There are no restrictions on how you use the fundsThis is perhaps one of the biggest advantages when applying for a personal loan. The money can be utilised at your discretion. So whether it’s a for a wedding, tuition fee, purchase of machinery, emergency medical treatment or vacationing, you decide how you want to use your funds.;2. No collateral is demandedFor unsecured loans, the issuer does not require any security in the form of collateral, prior to the disbursement of the funds. By contrast, for secured loans you would pledge your house, vehicle or land as collateral to the lender or financial institution. Failing to repay your secured loan could result in the financial institution seizing your collateral.;3. Easy documentationCompletion of the paperwork for a personal loan is pretty easy. In Hong Kong, you’d tender only proof of identity, residential address, and income in the typical personal loan application. If you’re applying for a personal loan online or via a web-based platform, all you need to do is upload a picture of each document, and complete the application.;4. Monthly repayments reduce financial burdenPersonal loans are designed so that you can make repayments in monthly instalments. This involves repaying a portion of the principal amount and the interest amount in simple portions. The lender does not expect you to pay off a large chunk of the loan in one go. Rather, the lender typically prefers you to predictably pay each instalment as per the agreed terms.;5. It’s more cost effective than credit card loansIt is commonplace to find people using credit cards. Obtaining a credit card loan deal is quick and easy but one drawback to its how expensive it can become. Failing to repay the credit card in full each month, interest rates on credit cards in Hong Kong can be well above 30%, excluding late fees and other administrative fees while personal loan offers can often go for as low as 2% per annum.;6. Fast processingMost personal loans in Hong Kong take less than two days to process. If the loan issuer has received your completed application and all the supporting documents, then a lending decision can be taken almost instantly. Your credit score and credit history would be further evaluated when your personal loan application is being reviewed. In addition to receiving your application at a branch office, some personal loan lenders may give you the opportunity of applying online via their website.;7. Quick disbursementPersonal loans come with quick turnaround time. An approved loan fund can be disbursed in less than a day or two. Existing customers of a lending institution stand a better chance of receiving the money faster. If your personal loan application is completed during the weekend or public holiday; the lender might not be in operation at the time of the submission. The application will then be processed the next business day. The disbursal of funds is dependent on full approval of the personal loan application as mentioned earlier.;8. Tenure flexibilityThe borrower is often given a range of one to six years to repay the loan; and can be further extended by some lenders. Tenure depends on the loan principal and interest rate. Make an effort to discuss tenure options with the lender so that a repayment plan that works for both parties is agreed.;9. Availability of top-up optionsSome lenders allow you to for a top-up on an existing loan deal. Let’s say you have a loan of $30,000 but need an additional $10,000. In such a scenario, you can request for a loan extension of $10,000 on the previously approved loan whilst maintaining the same interest rate. With this, you are not required to re-apply for a new loan; saving you a significant amount of time.;10. Availability of various loan typesA personal loan is not necessarily a standardised items with a pre-set framework. In truth, there are a plethora of personal loan deals available. There are some plans that are designed for certain industry professionals such as lawyers, doctors, engineers, and investors. Similarly government employees, housewives and students may also enjoy loan plans that charge very low-interest rates due to their specific characteristics.;At Lendela, we believe in finding innovative ways to simplify your personal loan application process by leveraging digital technology. We are brimming with confidence on the back of over 15 years of experience in helping connect consumers with the best credit providers in the Scandinavian region, channeling more than one million customers to over 30 well-established banks and lenders in the region, such as Santander, SEB & Swedbank.;We have mediated over 600,000 loan applications in South America, thanks in no small part to our partnerships with more than 30 established credit partners including Banco Pan, BV, Safra, Banco Maxima, Banco CBSS and Banco Ibi. We are also market leaders in Brazil and have been lauded for enabling customers to enjoy the best personal loans to fulfil their dreams.;