MoneyHero.com.hk, a platform to compare credits cards, loans and insurance products in Hong Kong, has launched an online personal loan calculator to help residents save money and get better deals by comparing the details of personal loans from more than 20 banks.
The company said its independent service provides a neutral overview of personal instalment loans, tax loans, debt consolidation loans and other types of personal loans. The service is free for anyone to use.
The service follows a global trend where families and individuals compare prices of goods and services online before making a purchase. The trend is catching on in Hong Kong where people have increasingly turned to websites to be informed of online purchases.
“Previously, people had difficulty finding the right provider or best terms and conditions for a personal loan. The process was very difficult and confusing because there was no transparent overview of different products. With MoneyHero.com.hk, people can now save time and money while removing the guesswork out of important financial decisions such as taking out a personal loan,” said Lawrence Chau, vice president at MoneyHero.com.hk.
The free new service for personal loans allows visitors of MoneyHero.com.hk website to compare features including effective interest rates, monthly instalments, hidden charges and additional fees. The design and interface are intuitive and user-friendly, which makes the process of saving money quick and easy for Hong Kong people looking to cut down on household bills and expenses wherever possible.
As at end of December 2014, the accumulated amount of personal loan for private use taken out in Hong Kong reached a total of HK$ 320 billion, according to the HKMA Monthly Statistical Bulletin. In many cases, people pay more interest and other fees than they need to for such loans. In the case of tax loans alone, MoneyHero.com.hk estimates that Hong Kong taxpayers could save up to HK$ 209 million in a single tax loan season by using its comparison platform.
“The decision to borrow money should always be carefully considered. However, if a loan is required, we recommend comparing a number of different banks to make sure you get yourself the best interest rate and conditions possible. We estimate that Hong Kong people could save up to 2% on loan interest rates simply by comparing different products on our website and choosing a cheaper option,” Alister Musgrave, managing director at MoneyHero.com.hk.
