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.
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Find the best personal loan for you
There is a way to get the best personal loan – it's as easy as 1, 2, 3...
Apply for a Personal Loan with Lendela
Receive a customised personal loan that meets your financial needs.
- Quick application
- Borrow up to HK$500,000
- Apply once and receive multiple personalised loan offers
Warning:You have to repay your loans. Don’t pay any intermediaries.
Must read: What is the best personal loan?
The best personal loan is the one that meets your needs and circumstances. So, while that means that there is no single answer to that question, there is a way to find the best personal loan for you. This guide (continued below the comparison table) will take you through what you need to know.
3 steps to help you find the best personal loan
What type of personal loan will best suit my needs?
Not sure what type of personal loan you need? Look at the images below and find what you are borrowing for to see the loans that may be suitable for you.
Loans designed for your loan purpose or borrowing situation
You want to take out a loan to consolidate debt across your existing credit cards and/or personal loans.
If you want to make a large purchase such as furniture, electronics, a holiday or need funds for an investment, an unsecured personal loan might suit your needs.
If you need access to funds for an ongoing period or you aren’t sure how much you need to borrow, you may want to consider a line of credit personal loan.
If you’re purchasing a new or used car you can benefit from a lower interest rate when you take out a secured car loan.
Secured personal loans let you benefit from lower interest rates when you attach an asset you already own as security. You can then use the funds however you need to.
Short-term lenders may consider you for a loan but keep in mind the costs are much higher than with standard personal loans.
How to compare personal loans to find the best one for you
When you want to apply for a personal loan you should first compare multiple offerings so you can track down the right product. Pay attention to the following aspects and you could enjoy considerable savings:
Secured or unsecured?
Both of these loans suit different purposes. If you’re looking at buying something like a car or you already own an asset like a car, you can consider a secured personal loan. You will benefit from a lower interest rate by using the asset as security but you risk losing it if you default on the loan. An unsecured personal loan may come with a slightly higher interest rate but requires no security and allows you to use the funds however you need to.
What are the interest and annual percentage rate (APR)?
Compare interest rates against similar loans. While you should also check the fees you will be charged, the APR will give you an idea of the true cost of the loan as it is comprised of both interest and fees.
What fees are charged?
Consider both upfront and ongoing fees. For example, upfront fees may include administrative or handling fees and ongoing fees can annual fees or early settlement penalty.
How much can you borrow?
The amount you can borrow should also factor into your decision. You will not find out how much you will be approved for before you apply but lenders will have a set minimum and maximum borrowing amount. Ensure how much you want to borrow falls within these limits.
What restrictions apply to the loan?
Are there restrictions on additional repayments or repaying the loan early? Are there restrictions on how you can use the loan amount? Find out what restrictions apply with the loan.
What will the term of your loan be?
Work out how much you can afford to repay and what repayment terms you will need. Then, make sure the loan you are applying for offers these terms.
What should I keep in mind when looking for the best personal loan?
While personal loans are helpful in many scenarios, it’s in your best interest to avoid certain traps and pitfalls.
Read the fine print.
Scrutinise all your options carefully right from the start and remember to look for ongoing account-keeping fees, early repayment fees and late payment fees. Read the terms and conditions document from start to finish and ensure you are aware of all fees and restrictions.
Don’t take on a loan you can’t afford.
When borrowing money it is always important to use a calculator to find out what your repayments will be. If you can comfortably afford a loan don’t feel tempted to consider borrowing more in the event that you can’t afford it.
How to submit your personal loan application
Before you apply for a personal loan, establish how much you want to borrow and your monthly repayment ability. You should also find out how long it might take for you to pay the loan off completely.
Read through the eligibility criteria set by the lender and then ensure you meet them. Also make sure you have the required documents – usually your HKID, financial and employment documents and bank details – on hand. If you’re applying for a secured loan you will need details of the asset.
Once you find a loan you wish to apply for, proceed to the lender’s website by clicking “Go to Site” and start the application process.Back to top
More guides on Finder
Compare bitcoin loans and lending services
Bitcoin loans offer a new and decentralised way to access personal financing. Find out how these loans work in our guide to cryptocurrency lending and borrowing.
Working Capital Loan
Discover whether your business can benefit from a working capital loan and whether it’s right for your business’ needs.
Loans for startups
If you’re a startup founder and you want to apply for a loan, find an angel investor or put it all on a credit card, this guide will take you through your options.
Small business loans
Read our ultimate guide to finding affordable, flexible finance for your small business.
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.
Review: Poloniex cryptocurrency exchange
Read the Poloniex cryptocurrency exchange review to find out what you need to know before trading.
Loans for the Unemployed
If you’re currently in between jobs, there still may be financing solutions available to you. Find out what unemployed loans are available and if you’re eligible.
Bad Credit Personal Loans
Got a few black marks on your credit card? Don’t worry there are still some lenders who will give you a personal loan. Read on to find out which ones.
Best Credit Cards* for Shopping Online
Whether you want to save on interest costs, earn reward points or make sure your purchases are secure, compare the best* credit cards for online shopping.
Ask an Expert