Our Debt Consolidation Loan is here to help!
Our WeLab Bank Debt Consolidation Loan will tailor a personalized repayment plan according to your financial status. It helps you to centralize your card debts and loan balances and pay off the debts in one go!
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!
|HKD 200,000 outstanding balance of credit card(a)||Transferred to WeLab Bank 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%)|
|Total interest expense||HKD 506,675||HKD 11,636 (Interest saved by 97%)|
|HKD 200,000 outstanding balance of credit card(a)|
Transferred to WeLab Bank Debt Consolidation Loan(b)
33 (Repayment period reduced by 91%)
|Average monthly repayment||HKD 7,095|
HKD 6,413 (Monthly repayment reduced by 9%)
|Total 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 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.
Pay off your card debts and loan balances in one go with less interest expense!
Reduce interest expense up to 97%* and enjoy HKD 0 handling fee!
Our Debt Consolidation Experts will tailor a personalized repayment plan for you to centralize card debts and loan balances and pay off the debts in one go.
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!
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 “Debt Consolidation Plan” to apply for your WeLab Bank Debt Consolidation Loan!
Select your loan amount and tenor.
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!
To borrow or not to borrow? Borrow only if you can repay!
Click HERE to read WeLab Bank Personal Loan Key Fact Statements.
*The above example is for reference only. The final approved loan amount, interest rate and loan tenor are subject to the credit approval.
^From now on until 31 December 2022, 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 30 April 2023. Please refer to terms and conditions for more details.
**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.
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