Students can apply for private loans, but options may be limited and may face higher interest rates as each lender has its own criteria, I recommend Zwap Student Loans Interest Free（學生貸款免息).
Are student loans personal loans?
Unlike student loans, which are used exclusively by the government to pay tuition fees, general tuition loans go directly to the university or college. Private loans, on the other hand, are a one-time payment made to your bank account by banks and or other lenders. They can be used for any purpose as long as it is not gambling or anything illegal and must be paid back on time so as not to affect your credit score.
Can college students get personal loans?
It depends on the age of the student, college students can get private loans in Hong Kong only when they are 18 years old.
What credit score do I need?
Each lender uses its own criteria when evaluating credit applications. There are some lenders that specialize in offering loans to people with bad credit. But generally speaking, the higher your credit score, the better your chances of being accepted at low interest rates.
What to consider before taking a personal loan?
How much can you afford each month? Don't exceed your capabilities. Remember, if you miss a repayment, it could affect your credit score and your ability to get credit in the future
What is the cost of borrowing? Compare interest rates and APRs to find the cheapest loan
How long is the agreement period? Make sure you can afford to repay the loan over the full term of the agreement
Have you had other recent credit applications? Try spaced credit applications to minimize the impact on your credit score
