Additionally, new users can get HKD 400 cash rewards upon successful application at the virtual bank. ZA Bank says the program is part of its continuous effort to be the “game-changer”. From April 1, 2021, to May 31, 2021, ZA Bank will offer a guaranteed 1.99% APR for users who successfully apply for and draw down a personal installment loan amount of HKD 200,000 or above with a term of 6 to 24 months. Loans with a longer term or a lower amount may receive a higher APR.
ZA Bank said it is committed to a fixed-rate mechanism when setting APRs for loan products, enabling users to reduce the time cost on back-and-forth calculations.
The offer comes with a 7-day cooling-off period, within which ZA Bank will waive the handling fee for early loan redemption after the drawdown date. Everything regarding the loan will be completed in the ZA Bank App. Users can get their loan instantly once the application has been reviewed, from Mondays to Sundays.
Devon Sin, co-Head of Retail Banking at ZA Bank, stated:
“APRs for loans are determined by various factors, including personal credit rating, loan amount, loan tenor, etc. Applicants often have to spend extra efforts in understanding and comparing different products. In order to tackle this pain point, we are committed to streamlining users’ borrowing experience with a unique product concept that features fixed APRs. During the past tax season, we have introduced the ‘guaranteed 0.07% monthly flat rate’ and ‘guaranteed 1.88% APR’3 offers in November last year and this January respectively. As of 25 March 2021, our loan amount has registered an average month-on-month growth of 128%, with an average per-capita loan amount of HKD 240,000. This demonstrates a growing interest among users in loan products that feature fixed APRs, giving rise to an emerging trend in the loan space.”