Some banks now offer 24/7 online loan application with a quick approval process. However, applicants will still need to provide required documents. After that, they'll have to wait for the lender to review their personal financial status, credit score and borrowing capacity before their application gets approved. The loan amount won't be confirmed until then. The procedures add to the waiting time.
Credit card loans are unsecured loans that you can take out with just your credit card. This kind of loan allows you to access cash for financial emergencies.
While taking out cash on your credit card is a convenient and fast way to access money quickly, there are some downsides to be aware of. You need to decide whether the expensive fees and high interest rates are worth the quick cash. There may be other borrowing options available that are better for you.
How cash advance on a credit card works: with Credit Card Cash Advance, you simply use your credit card to withdraw cash. HSBC credit card holders can get cash from any ATMs or branch counters in Hong Kong and overseas anytime without applying in advance.
Besides cash advance loans, with a Cash Instalment Plan, you can convert your available credit limit into cash, or transfer the outstanding balance from other credit cards onto your HSBC credit card to save interest expenses.
It's possible to receive cash in your account the same day your application gets approved. You can freely choose to repay your loan over 6 to 60 months.
| — | Credit Card Cash Advance | Cash Instalment Plan |
|---|---|---|
| Loan amount |
Daily withdrawal limit at ATMs is up to HKD40,000 | Minimum loan amount is HKD2,000, and the maximum is 100% of credit limit |
| Features |
|
|
| — |
Loan amount |
Loan amount |
|---|---|---|
| Credit Card Cash Advance | Daily withdrawal limit at ATMs is up to HKD40,000 | Daily withdrawal limit at ATMs is up to HKD40,000 |
| Cash Instalment Plan | Minimum loan amount is HKD2,000, and the maximum is 100% of credit limit | Minimum loan amount is HKD2,000, and the maximum is 100% of credit limit |
| — | Features | Features |
| Credit Card Cash Advance |
|
|
| Cash Instalment Plan |
|
|
Please refer to product pages for details, terms and conditions.
No application is needed for a Credit Card Cash Advance. You can use your credit card to withdraw cash anytime to take out this loan.
If you have the HSBC HK App installed on your device and have set up mobile banking, you can apply for the Cash Instalment Plan in the app.
Regardless of the type of loan, you'll have to repay with interest, which can pile up quickly. Think twice before making a decision.
To borrow or not to borrow? Borrow only if you can repay!
Did you find this article useful?
