Revolving loan amount up to HK$500,000
Flexible tenor of your choice
No need for income-proof document
Faster Payment System (FPS) instant fund transfer
No hidden terms + No hidden fees + No hidden rules
Easy steps to cash out
How much can I borrow with Cash Loan? How long is the longest period / tenor can I borrow for?
• Cash Loan features loans up to HK$800,000 with repayment periods / tenors of 6, 12, 18, 24, 30, 36, 42 or 48 months. The interest rate expressed in Annual Percentage Rate (“APR”) ranges from 1.98% to 47.00%. The final loan amount and interest rate are subjected to CreFIT’s assessment on comprehensive individual details and financial status, including but not limited to monthly income, occupation and financial situation.
What income documents are needed to apply for a Cash Loan?
• No documents are required*. You just fill in your employment details and current debt level to apply for a loan.
*If the information provided by the customer cannot be confirmed, additional supporting documents may be required.
How to calculate the total interest expense of the loan?
• The Monthly Flat Rate is used to calculate the total interest expense of the installment loan.
Calculated as follows: Total interest = Loan Amount x Monthly Flat Rate x Number of Repayment Periods (in months).
What is a Credit Limit? What is an Available Limit?
• A Credit Limit refers to the maximum amount of credit that we offer you after assessing your employment details and current debt level that you have provided.
An Available Limit is a limit based on your personal information and credit report from a credit reference agency, minus any outstanding loan amounts utilized in our company (if applicable).
What are Original Interest Rate and Discounted Interest Rate?
• The principal amount of the loan shall be repaid in instalments according to the loan agreement, and the interest payable should be calculated and paid based on the Standard Interest Rate (unless a Discounted Interest Rate is specified, in which case the loan interest is calculated based on the discounted rate, but early repayment is calculated based on the Standard Interest Rate). For details, please refer to the Repayment Schedule.
How can I use the credit limit approved by Cash Loan?
• The credit limit can be credited your local saving account or offset the outstanding balance of nine Hong Kong credit card issuers , namely: HSBC, Bank of China (Hong Kong), Standard Chartered Bank, Citibank, Hang Seng Bank, Bank of East Asia, DBS Bank, Dah Sing Bank and China Construction Bank (Asia). This list of cards issuing banks will be updated continuously. For the latest list, please refer to the list of card issuers in the application.
Do I have to submit application whenever I use my credit limit?
• Cash Loan is a revolving loan. You only need to apply once, and you can use the funds within your credit limit any time without re-apply.
Can I settle my loan early? Is there any handling fee for early settlement?
• Generally speaking, the earlier you make loan repayment, the more outstanding interest payments are likely to be saved. You can settle a loan early without any early settlement fee. Nevertheless, you should consider the other charges involved (for example: any promotional rewards or offer under individual promotion must be fully returned at equivalent value upon early repayment). When you have been making repayments as scheduled for some time, the amount of outstanding discounted interest is likely to be small. If you choose to pay off the loan early at this point of time, the spread interest between original interest and discounted interest may outweigh the savings on amount of upcoming discounted interest payable. Please first check with us about the total amount involved in early repayment including outstanding loan balance, the interest which is calculating by Original Interest Rate and other fees, etc. You may then compare different scenarios and consider carefully before making a decision about repaying early or not. Partial repayment is not allowed.
How do we protect your personal data?
• CreFIT is a licensed financial institution in Hong Kong and is bound by regulatory standards. During the process of data transmission and handling, we strictly adhere to Hong Kong laws and industry guidance to ensure the security and confidentiality of customer personal data.
How can I opt in/out of marketing promotions?
• You can change notification settings in CreFIT App:
1.Log in to CreFIT App
2.Tap on "Account"
4.Change your settings in "Marketing Promotion"
How can I update my personal information?
• You can call the customer service hotline at 6369 2338 during office hours to update your personal information.
What are the application requirements for Cash Loan?
• Hong Kong Permanent Resident aged 18 or above.
• Hong Kong local mobile phone number
• Average monthly salary of HK$5,000
Will my credit reference report be checked / enquired for applying the CreFIT Cash Loan?
• Yes. When we evaluate your Cash Loan application, we will make reference to your credit report from a credit reference agency.
What is Monthly Flat Rate? What is the difference between Monthly Flat Rate and Annual Percentage Rate (APR)?
• Monthly Flat Rate is a method used by finance companies to calculate the monthly repayment amount. The calculation is as follows:
Total Interest = Loan Amount x Monthly Flat Rate x Number of Repayment Period (in months)
Monthly Repayment Amount = (Loan Amount + Total Interest) / Number of Repayment Period (rounded to 2 decimal places)
APR is calculated based on the net present value method established according to the Code of Banking Practice. It shows the basic interest rate, other fees, and charges (if applicable) of products in an annualized rate.
APR is a reference rate for comparing interest rates, and it only represents the relative cost of borrowing and repayment. For example, if the loan amount is HK$200,000 with repayment period in 24 months, and the calculation is based on 365 or 366 days in a year, the APR and Monthly Flat Rate (calculated using relevant guidelines from the Hong Kong Association of Banks) are 8% and 0.343% respectively. In this case, the monthly repayment amount and the total interest paid over the loan period would be HK$9,019.33 and HK$16,464.00 respectively.
How can I apply to increase the Available Limit?
• You can apply increasing your Available Limit by clicking the "Increase Available Limit" on the Cash Loan page of the CreFIT APP and submitting your income proof for assessment.
Please note that the final Available Limit and interest rate are subjected to CreFIT’s assessment on comprehensive individual details and financial status, including but not limited to monthly income, occupation and financial situation.
Are there any other fees associated with the application?
• There is no withdrawal fee nor annual fee for this loan product. If the loan instalment is not fully repaid on the due date, a fixed late fee of HK$300 or 1% of the remaining loan principal of that loan (whichever is higher) will be charged for each overdue installment.
How will the funds be credited to my saving account or credit card account after the approval of Cash Loan?
• The borrower fills in the cash out amount with tenors, or selects or adds credit card accounts and fills in the required settlement amount. Upon the acceptance of loan agreement, we will immediately disburse to the designated account(s) via FPS. Please note that the final receiving time of the fund depends on the beneficiary bank designated by the borrower.
How to repay the loan?
• We only accept repayment via eDDA. The repayment amount will be debited automatically from your specific account on repayment date (include weekends or public holidays).
Did the banks grant VCREDIT Finance Limited (CreFIT) permission to access my data?
• We have no partnership with any banks in Hong Kong. We use our own data capture technology to ensure data security. Your information will never be disclosed to third parties without your consent.
Is CreFIT App safe?
• Don’worry! We’ve adopted industry-standard encryption to ensure the safety of your personal information and financial assets. We also monitor our system on a 24/7 basis to prevent any potential fraud.
• Reset your CreFIT App password by tapping ‘Forgot Password’ on the sign-in screen and following the steps to re-set a new one.
How to apply for account closure?
• Before submitting the account closure request, please ensure that all balance in the account have been fully settled. After submitting your closure request, we will validate the account information to ensure the security of your account.
Please note: you should download all e-advice, loan agreements (if any) or other documents before submitting the account closure request. These documents will NOT be available on the App, after the account closure.