WeLab Bank Card Debt Consolidation Loan
Brand new Card Debt Consolidation Loan helps you plan for the best via intelligent calculation@!
Click HERE to read Personal Loan (Personal Instalment Loan and Card Debt Consolidation Loan) Key Fact Statements
Our Card Debt Consolidation Loan is here to help!
Consolidate your card debts and loan balances via intelligent calculation@ and pay off the debts easily!
Enjoy a lower interest rate and save interest expense up to 97%@! Also, there is no handling fee, and the loan tenor can be up to 72 months! This provides you more flexibility and funds to deal with your everyday needs!
Loan amounts up to HKD 1,500,000 or up to 18x monthly salary (whichever is lower)!
Loan tenor options available up to 72 months!
| HKD 200,000 outstanding balance of credit card(a) | Transferred to WeLab Bank Card Debt Consolidation Loan(b) | |
|---|---|---|
| Repayment period(month) | 407 | 33 (Repayment period reduced by 91%) |
| Average monthly repayment | HKD 7,095 | HKD 6,413 (Monthly repayment reduced by 9%) |
| Credit card interest expense | HKD 506,675 | HKD 11,636 (Interest saved by 97%) |
(a) The illustration is calculated based on an annual interest rate of 31% charged by general credit card on a monthly repayment of 1% of the credit card outstanding balance of HKD 200 (whichever is higher) over a 407 months repayment period. The average monthly repayment amount quoted above is calculated based on the first 3 months repayment amount and is rounded to the nearest dollar. The Annualized Percentage Rate (#APR$) is 36.01%. The total interest expense over the whole repayment period quoted above is rounded to the nearest dollar.
(b)The illustration is calculated based on a monthly flat rate of 0.1763% with 33 months loan repayment period for a WeLab Bank Card Debt Consolidation Loan. The APR is 4.11% (rounded up or down to the nearest two decimal places), and the total loan repayment amount is HKD 11,635.8 (with handling fee waiver). The total interest expense over the whole repayment period quoted above is rounded to the nearest dollar. The above example is for reference only. The APR, loan amount and tenor subject to credit approval. The APR is calculated according to the guidelines issued in respect of the Code of Banking Practice and rounded to the nearest 2 decimal places and may vary for individual customers.
Note: All the figures quoted in the table above are rounded to the nearest integer.
Now you can enjoy up to HKD 13,888 rebate# after successful loan drawdown – it means cash directly transferred to your account!
During Campaign Period, you can get HKD 800** for each successful referral for a friend to apply for WeLab Bank Personal Loan with successful drawdown.
The more successful referrals you make, the more you earn!
Have your current financial status analyzed and let us help you pay off your card debts and loans in one go!
Click the "money bag 💰" icon in WeLab Bank app and select “Card Debt Consolidation Plan” to apply for your WeLab Bank Card Debt Consolidation Loan!
Select your loan amount and tenor.
Provide 3 suitable plans for you via intelligent calculation@.
Submit your supporting documents.
Our Loan Masters will contact you to analyze your current financial status and to help you pay off your debts in one go!
Lower rate, shorter wait!
To borrow or not to borrow? Borrow only if you can repay!
Click HERE to read Personal Loan (Personal Instalment Loan and Card Debt Consolidation Loan) Key Fact Statements.
*If you successfully applied for a Card Debt Consolidation Loan on or before 30 June 2024 with tenor of not less than 24 months and loan amount not less than HKD 50,000, which is partly or fully used to repay credit card outstanding balance of not less than HKD 50,000 (excluding credit card cash-out or instalment plan)("Eligible Credit Card Balance"), we will guarantee that the Eligible Credit Card Balance Interest Saving Amount (as calculated under the following conditions) will not be less than HKD 50,000. Otherwise, we will pay you a guarantee amount in the sum of HKD 50,000. The Eligible Credit Card Balance Interest Saving Amount is the credit card interest (assuming you repay 1% of credit card outstanding balance or HKD 200 (whichever is higher) as minimum payment for monthly repayment of the credit card balance at an annual interest rate of 31.15% (Annualized Percentage Rate (“APR”) is 36.00%) minus the full tenor interest incurred by the loan amount for repayment of the Eligible Credit Card Balance under the Card Debt Consolidation Loan. For the avoidance of doubt, when calculating the credit card interest, the minimum payment and annual interest rate (including APR) will not be determined by the actual credit card repayment amount, interest rate and charge applicable to Eligible Credit Card Balance. Terms and conditions apply. Please refer to promotion terms and conditions for more details.
#From now on until 30 June 2024, successful WeLab Bank loan applicants with an approved loan of minimum of HKD 1,000,000 amount and tenor of 36 months can enjoy up to HKD 13,888 cash rebate if the loan is drawn down within 7 days after approval. The cash rebate amount will be credited into the Core Account on or before 31 October 2024. Please refer to terms and conditions for more details.
@The above example is for reference only. The final approved loan amount, interest rate and loan tenor are subject to the credit approval.
1The comparison of monthly instalment is assuming HKD 300,000 outstanding balance of credit card with below examples. Example of credit card is calculated based on annual interest of 31% charged by general credit card on a monthly repayment of 1% of the credit card outstanding balance or HKD 200 (whichever is higher) over a 447 months repayment period and the Annualized Percentage Rate ("APR") is 36.01%. Example of WeLab Bank Card Debt Consolidation Loan is calculated based on a monthly flat rate of 0.18% with 72 months loan repayment period for the loan, the APR is 4.11% (rounded up to two decimal places). The above examples are for reference only. The APR, loan amount and tenor subject to credit approval.
2The comparison of interest is assuming HKD 200,000 outstanding balance of credit card with below examples. Example of credit card is calculated based on annual interest of 31% charged by general credit card on a monthly repayment of 1% of the credit card outstanding balance or HKD 200 (whichever is higher) over a 407 months repayment period and the Annualized Percentage Rate ("APR") is 36.01%. Example of WeLab Bank Card Debt Consolidation Loan is calculated based on a monthly flat rate of 0.18% with 33 months loan repayment period for the loan, the APR is 4.11% (rounded up to two decimal places). The above examples are for reference only. The APR, loan amount and tenor subject to credit approval.
3WeLab Bank Customer Services team will provide dedicated follow-up on your loan application during office hours. WeLab Bank may send messages to customers via WhatsApp and the official WeLab Bank WhatsApp account number is +852 3898 6983. This phone number is used for WeLab Bank Personal Loan and for dissemination of messages to customers by us via WhatsApp only. The conversation through WhatsApp can only be supported if it is initiated by the Bank only and customers may respond by then. The Bank cannot support and reply to customers’ message if the conversation is initiated by customers. We will not ask customers for personal information or uploading any document through WhatsApp.
**During the Campaign Period, Eligible Customer can enjoy HKD800 Referral Reward (“Referral Reward”) if you have successfully referred your Referee to apply for WeLab Bank Personal Instalment Loan and drawdown the loan within 7 days after approval. Each Eligible Customer can enjoy a maximum of HKD8,000 cash reward (i.e. 10 successful referrals at maximum) over the Campaign Period under this Campaign. Please refer to terms and conditions for more details.
***Note:
- All WhatsApp official accounts will have a green tick next to the account name. You will also see this verification badge on the account profile in WhatsApp.
- This phone number is used for WeLab Bank Personal Loan and for dissemination of messages to customers by us via WhatsApp only.
- The conversation through WhatsApp can only be supported if it’s initiated by the Bank only and you may respond to us by then. We cannot support and reply to your message if the conversation is initiated by you.
- We will not ask for your personal information or upload any document through WhatsApp. Please don't send us images, attachments, audio files or videos.
- The monies, Hong Kong dollar and/or foreign currency, held in your Applicable Account qualify for protection under the Deposit Protection Scheme Ordinance (Chapter 581 of the Laws of Hong Kong) up to a total limit of Hong Kong $500,000.
- Welab Bank Limited is a member of the Deposit Protection Scheme in Hong Kong. Eligible deposits taken by this Bank are protected by the Scheme up to a limit of HK$500,000 per depositor.
Read terms and conditions of WeLab Bank Personal Loan/Loan-Deposit-Link/Personal Loan Cash Rebate / “HKD 50,000 Interest Saving Guarantee” Promotion for details.