions that require no supporting documents to simplify the approval process and...
To attract customers, financial institutions often offer promotions or rewards, mostly in the form of cash rewards, supermarket coupons, etc., which are typically on a "borrow more, earn more" basis. At Promise, we offer different promotions to both new customers and existing members. Customers who apply and withdraw loans successfully can enjoy re...
You can look for different Hong Kong tax loan strategies to understand more about the characteristics of tax loans and gain the most benefits from tax loan or use them in the best way. Hong Kong Tax loan strategy – Comparison of different tax loans. What criteria should be used for choosing the best tax loan in HK?
Promise's loans are calculated by daily interest, which means that you only need to pay one day of interest if you only use the loan for one day. How can I reduce my expenditure on interest? Leveraging the diminishing interest based on the deducting principal, you may lower your interest by increasing the repayment amount at anytime or even ...
Knowledge on Personal Loan. Common Misconceptions about Loans. Some people think that they are not eligible to apply for a loan with credit card debt or an existing loan, but that is not the case! As long as you have a good repayment record and credit score, you can still get a loan approved.
Knowledge on Personal Loan. Precautions for Small Start-up｜Ways to raise funds. Many Hong Kong people may consider to start a new business for seeking new opportunities recently. However, due to the limited budget, people can build up their own business with limited funds only.
