Online loans have become increasingly popular in Hong Kong today as an easy, uncomplicated and relatively straightforward way to apply for a loan from any number of financial institutes and lenders, all from the comfort of your own home. Online loans can be directly between one borrower and one lender, which are typically applied for right on the financial companies website through a secured server. There are also online loan companies that take your information and then offer your loan to tens or possibly hundreds of different lenders that can then make an offer of a loan or pass on the loan, where they earn a part of the interest borrowers pay with.
Online loans can be used for personal, business, auto or mortgage use in many cases. After filling out an application form online, the funds can be directly transferred to the borrower’s bank account. To know more regarding online loans, here are top 5 most awarded online loans especially in Hong Kong.
Auto Loans
Auto loans are some of the most popular loans awarded in Hong Kong. Whether it is on the internet or not auto loans can be great because they allow people to get the car that they truly want as long as they can afford to make a set monthly payment which will, of course, include interest and principle.
Instead of having to save up for years to get the vehicle that you truly want to drive, you can simply get an auto loan which will allow them to have the car right away and make payments over time.
Business Loans
Business loans have been available for years. Getting right funding for business can be essential because when you need a loan for your business and you need urgent funds to boost your business up, having funding available in a lump sum can help you get going.
However, business loans can be a little different because investors usually like to know how you plan to earn profits and of course pay off the loan in time with the profits that you’ve earned. Showing investors that you have a way to get revenue going quickly will help you get a business loan online and receive the funding that your business needs.
Home Loans
Banks or financial institutions will lend the borrower money to acquire a property. There are two types of home online loans, the fixed rate loan, and the variable rate loan. In the first one, the loan is secured at a specific rate and will not vary throughout the life of the loan. In the second one, the loan varies according to the fluctuating economy and the total debt owed may raise. Fixed rate loans provide a more stable situation for the lender as he knows the monthly payments will not change.
Personal Loans
Personal loans can be applied for and received for almost any reason imaginable. All you have to do is have credit that the lender will accept, and a steady income and you will likely be able to get a personal online loan. Like with personal loans that are not online, a personal loan can be dispatched to your bank account usually within a couple of days.
Credit Union Loans
Owned and run by their members, credit unions will lend money to their members who have a proven track record of saving with the union. Credit unions will only lend money to people that they know can afford to repay it.Online loans in Hong Kong are available throughout the internet and can provide loans for home improvements, holiday homes, and many other items. As long as you know for sure you can afford to repay online loans, you should not encounter any issues and should look forward to achieving the purpose of your loan.
Beware!
It is important when applying for online loans that you understand some basic security issues and that you ensure that you are using only “real” lender websites.
Watch out for online loans that are not affiliated with a real, physical bank or lending institute, but that want information such as your social security number, credit card numbers, bank account numbers or other sensitive personal information. Sometimes this is not on the first part of the application, however, you will receive a notice saying that your loan cannot be processed without the information. Once you supply this sensitive information, the “loaner” fails to make any contact, and you may find that your private information is sold to other companies and you may run the risk of identity theft.
Be cautious that you are really on the lending or online loans website you think you are on. Don’t go to these sites from links provided in your email, actually, type the name into the browser yourself. Often scammers use URLs and names that are very close to actual financial institutes and make links that are so similar that it is very easy to mistakenly give out information, passwords or other sensitive information, leaving yourself open to identity theft.
While it’s important to handle the money that you get from an online lender very wisely, you likely won’t have to divulge too much about how you plan to use it. Just basic information about how you plan to use your loan usually works, unlike a business loan where flow charts and advanced graphs of how you plan to earn a profit are usually key.
