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2021 Low Cost Tax Loans (due in 2022)

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  1. #11

    Join Date
    Dec 2010
    Posts
    740
    Quote Originally Posted by pin:
    SCB offering 1.18% APR for 12 month tenor if loan is HKD1M plus.

    I think they are also offering up to HKD3k rebate.

    https://www.sc.com/hk/loans/personal-instalment-loan/
    Honestly, how many people need a 1m loan if they can repay that in 12 months. Thats around 85k per month...

  2. #12
    Quote Originally Posted by pin:
    SCB offering 1.18% APR for 12 month tenor if loan is HKD1M plus.

    I think they are also offering up to HKD3k rebate.

    https://www.sc.com/hk/loans/personal-instalment-loan/
    Rant time! I applied for this last week (not the full 1M). Despite the website stating interest rates are 1.x% to 5.x%, they offered me 19.x% for a 1-year loan.
    It wasn’t the rejection that annoyed me so much as the bait and switch. Two things in particular:
    1. I understand the rate is going to change based on the customer, but if I don’t qualify for the advertised rate, why not just say that, reject the application, and tell me what products I could qualify for.
    2. I had to talk to them on the phone, the rep mumbled a bunch of numbers, and wanted me to accept them and there. I had to get them to repeat several times to get the APR. If the rate is not in the advertised range, it should be in writing before I “sign”.
    Previous loans from other banks were much less painless (even HSBC!).

  3. #13

    Join Date
    Aug 2021
    Posts
    46

    Get up to a million dollars in tax loans and put it all in gamestop call options?

    btw are yuu member?


  4. #14

    Join Date
    Sep 2018
    Posts
    1,379
    Quote Originally Posted by tropic:
    Get up to a million dollars in tax loans and put it all in gamestop call options?

    btw are yuu member?
    Paging @GentleGeorge

  5. #15

    Join Date
    Feb 2019
    Posts
    2,232
    Quote Originally Posted by aw451:
    Paging @GentleGeorge
    I put my tax loan last year into bitcoin...

    Seeing offers around 1.3%-1.75% this year. One thing I would say is the paperwork takes ages if at your non-main bank, which maybe isn't worth the few extra tenths of a percent you save.

  6. #16

    Join Date
    Dec 2002
    Location
    ???
    Posts
    40,321

    Saw this on my news feeds...

    (Scroll down to read the terms / fine print etc)

    APR as low as 1.08%17

    Features Details

    Receive up to HKD2,000,000 or 12 Times Your Monthly Income (whichever is lower)a

    Features Details

    Repayment Tenor up to 24 Months
    https://www.dahsing.com/html/en/pers.../tax_loan.html

  7. #17

    Join Date
    Feb 2005
    Location
    Island East
    Posts
    6,804

    everyone gets enticed by the low % figures on offer but as usual its only a gimmick to get you to apply or ask. most wont even meet the requirements to get that low APR%


  8. #18

    Join Date
    Nov 2005
    Location
    Cramped island
    Posts
    4,939
    Quote Originally Posted by chuckster007:
    everyone gets enticed by the low % figures on offer but as usual its only a gimmick to get you to apply or ask. most wont even meet the requirements to get that low APR%
    ya.. if you work around the number, the 12x mthly income loan at 1.08% will never be possible..

    They set the maximum amount of money you can use to repay loan each month, even if you have spare cash elsewhere. So at the end the max you can get will probably be 3-4 times your monthly pay unless you stretch that payment terms to say 3years. So all these combined you end up getting a 2/3 year loan at closer to 2%, or a 1year loan of much smaller amount also closer to 2%.. unless your monthly pay is say close to 600k (but then the loan size won't be 12 times your monthly pay anyway).

  9. #19

    Join Date
    Dec 2002
    Location
    ???
    Posts
    40,321
    Quote Originally Posted by chuckster007:
    everyone gets enticed by the low % figures on offer but as usual its only a gimmick to get you to apply or ask. most wont even meet the requirements to get that low APR%
    In general, people who don't need any loans will get the best offers.

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