× Lendela is not a lending agent and is completely free to use.

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
$3,000,000

Tenure
-
+
3
72

Your monthly payment

$2,813

REGIONAL PARTNERS

promise
UA Finance
Standard Chartered
Finance One
EasyLend
HSBC
Fintech Association of Hong Kong

50,000 loan applications yearly!

Comparing personal loans in Hong Kong can be fast, easy, and hassle-free. Find out what our great customers have to say about Lendela.

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伍展余
20 hours ago
(Translated by Google) fast and convenient
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Knight Chan
4 days ago
(Translated by Google) How good, not bad, friendly attitude, actively help customers solve problems
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Kwok Daneil
4 days ago
(Translated by Google) Thank you stephanie for your sincere help, careful explanation, and solving my troubles...
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Samuel Lee
5 days ago
Quick and Easy way to apply. There are some moneylenders who are better at giving loans but I would not have know ...
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莹吾君
1 week ago
(Translated by Google) Katy is really nice, enthusiastic and responsible. He helped follow up all the way and...
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Kwok fai Chan
1 week ago
(Translated by Google) Thank you for not giving up on me, now I can get a loan!
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man man
1 week ago
(Translated by Google) good service attitude
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Danny Chan
1 week ago
(Translated by Google) Responsible, very good service attitude 👍👍👍👍👍
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Ho hin Chan
1 week ago
(Translated by Google) STEPHANIE so nice and kind. Good help.
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Ka chun Lee
1 week ago
good
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Hoi ming TSE
2 weeks ago
(Translated by Google) Ah Katy replied super fast and would help solve the problem
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Sally Cheung
2 weeks ago
(Translated by Google) K A T A customer service is very good and fast
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bobo tsang
2 weeks ago
(Translated by Google) Very satisfied with Katy, the whole process was well done and very professional
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Billy (真武格鬥中心)
2 weeks ago
(Translated by Google) Good service and sincerity
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盛梁
2 weeks ago
(Translated by Google) Ms. Kata is serving you well
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Jogii Madriaga
2 weeks ago
katy is very nice i like the way she talk to me
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andy
2 weeks ago
(Translated by Google) katy helped
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Yu Yu
2 weeks ago
(Translated by Google) Staff Katy is very enthusiastic and patient to help me analyze it🙏🏻 Well done and...
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WS T
3 weeks ago
(Translated by Google) Joe, the CS staff, has a good service attitude, and he will give me some suggestions, which ...
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Brian Wang
3 weeks ago
Very convenient!!!
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Fghh Dgh
3 weeks ago
(Translated by Google) Thank you Katy, the service is not bad, quick work!
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Kristine Solis
3 weeks ago
Thank you, Katy!🙏🏻 very efficient and friendly.
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ching jaii
3 weeks ago
(Translated by Google) Feel good after using it 👍 thanks for their help Let me find the right financial company ...
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christin paul
3 weeks ago
Thank you Stephanie for your help. You are very patient n helpful. Thank you!
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Yue Chung
3 weeks ago
(Translated by Google) Waiter Katy's friendly attitude and patient explanation thanks for your help
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Chi Sing Wong
3 weeks ago
(Translated by Google) Help Miss Katy, solve the urgent need
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Anything and Everything Under the Sun Vlog!
3 weeks ago
I hope every company in hong kong have a good and accomodating staff like katy👏she is just so kind and help you ...
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Joe Ho
3 weeks ago
Katy she’s very helpful reminder me all the details.She’s the best
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Baljit Singh
4 weeks ago
Thanks lendela and katy for making it easy to borrow money 👍
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Zoe Tse
1 month ago
Good attitude and helpful~Thank you Andy👍🏻👍🏻
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Sam Chia Hun Ling
1 month ago
(Translated by Google) Convenient and fast, you can help you find the most suitable loan plan without leaving...
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Do Leon
1 month ago
(Translated by Google) Miss Katy is very helpful, I successfully found a suitable loan. Thank you Miss Katy for...
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JASON
1 month ago
(Translated by Google) to Katy
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hung ka
1 month ago
(Translated by Google) thank you for solving my money problem good service
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To
1 month ago
(Translated by Google) Stephanie helped me to apply for a loan smoothly and recommend this platform!
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Kuen sum Kwan
1 month ago
(Translated by Google) Miss Katy's service is in place and explained carefully
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Candy Leung
1 month ago
(Translated by Google) Your service is the fastest and successful, staff Katy👍
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Tony Lau
1 month ago
(Translated by Google) Mr. Andy is very helpful
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kwong c
1 month ago
Stephanie is the best! 👍 very helpful
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Johhny Chan
1 month ago
(Translated by Google) Helpful, polite staff
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Hei Man Pang
1 month ago
(Translated by Google) Fast processing speed
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二刀流桐人
1 month ago
(Translated by Google) Yes! You can ask Stephanie to help you
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林皞
1 month ago
(Translated by Google) Yes! You can touch her Miss Stephanie can help you
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king lung Ng
1 month ago
(Translated by Google) katy is so polite
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Chunfai Hui
1 month ago
(Translated by Google) Use the left twice, positive money, reasonable price and interest rate, fast quotation
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sanjit 55
1 month ago
Good customer service and Stephanie is nice
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lok chong
1 month ago
(Translated by Google) Miss Katy directly helped me a lot, saving me a lot of time without driving around on the...
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ho ho
1 month ago
(Translated by Google) KATY helps 👍👍
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Sheila mei Taruc
1 month ago
Thank you Mam katy for helping me , Your so kind and helpful . ❤️❤️❤️5 stars for Mam Katy😘
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Jaby Kwong
1 month ago
Thank you Andy for assisting me to solve problems successfully and everything goes smooth, appreciate and highly...
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Gerard Kwaan
1 month ago
(Translated by Google) I really benefited a lot from Miss Katy's help. She is very considerate, polite and...
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chun Chan
1 month ago
(Translated by Google) Please post Katy🙏🙏
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dexspiner
1 month ago
(Translated by Google) The colleague in charge is Katy. The staff are helpful, sincere and polite. Provide various ...
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黑夜(黑夜)
1 month ago
(Translated by Google) Very good service attitude. I would like to thank Katy for being polite and helpful. Praise!
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Ed Cousin
1 month ago
(Translated by Google) This platform is very convenient and safe. They have a staff named Katy who is very polite...
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Anthony Wan
1 month ago
(Translated by Google) Miss Katy helped me. Although I was busy at work and could not reply immediately, she tried ...
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ip chung on jack
1 month ago
(Translated by Google) good service
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Sports Reactions
1 month ago
Great Service, highly recommend. Appreciate guys🤝
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Bruce Leung
1 month ago
(Translated by Google) Effectively help customers find suitable loan companies and successfully apply for loans to ...
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J J
1 month ago
Very good service from Katy, the process is very smooth and on point. Would recommend lendela's service to anyone. ...
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vincent poon
1 month ago
(Translated by Google) The service efficiency is fast, the answer is professional, and the customer service Katy...
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SK Zin
1 month ago
(Translated by Google) The service is good. Special thanks to the lady who followed up with me, STEPHANIE, who...
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Lam Pan
1 month ago
(Translated by Google) There is a waiter, Katy, who has a very good service attitude! Simple and easy to understand
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Ricky Lam
1 month ago
(Translated by Google) Help
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harold esteban
2 months ago
Vey helpfull❤️❤️ miss katy🙏
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Ho Siu chun
2 months ago
(Translated by Google) Absolutely helpful, I must thank KATY from Lendela Limited for helping me with the...
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MOHAMMAD UZAIR 6S08奧斯爾
2 months ago
Good customer service, very polite and patient!
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Tiffany Hui
2 months ago
Katy being helpful and answer all my questions with timely update to ensure everything is ok.
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Er Scoot
2 months ago
(Translated by Google) KATY is a wild fast, how good is the platform, don't wash around 👍
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aries wong
2 months ago
(Translated by Google) thanks for the help
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Jasmine 8
2 months ago
Special thanks to Katy who was very helpful during the process. Fast and clear information.
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Ka Ming Chan
2 months ago
(Translated by Google) The waiters are so polite and the service is very good!
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lee lee
2 months ago
(Translated by Google) Katy is really helpful
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Kenwood Wong
2 months ago
(Translated by Google) Convenient and fast, ideal assistance service
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zWag CoolY
2 months ago
(Translated by Google) Katy did her best to help me, and fully cooperated with my request to help me! grateful
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Aliyah Playin
2 months ago
Excellent Service, Fast and Reliable… Thanks Ms Katy for your assitance and to all the friendly staff… Good...
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FUNG WING KEUNG
2 months ago
(Translated by Google) Follow well
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Chun yat Wong
2 months ago
(Translated by Google) Stephanie is very helpful👍
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winghang chu
2 months ago
(Translated by Google) thanks for the help
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陳朗
2 months ago
(Translated by Google) Thank you so much KATY for helping me. First-class service attitude, the company handles...
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pak cheung WU
2 months ago
(Translated by Google) Helpful, good service
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Manish Dev
2 months ago
very good service simple and fast response
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Yuk .L
2 months ago
Good
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Mavis Cheung
2 months ago
Good service from Andy
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王集
2 months ago
(Translated by Google) Service is very good! andy Dingguagua😆
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Claire P. Dimla
2 months ago
Andy has been super helpful! Working as a broker myself, Andy is very good and efficent in terms of answering...
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Ryan Linsao
2 months ago
Was assisted by Stephanie thru the process and was always updated on what happening. Great service would recommend.
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Denise Lentini
2 months ago
High quality service, they help you will all the process, very profesional, specially Katy, amazing service
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Edward Chui
2 months ago
(Translated by Google) Katy was very helpful and followed up the whole process.
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Bingsen Xu
2 months ago
(Translated by Google) Miss Katy is very helpful, try her best to help me follow up the case, thank you!
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ka ki so
2 months ago
katy
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くどうしんいち
2 months ago
(Translated by Google) Good service attitude
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Cheukkiu Hui
2 months ago
Very good!
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Lok Gor
2 months ago
(Translated by Google) How good is the customer service Katy?
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Andy Kwong
2 months ago
(Translated by Google) Service attitude is very
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Ilocano Chef
2 months ago
Very helpful
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TJ
2 months ago
Katy has been more than helpful during the process. She was able to communicate and attend to my needs very well....
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TINA YEUNG
2 months ago
Stephanie is friendly and helpful. Thank you so much 🙏🏻
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hoifung wong
2 months ago
(Translated by Google) Help
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陳鳴鋒
3 months ago
(Translated by Google) KATY's service is very attentive
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Forest Ma
3 months ago
(Translated by Google) it works
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Cecilia Khoo
3 months ago
Nice Services, Miss Katy is very nice and helpful.
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Ka Ka SKW
3 months ago
(Translated by Google) A big thank you to Lendela's team, Katy, for helping me with my life's pressing needs. Very ...
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Angus Ling
3 months ago
(Translated by Google) Lendela is really good as Katy, so she actively helps. Make me so soon have a company to...
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lam yik tung
3 months ago
(Translated by Google) Service company
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YS Chan (Goblooo93)
3 months ago
(Translated by Google) Miss Katy helped me. Although I was busy at work and could not reply immediately, she tried ...
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Love Canon
3 months ago
Stephanie has been a great help from start to finish! I am very happy with her service! Please acknowledge her as...
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Yen Tse
3 months ago
(Translated by Google) The service was great Follow enough, post 😗
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Kam cheung Lau
3 months ago
(Translated by Google) Help me to get a loan successfully, a good platform👍👍
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FEFE FEFE
3 months ago
(Translated by Google) The waiter katy has a good attitude and waits patiently to answer the same question👍🏻
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Jenny Mok
3 months ago
Andy Chang is very helpful and service is so efficient. Thank you for their kind assistance. 🙏
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owen li li
3 months ago
Very good experience with Katy
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Leung Keith
3 months ago
(Translated by Google) Andy, the waiter, followed the whole process, without any omissions, praised
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Neal Acebedo
3 months ago
Superb service and customer service is awesome! Thanks to Katy.
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howai will
3 months ago
(Translated by Google) Excellent service, no unfair charges! Caring service!
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Ken Cheng
3 months ago
Thanks Katy for help
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Brenda loraine Kwok
3 months ago
(Translated by Google) With Andy guiding me, thank you all for handling my problem smoothly, thxs
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andy au
3 months ago
(Translated by Google) Thanks Katy for being dutiful and helpful!
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Luke Yu
3 months ago
(Translated by Google) Andy is helpful, thanks!
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xx yanyu
3 months ago
(Translated by Google) readily
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Chi wa Chan
3 months ago
(Translated by Google) OK it-
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Tse Sandy
3 months ago
(Translated by Google) Thanks to Katy for helping to solve the problem
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Mike Chan
3 months ago
(Translated by Google) Katy was very helpful thank you
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RR
3 months ago
(Translated by Google) Lendela Cherry Chak (Ms. Zhai) and the team provided very fast, efficient and professional...
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Martin Pankau
3 months ago
Very efficient and easy to use online platform to compare loan offers. But it's not only online service that...
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Alex Liu
4 months ago
(Translated by Google) fast
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Ivan Cheng
4 months ago
(Translated by Google) The colleague in charge is Katy. The staff are helpful, sincere and polite. Provide various ...
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Bikash Gurung
4 months ago
staff Stefanie was great manner n the service is great thanks Kirin king finance
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Tess siemprejoven
4 months ago
I had some problems that I needed to talk through and I found Stephanie extremely helpful. It’s great to talk to ...
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輝仔ツ輝仔ツ
4 months ago
(Translated by Google) Andy is so conscientious and helped me with my problems
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Nafees Rehman
4 months ago
Thank you Miss Katy Wai for helping to compare loan , you were so helpful at all time thanks alot, in Future if i...
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Kathrina Balaguer
4 months ago
They are really wiling and able to help. Fast reply and assistance specially the one who assisted me Cherry Chak.
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cheung shirley
4 months ago
(Translated by Google) help, Good
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Lily plays ROBLOX
4 months ago
(Translated by Google) Thank you cherry chak for your assistance throughout the process, the process was smooth...
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Duck Lee
4 months ago
(Translated by Google) A very good platform, at least you won't be caught in the black money, the staff service is ...
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Sammi Wong
4 months ago
very good service, Andy replied all questions and support with additional information when it was needed!
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Chloe Lo
4 months ago
Great service, Stephanie was very helpful and patient with me!
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leung cheung
5 months ago
(Translated by Google) After filling out the application form, you will be followed up by customer service and...
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wong cherry
6 months ago
(Translated by Google) The platform Ma Sheng has a good service attitude and helps me find a suitable loan plan
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Nostalgic Times
6 months ago
Thank you Angela for your help 👍🏼😃 fantastic job
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Jerry Lam
6 months ago
(Translated by Google) Good service attitude, Mr. Ma followed up carefully 💯
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Ajaypal singh
6 months ago
Excellent service and really fast! I would personally recommend this for fast loan and all✌️ The person...
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Kuni Cheng
6 months ago
(Translated by Google) Ma Sheng has good service and patiently answer my questions
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Sum Ho Chan
7 months ago
(Translated by Google) The platform Ma Sheng is really a good person, and he helped me choose a suitable loan...
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Wah Kui Wong
7 months ago
(Translated by Google) Good service attitude, Mr. Ma followed up carefully 💯
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Abdul Rehman
7 months ago
Thank you Ms Ho for all the support you provided and efficient job you did. 🙏. Very professional and very fast. ...
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Simon Lee
7 months ago
(Translated by Google) very clear guidelines
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Maya Purja
7 months ago
Thank you Ms Ho for all the support you provided and efficient job you did. 🙏. Very professional and very fast.
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elton lau
7 months ago
(Translated by Google) Jeremy is very attentive and the service is excellent
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Ada Wing
7 months ago
(Translated by Google) Jeremy was very enthusiastic, explained very clearly, and praised the performance of the...
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Katie Tsang
7 months ago
I appreciate the excellent service they've provided. Jeremy is very nice, helpful and attentive to details. My...
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王雅俊
7 months ago
(Translated by Google) Jeremy, this software service is very good,👍
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siu yin
7 months ago
(Translated by Google) Good service attitude and high efficiency
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黄瑋鋒
7 months ago
(Translated by Google) Tang Sheng's service attitude is good🙏🏻👍🏻
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Wing Woo
7 months ago
(Translated by Google) Tang Sheng's service is very good
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Andy Chan
7 months ago
(Translated by Google) Tang Sheng, 👍
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wai tat Lee
7 months ago
Good
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King lung Cheng
7 months ago
(Translated by Google) Ms. He's service attitude is first-class, and she quickly helped me get a loan from a...
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Hoie Hoie
8 months ago
(Translated by Google) Applying for the left two days. Thank you for the loan, Miss He is serious
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Jei Connolly
8 months ago
I would like to acknowledge the exceptional service that i received during the entire process with lendela. Their...
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Tam Panda
8 months ago
(Translated by Google) Miss He's service is really good👍👍👍
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Alison Lin
8 months ago
thanks for Jeremy that he replied prompt and so helpful. nice guy and good job.👍👍👍
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Bhupinder Singh
8 months ago
Excellent service! Everything was done efficiently, definitely the right place to call!!!
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Wai chung Chan
8 months ago
(Translated by Google) good service
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Lau nick
8 months ago
(Translated by Google) With the help of Mr. Ma on the platform, there is no need to waste too much application...
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Abraham Bobbie
9 months ago
Excellent professional service. The loan was approved on the spot, the details were very clear and it was a good...
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Fungshan Keung
9 months ago
(Translated by Google) Heartfelt thanks to Lendela's team for helping me 👍👍👍 Good service attitude and...
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何標
9 months ago
(Translated by Google) Miss He's service attitude is very good. She explained the procedures very clearly,...
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Purple C
9 months ago
thx Jeremy for following up.
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shah nooreed
9 months ago
excellent service
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Kenneth Law
9 months ago
(Translated by Google) The staff, Ms. He, is polite and the overall process is clear. The advantages and...
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tam wai chun
9 months ago
(Translated by Google) Jeremy is very attentive and the service is excellent
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nick ho
9 months ago
(Translated by Google) Staff Jeremy's service is attentive, polite, and super standard
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CHI KEUNG CHOW
10 months ago
(Translated by Google) considerate service
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Milk
1 year ago
(Translated by Google) How convenient~ OK!
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gj zeng
1 year ago
(Translated by Google) The quotation is fast and the customer service is attentive and very good. support
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Chi Chung wong
1 year ago
(Translated by Google) Tried to help
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Kelvin Ho
1 year ago
(Translated by Google) Enthusiastic service, serious work
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Kevin Lau
1 year ago
(Translated by Google) I borrowed from La Finance Company to have a conscience, and Catherine Chan was hospitable...
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Chan William
1 year ago
(Translated by Google) help, trouble
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lam Rex
1 year ago
(Translated by Google) Good service! Can help
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Eric s Leung
1 year ago
Nice thx
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Cecilia L.
1 year ago
A financial advisor who acts in the best interest of their clients. Lendela offer fair financial planning advice...
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kk nb
1 year ago
(Translated by Google) Catherine chan, Ms. Chen, has a very good attitude and is very patient in answering...
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Jj J
1 year ago
(Translated by Google) Fast, efficient, considerate, comprehensive
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Wai Chan
1 year ago
(Translated by Google) quick and pretty
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Kazaf Gg1102
1 year ago
(Translated by Google) Convenient, the company will be listed out than you choose, and help
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wingitni cehign
1 year ago
(Translated by Google) Quickly pretty 👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻
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siu siu
1 year ago
(Translated by Google) I really want to thank them. Without them, I would not have successfully applied for a...
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Kin Ho Choi
1 year ago
(Translated by Google) Fast, friendly, more choices and compare
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Jonah Sacay
1 year ago
They're looking for a company that matched and what's best for you!
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Shing chi Lam
1 year ago
(Translated by Google) Good service
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faiz chan
1 year ago
(Translated by Google) It’s really efficient for you to take care of it in one day.
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king chan
1 year ago
(Translated by Google) good service attitude
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Delkat B
1 year ago
Fast approval in 20 mins.
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SAMMY KIM
1 year ago
Nice service and can trust. Good company
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Ka Ying Ko
1 year ago
(Translated by Google) Receive different offers within 30 minutes
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kin wing Law
1 year ago
(Translated by Google) Careful, professional, enthusiastic
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John Tsui
1 year ago
(Translated by Google) The staff is courteous and quick to reply, and can also provide suitable choices to...
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fung vws
1 year ago
(Translated by Google) The process is very fast, follow up carefully
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Jerry Wong
1 year ago
(Translated by Google) The system is simple and easy to understand, with detailed introduction and comparison...
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yip wai lam
1 year ago
(Translated by Google) Recommended
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陳家傑
1 year ago
Save my life
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Kitty Wong
2 years ago
Good service ... with more comfortable Super fast .... they can provided different way for your choice ...
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Ken Ng
2 years ago
Good Services and Prompt reply. The advice is comprehensive and useful. Thank you!
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yuklam shing
2 years ago
(Translated by Google) Really help
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自己整啦
2 years ago
Very Fast
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Andrew B
2 years ago
Very quick and friendly service. I input my request at 4.15pm on a Friday afternoon and I received a response 45...
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Ashley :3
2 years ago
(Translated by Google) The waiter is very courteous, highly recommended👍
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ming mo
2 years ago
(Translated by Google) service quality is very good
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Zee B
2 years ago
A great help, thank you. 👍
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MiKe CHENG
2 years ago
(Translated by Google) Quick pairing, close staff, and help.
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Jic Wing
2 years ago
Staff very helpful and professional. System of searching is amazing, fast and able to proof.
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Yasir Ali
2 years ago
Great service. Very convenient and fast service. Highly recommended.
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Karl Hon
2 years ago
(Translated by Google) The system is simple and easy to understand, with detailed introduction and comparison. It...
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Roda Yau
2 years ago
(Translated by Google) Very good, it is worth trying it!
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Anson Leung
2 years ago
(Translated by Google) Very satisfied with the service
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ting ting
2 years ago
(Translated by Google) Recommendable, polite and efficient
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ricky yeung
2 years ago
Service is good
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Chi Keung Kwok
2 years ago
(Translated by Google) He is a good loan platform, specializing in providing referrals and personal loan...
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Man Hoi Yeung
2 years ago
(Translated by Google) Really help you, there are no other bizarre charges.
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takman yau
2 years ago
(Translated by Google) Really help, so reply quickly! In the end, both results are better than expected!
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wing jai
2 years ago
(Translated by Google) The staff was very polite and Zhong Zhong helped me find a suitable loan company
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Rais Ahmed
2 years ago
Super fast, able to answer any loan related questions quick away! Super smooth procedure of handling documents as...
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June Lam
2 years ago
(Translated by Google) The attitude is very sincere and polite
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Chimfa Chan
2 years ago
(Translated by Google) Efficient, polite, recommend Lendela Ltd.
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keith cheung
2 years ago
(Translated by Google) Many thanks Lendela The contact person is very polite! The most important thing is to help...
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Li Denny
2 years ago
(Translated by Google) Efficient and helpful, it is worth a try
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lingfung shek
2 years ago
(Translated by Google) Effective thanks!
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Chan Man
2 years ago
(Translated by Google) Polite and efficient really help, will compare the best choices in various places, it is...
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Dhang Barberan
3 years ago
Very accommodating people.

MULTIPLE DEBT CONSOLIDATION OFFERS – JUST ONE APPLICATION

Three fast steps to your debt consolidation loan:

Apply fast & easy

1. Apply by filling out an easy application form in 2 minutes

Receive your offers

2. Compare personalised debt consolidation loan offers from multiple banks

Sign the agreement

3. Select your loan preference online and get your loan as fast as in one day

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 consolidation companies lend you this 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?


When applying for 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 offers you the debt consolidation loan, helps 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 on different debt consolidation companies, the eligibility to obtain the debt consolidation loan varies, as do the credit limit and payment conditions. Due to this, it is always important to compare the debt consolidation loans being offered, along with the interest rates, in order to find out which one is best for you.

Benefits of debt consolidation:


  • Debt consolidation loans offer significantly lower interest rates and/or monthly payment amounts in comparison to other personal loans and credit cards.

  • The interest rate of debt consolidation loans is predictable and fixed up to the 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 the repayment period with debt consolidation loan companies /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.

  • It is best to pay a single debt consolidation payment with a fixed amount on a monthly basis rather 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 possess 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 may order the defaulter to pay the amount owed to the creditors/lenders by using their assets.

Debt consolidation for paying off credit cards


Credit cards nowadays are used way too conveniently and broadly. We don’t even realise until we get the actual bill. 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 a serious error in judgment 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. A debt consolidation loan usually charges a 3% to 7% interest rate depending on 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%. On top of the 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, a debt consolidation loan helps you with lower interest rates and monthly payments. 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 with 12 fixed instalments of HKD25,700 each. When looking at it from this perspective, it is obvious to see why debt consolidation loans might be your best options. However, before agreeing to one, be sure to compare it with other offers from various companies so that you apply for one that gives you the greatest value.

Should you have any enquiries relating to debt consolidation loans or finding the right companies that give you the best options, come talk to us at Lendela. We will be more than happy to lend you a helping hand.

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