GoBear is now part of Finder

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Compare short term loan solutions

Make an informed decision when comparing and applying for a short term payday loan.

Finder.com provides factual information on and compares many, but not all, products and services. We are not a product issuer, credit provider or financial advisers nor are we a credit intermediary or broker. If you decide to apply for a product or service through our website you will be dealing directly with the provider of that product or service and not with us. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan. We may receive compensation from third party providers for any leads/business generated.

Apply for a Short Term Loan with Lendela

Receive a customised loan that meets your financial needs.

  • Quick application
  • Borrow up to HK$500,000
  • Apply once and receive multiple personalised loan offers


You have to repay your loans. Don’t pay any intermediaries.

Payday loans are expensive forms of credit and shouldn’t be used to fix long-term financial issues. People should avoid payday loans if it will put their budget under strain, as late fees for payday loans can build up quickly and result in debt.

About payday loans

No matter how good you are at managing your finances, sometimes unexpected expenses crop up and you need money in a hurry. It could be a household bill, urgent car repairs or simply a purchase that you just have to make. Sometimes getting access to all the funds you need can seem beyond your financial grasp.

This is where payday loans come in. These small, short term loans are designed to cover you until payday. They give you the funds you need to make your purchases and then, when you next get paid, the theory is that you pay back the loan amount.

A number of Hong Kong lenders specialise in offering these types of loans, with many even giving financing to customers with bad credit histories. However, you also need to be wary of the loan terms, high interest rates and high fees these loans attract.

Remember it’s important to compare your options and other financial avenues before applying.

Risks of payday loans

There are several risks when it comes to taking out a payday loan. In general, try to avoid taking out a payday loan if you aren’t certain that you will be able to pay it back. Downsides to payday loans include the following:

  • High default fees. The biggest pitfall of taking out a payday loan is that if you are unable to repay it on time, you will likely be charged additional fees in addition to the interest you owe. This could end up significantly increasing the amount of money you must repay the lender and cause financial difficulties.
  • The debt cycle. If you have difficulty making a repayment, it might be tempting to borrow more money to pay off your loan. This becomes a cycle of debt that can be very difficult to get out of.
  • High interest rates. Payday loans typically have much higher annual interest rates than other types of loans.
  • Direct debit risks. Many payday lenders require you to make repayments via direct debit on your next payday. Unlike other loan types, payday loans cannot typically be repaid in small instalments. If you need the money from your next pay cheque to pay for rent or other expenses, you could be left short.
  • Credit rating impact. If you are unable to repay your loan on time, it could negatively affect your credit rating.

Benefits of payday loans

  • Get money fast. Payday loans offer a quick and convenient way to access the funds you need.
  • Easy application process. You can typically apply for these loans quickly and easily online, with fast approvals granted to many customers.
  • Know the fees upfront. Lenders will inform you of the fees and interest rate attached to your loan upfront so you know exactly how much you will have to pay back.
  • Quick access to funds. As a payday loan is something you take out when you need money fast, most lenders will give you fast access to your funds.
  • Low minimum amount. You can borrow smaller amounts of money with a payday loan, meaning you can borrow as much as you may need to cover a particular bill.
  • Accessible credit option. You can still apply for a payday loan even if you have a bad credit history or an outstanding loan. As long as you can afford to pay off the amount you apply for, you have a chance of being approved.

How to apply for a short term loan

Lenders that offer “payday loans” or short term loans differ from institutions and other lenders in their application process and criteria. You can usually apply for these loans online and receive a response relatively quickly. For a lender to approve a short term loan, you have to meet eligibility criteria and provide documentation.

Eligibility requirements

You may need to meet the following criteria as a minimum:

  • Earn an income that supports the repayment of the loan
  • Have a job, with a steady income
  • Be regularly paid, into your bank account either daily, weekly or monthly
  • Not be self-employed (some lenders may make an exception)
  • If you have bad credit, you need to prove your current financial situation is stable and reliable

It’s important to note, meeting the eligibility requirements does not guarantee approval of a loan.

What other fees are associated with payday loans?

Along with establishment and monthly fees, if you are late or miss a repayment, lenders may charge other fees, which can include:

  • Late payment fees. If you are behind with a payment and don’t notify your moneylender beforehand, they will likely charge you.
  • Arrears fees. The account will attract a charge if you go into arrears.
  • Collection fees. Any loans which are referred to collections or are defaulted on may incur additional fees.
  • Collection letter sent out. If you receive a collection letter because you have failed to make a repayment and the lender cannot contact you, they may charge you a fee.
  • Statement fee. If you request an account statement from the lender, you may be charged a fee.

Pros and cons

  • Convenient. These loans offer a convenient finance solution when you need fast access to money.
  • Fast approval. Many lenders offer approval of applications within minutes and can then transfer the money to your account within an hour.
  • Choice. This is an increasingly competitive market sector, which means consumers have an ever-growing range of lenders and loans to choose from.
  • High interest and fees. These loans attract higher fees and interest rates than other loan products.
  • Untrustworthy operators. Remember to keep an eye out for unscrupulous lenders.
  • Debt cycle. Payday loans can lead to a cycle of debt that is difficult to get out of.

What you need to know to repay your payday loan on time

There are two things you can do to ensure that you pay off your loan on time. The first is to make sure you’re fully aware of the fees, charges and interest rates attached to your loan. This will help you understand exactly how much your loan will cost you.

The second thing you will need to do is carefully manage your budget. If you fail to make your repayments, you can expect to be hit with hefty fees and charges which can quickly increase your debt. Planning ahead and staying in control of your finances is the best way to secure your financial future.

More guides on Finder

  • Instalment payday loans

    If you’ve found yourself in unexpected financial difficulty, you might be looking for a short-term loan that lets you spread repayment over a few weekly or monthly instalments.

  • Online payday loans

    If you need to access finances but don’t want the hassle of applying in a loan office, you can submit your application online for a quick approval.

  • Bad credit payday loans

    Do you need some extra cash but have a bad credit score? There are options available to you.

  • Money Lenders

    Learn all about money lenders, the different types available and how you could make the most of them.

Go to site