Compare cash advance, cash instalment and other loan options
Apply for personal loans
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.
Apply for credit card cash loans
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.
Get cash advance loans without applying
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.
Cash out your credit limit quickly
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.
How to apply for a cash advance loan
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.
Frequently asked questions
Should you choose a credit card cash advance or the Cash Instalment Plan when you need money fast?
If you need cash urgently, think about the speed, cost and repayment pressure.
For unexpected expenses, such as a sudden medical bill or an unplanned trip, a Credit Card Cash Advance can put money in your hands straight away. That said, these products usually come at a higher cost, whether that's through fees or the way interest is calculated. So it's worth asking yourself whether the speed is really worth the extra expense. Also, note that there are limits on loan withdrawals from ATMs.
If you'd rather spread out your repayments, a Cash Instalment Plan lets you turn your available credit limit into a loan. You can choose a repayment term of 6 to 60 months, which is much easier for monthly budget planning. Depending on approval and processing times, funds can sometimes arrive the same day.
In short, if you need cash in hand right now, a credit card cash advance could be the answer. If you'd prefer a more structured approach, an instalment plan is worth considering.
Personal loans often have lower interest rates. So why might you choose a credit card cash advance or the Cash Instalment Plan instead?
Quick approval doesn't always mean instant access to the money. Even if some banks offer 24-hour online applications, a personal loan often requires you to wait for the lender to assess your financial situation, credit score, and repayment ability before approving your application and setting your credit limit.
So if you're facing an expense that needs to be paid today, a personal loan might not be fast enough. Credit card-based options, on the other hand, draw on a credit limit you already have, which means funds are often available straight away. Just keep in mind that the overall cost can be higher.
Is using a credit card cash advance to pay off another credit card always the better choice?
No. Before you decide, check the total cost and interest. A cash instalment plan can help you clear other card balances and save on interest, but you need to look at 3 things first:
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Compare the full costCheck whether the plan’s fee and interest rate are lower than the total interest on your current card balance.
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Choose a repayment term you can manageA longer repayment term can lower your monthly payment. But it can also raise the total amount you pay in fees and interest. It's about finding the right balance between what you can afford each month and what the overall cost looks like.
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Avoid building more debtIf you keep spending a lot after taking out the plan, or if you only make the minimum payment, your total debt might grow over time.
If you keep spending a lot after taking out the plan, or if you only make the minimum payment, your total debt might grow over time.
To borrow or not to borrow? Borrow only if you can repay!
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