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Debt consolidation in a few easy steps

  • Get rid of your expensive loans
  • Consolidate debt, up to $1,000,000
  • Compare and select consolidation plan for free
  • Minimum salary required $7,000

START HERE...

Loan Amount
$
-
+
$5,000
$1,000,000

Tenure
-
+
3
72

Your monthly payment

$2,813

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Find out what our great customers have to say about Lendela

lam Rex
lam Rex
4 months ago
(Translated by Google) Good service! Can help
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kk nb
5 months ago
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5 months ago
(Translated by Google) Fast, efficient, caring and comprehensive
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6 months ago
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Kazaf0407
6 months ago
(Translated by Google) Convenient, the company will be listed out than you choose, and help
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wingitni cehign
6 months ago
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siu siu
siu siu
6 months ago
(Translated by Google) I really want to thank them. If I don’t have them, I won’t be able to apply for the loan. I really want to...
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Kin Ho Choi
6 months ago
(Translated by Google) Fast, friendly, more choices and compare
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Shing chi Lam
7 months ago
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9 months ago
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king chan
9 months ago
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10 months ago
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kin wing Law
10 months ago
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John Tsui
10 months ago
(Translated by Google) The staff is courteous and quick to reply, and can also provide suitable choices to customers.
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fung vws
10 months ago
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Jerry Wong
Jerry Wong
10 months ago
(Translated by Google) The system is simple and easy to understand, with detailed introduction and comparison Lendela can help, it is...
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yip wai lam
10 months ago
(Translated by Google) Recommended
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yuklam shing
1 year ago
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Ashley :3
1 year ago
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ming mo
1 year ago
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MiKe CHENG
1 year ago
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Karl Hon
1 year ago
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Roda Yau
1 year ago
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Anson Leung
1 year ago
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ting ting
1 year ago
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Chi Keung Kwok
Chi Keung Kwok
1 year ago
(Translated by Google) He is a good loan platform, specializing in providing referrals and personal loan information, good service...
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Man Hoi Yeung
1 year ago
(Translated by Google) Really help you, there are no other bizarre charges.
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takman yau
1 year ago
(Translated by Google) Really help, so reply quickly! In the end, both results are better than expected!
wing jai
wing jai
1 year ago
(Translated by Google) The staff was very polite and Zhong Zhong helped me find a suitable loan company
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June Lam
1 year ago
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Chimfa Chan
1 year ago
(Translated by Google) Efficient, courteous, and highly recommended Lendela Ltd.
keith cheung
keith cheung
1 year ago
(Translated by Google) Thank you so much Lendela The contact person is so polite! The most important thing is to help me find the right...
Li Denny
Li Denny
1 year ago
(Translated by Google) Effective help, worth a try
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lingfung shek
1 year ago
(Translated by Google) Works thanks!
Chan Man
Chan Man
1 year ago
(Translated by Google) Polite and efficient really help, will compare the best choices in various places, it is worth recommending...
Ka Di Yu
Ka Di Yu
1 year ago
(Translated by Google) Really help

MULTIPLE DEBT CONSOLIDATION OFFERS – JUST ONE APPLICATION

Three fast steps to your debt consolidation loan:

Apply fast & easy

1. Apply online in a few minutes

Receive your offers

2. Receive offers from multiple lenders

Compare and select online

3. Compare offers and select online

Sign the agreement

4. Sign the agreement and get the money

LEARN MORE ABOUT LENDELA

Our goal is to make your loan application process quicker, simpler and more transparent. As Hong Kong's only true personal loan comparison service, we support you all the way from application to disbursement. Click below to read more about Lendela and how we empower thousands of loan-seeking Hongkongers every month.

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What is debt consolidation?


Debt consolidation is a simpler and effective way to pay off your multiple unsecured debts with a bigger loan favouring comparatively reduced interest rates and monthly payments.

Debt consolidation loans are often called balance transfer loans or personal loan balance transfer. Banks and money lenders or debt consolidating agencies lend you such type of loan.

Debt consolidation, or balance transfer, as it is typically called in Hong Kong can start as low as 3.0% APR, which is a lot lower than the interest rate you pay on a late credit card bill.

How do I consolidate loans?


In the process of debt consolidation, you sign up for a bigger loan to pay-off all of your other unsecured loans (credit cards/personal loan). The creditor i.e. a bank or money lender that offer you the debt consolidation loan, help you pay-off all of your existing unsecured loans at once. Now you are left with only one liability, that’s debt consolidation loan. You are required to pay a fixed amount for a fixed period of time on a monthly basis to pay-off this loan

The shorter the payment span, the lower the interest rate and monthly amount of payment and vice versa.The duration to repay the debt consolidation loans in Hong Kong is usually up to 72 months. However, there is great flexibility in scheduling payments according to one’s resources and credit score. Depending upon the creditor/lender the eligibility to obtain the debt consolidation loan vary, so are the credit limit and payment conditions.

Benefits of debt consolidation:


  • Debt consolidation usually favours because it has significantly lower interest rates and/or monthly payment amount as compared to other personal loans and credit cards.
  • The interest rate is predictable and fixed up to final payment, unlike other loans where interest rate tends to fluctuate.
  • Debt consolidation is a quick and simpler way to pay-off and deal with multiple loans/debts.
  • It is always possible to negotiate with the repayment period with debt consolidation agencies/banks/money lenders.
  • It saves you the mental pressure that otherwise you have to deal with due to numerous loans and the collecting agencies that call you often for the same.
  • It’s easier to pay a single payment with a fixed amount on a monthly basis than dealing with multiple loans and shuffling between their payment schedules regularly.

What is an unsecured debt?


A loan that is not secured by any assets is referred to as an unsecured loan. Due to the fact, that in the case of failure in terms of payment, the loan cannot be paid-off against any asset or by the guarantor. Unsecured debts are short term liabilities, usually with shorter repayment periods.

Utility bills, credit cards, medical bills, etc. are a few examples of unsecured debts. You don’t have to secure any asset or bring a guarantor while indulging in such short term loans.

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How does debt collection work?


Unsecured debts possesses greater risk to the lenders, often called creditors. The risky nature of the unsecured debts makes it difficult to recover the outstanding amount for the creditors/lenders. In case the loan doesn’t get paid-off, the creditors or lenders have to sue the defaulter for the recovery of money they owe. In such a case, the court against the lawsuit may order the defaulter to pay the owed amount by using their assets to the creditors/lenders.

Debt consolidation for paying off credit cards


Plastic money - credit cards nowadays are used way too conveniently and broadly. We don’t even realise until we get the actual bill. Before our eyes the bills pile up with a greater outstanding amount to be paid. In such scenarios, you often opt for instalments / loans from your bank. Unfortunately, that’s one blunder because credit cards usually charge up to 35% to 40% APR for any late payment. Consequently, over a period of time, you pay a significantly greater amount.

In contrast, a debt consolidation loan is a cost-effective way to pay off your credit cards. Given a fact, a debt consolidation loan usually charges for a 3% to 7% interest rate depending upon the credit score and predetermined evaluation criteria for the loan consideration.

Let's say, you have HKD100,000 outstanding in one credit card plus HKD200,000 in another. You have a total of HKD300,000 to pay combined. One bank has a 35% interest rate and a second charges 30%. Total on HKD300,000 you have to pay HKD195,000 in terms of interest. Needless to say, you have bigger monthly instalments and twice the headache to deal with.

In such circumstances, debt consolidation loan helps you with lower interest rate and monthly payment. Suppose you opt for a debt consolidation loan and the bank or money lender offers you HKD300,000 on 3% APR to be paid off in a year. This way, you pay HKD309,000 in 12 months. Just HKD9,000 above your actual debt. Having 12 fixed instalments of HKD25,700 each.

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