You should evaluate your financial situation, your actual needs and your ability to repay before applying for a personal loan to avoid overborrowing. Many financial institutions advertise their loans with wordings like 'lowest interest', '0 interest' and 'interest waiver throughout the tenor', but keep in mind that you may need to pay interest plus other fees including handling and service fees. So when you compare different personal loans, you should look at their Annual Percentage Rates. Annual Percentage Rate (APR) refers to the annual costs of a loan including the cost of interest and additional fees, which helps you understand the total cost of a loan.
Articles in this section
- What are Loans?
- What are the Personal Loans? How are they different from other consumer loans?
- What are the types of Personal Loans Available in Hong Kong?
- Why do I need a Personal Loan? How Much Should I Borrow?
- Why do I need a Personal Loan? How Much Should I Borrow?
- What do I need to make a successful Personal Loan Application?
- How is the Maximum Personal Loan Amount Calculated?
- How should I compute Total Interest Amount?
- How long does it take to process my personal loan applications?
- What do I need to make a successful Personal Loan Application?