Options available to a borrower for obtaining personal loans include:BanksA handful of banks and financial institutions provide personal loans. These include HSBC, Standard Chartered, Hang Seng Bank, Citi, DBS and Bank of China and they require a decent credit score to qualify from any of their loan packages. If you are an existing customer, you may be eligible for benefits such as applying without the need to visit a branch or qualify for a heftier loan amount. In addition, some banks generate credit scores for free.;Virtual BanksNew licenses for virtual banks have been issued in Hong Kong. Their scope will be equivalent to that of traditional banks, but without the need for a physical branch presence. Virtual Banks like Livi VB, SC Digital Solutions and Zhong An Virtual Finance and WeLab have the capabilities to extend personal loans, and as their scope and breadth of their operations unfolds some or all of these are likely to offer attractive products for their customers.;Money LendersThese are credit institutions that supports its customers with personal loans, revolving credit, credit card and sometimes auto and tax loans. Money lenders have a strong track record of analysing consumer creditworthiness and provide competitive loan offers. In some instances money lenders can be more flexible on some of the metrics when assessing an individual’s creditworthiness and effectively step in where some banks may would have declined the same application.;Online-based Money LendersThese lenders provide a very swift and convenient way to find and compare personal loans. Most online personal loan lenders give flat-rate quotations and approval delay is usually two working days. There is stiff competition in the personal loans’ market nowadays, meaning that web-based lenders work extra hard to set themselves apart from conventional lenders either by developing lending guidelines that transcend the traditional credit-determination methods or with added benefits like flexible disbursement, repayments, zero fees or methods of lowering interest rates.;Comparison Platforms (like Lendela)These are websites that allow individuals to compare and select the best personal loan offers by connecting borrowers to banks and lenders.;Peer-to-Peer LendingGlobally Peer-to-peer (P2P) lending has grown a lot. P2P lending is a personal loan financing approach that allows individuals to lend and borrow funds via a web-based platform without an intermediate registered financial institution. Peer-to-peer lending is advantageous as it claims to cut out the middleman from the lending system. P2P lending is also known as crowd-lending or social lending. In Hong Kong, the regulatory framework surrounding P2P lending is still not settled;