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How do I apply for a loan?

Applying for a loan through Monexo is simple and fast. You can complete the entire process online.

Step 1: Sign-up and register as a borrower.

Step 2: Upload the documents required online and submit your loan application for review.

Step 3: Monexo will review your loan application and once approved, you will receive a quotation from Monexo. You also have the option of choosing your own interest rate which may be less than what Monexo offers you. Once you approve, we will list your loan request in the marketplace for lenders to fund.

Step 4: Your loan request will be listed for a maximum of 30 days during when lenders can choose to fund your loan. Once your loan is funded, it will be paid into the bank account that you have shared with Monexo. On the last day of listing, if more than 60% of your loan is funded, we will pay the funded loan amount to you. Loans which are less than 60% funded on the last day of listing will be removed from the marketplace.

Why borrow through Monexo and not a bank?

Being an online peer-to-peer lending marketplace, Monexo is able to eliminate many of the costs that are incurred by banks and large financial institutions. We then translate these savings into lower interest rates for you. In addition, since the loan process is completely online, we are able to process your loan much faster.

What are the fees associated with the loan?

You will pay a fixed non-refundable application fee to register as a borrower at Monexo. In addition, when your loan is funded you will pay a percentage of the loan amount, ranging from 2% to 4% depending on your Monexo rating, as a servicing fee, which will be deducted by the trust company from your loan disbursement prior to depositing the funds in your account.

What interest can I expect to be charged on the loan? How is it determined? How does it compare to loans available in the market?

Monexo is committed to assisting in bringing down cost of credit for borrowers on the marketplace. The interest rates on the loans available through the Monexo marketplace range from 7.73% to 32.55% for Personal Installment Loan and 7% to 22% for Rent Cash-in Loan. We offer you a custom rate based on Monexo's proprietary screening process.

Alternatively, you have the flexibility to request your own rate as a reverse bid. We will list your loan with your requested rate and our recommendation. It will then depend on the lenders in the marketplace to fund your loan listing on your requested rate.

We believe that interest rates on Monexo's marketplace are still significantly lower than the market rates for credit cards or unsecured personal loans.

Am I eligible to apply for a Personal Installment Loan?

To apply for a Personal Installment Loan, you must meet the following three basic criteria.

As an individual, you must:

  • Be 21 years of age or above
  • Have a monthly salary of HKD 8,000 or above
  • Have a valid HKID Card

Note: These are the minimum requirements. All borrowers are subject to Monexo screening and approval process.

What are the documents required to apply for a Personal Installment Loan?

Monexo requires the following documents to process your Personal Installment Loan application.

  • HKID Card
  • Passport (pages showing your name, date of birth, nationality, passport number, passport expiration date, place of issue, your photo and signature)
  • Latest residential address proof
  • Latest 2 months salary slips
  • Latest 2 months’ bank statements / passbook showing your name, account number and salary entries
  • A TransUnion Credit Report. You may request TransUnion to send us your recent credit report through an email to info@monexo.co. Alternatively, you can also upload your TransUnion report along with the other documents provided the report is for the current month. Click here for more information on your TransUnion report.

We wish to obtain, verify and record information that identifies each person who opens an account. What this means for you is that, when you open an account, we will ask for your name, address, date of birth and any other information that will allow us to identify you.

Am I eligible to apply for a Rent Cash-in Loan?

To apply for a Rent Cash-in Loan, you must meet the following three basic criteria.

As an individual, you must:

    • Be 21 years of age or above;
    • Own property in Hong Kong and have rental income from that property.
    • Have a valid HKID Card

    Note:These are the minimum requirements. All borrowers are also subject to Monexo screening and approval process.

    What are the documents required to apply for a Rent Cash-in Loan?

    Monexo requires the following documents to process your Rent Cash-in Loan application.

    • HKID Card
    • Passport (pages showing your name, date of birth, nationality, passport number, passport expiration date, place of issue, your photo and signature)
    • Latest residential address proof
    • Stamped tenancy agreement
    • Latest 2 months’ bank statements / passbook showing your name, account number and rental income entries
    • Latest 2 years’ income tax returns (applicable for self-employed individuals only)
    • A TransUnion Credit Report. You may request TransUnion to send us your recent credit report through an email to info@monexo.co. Alternatively, you can also upload your TransUnion report along with the other documents provided the report is for the current month. Click here for more information on your TransUnion report.
    • Consent Form (for joint ownership properties)

    We wish to obtain, verify and record information that identifies each person who opens an account. What this means for you is that, when you open an account, we will ask for your name, address, date of birth and any other information that will allow us to identify you.

    What is TransUnion?

    TransUnion Hong Kong is a consumer credit reporting company that works closely with businesses and consumers to maintain credit data provided by members (such as banks, credit card issuers and finance companies). TransUnion provides information on financial health that helps businesses make more informed decisions and minimize risk, and helps consumers enjoy greater financial well-being. To know more, please visit www.transunion.hk/home_en.html

    What is a TransUnion Credit Report? How can I get mine?

    A TransUnion report is a credit report that is a record of your credit history.  With a credit report, you can learn about your own credit record, take control of your financial health and alert yourself to potential identity theft and credit fraud. A credit score is a numerical snapshot of your credit report at a particular time. Click here for a sample of the TransUnion Report.

    We require your TransUnion credit report to screen your application. Please submit your TransUnion report of current month along with the application form.

    You have the following options to get your TransUnion report:

    Please note the cost of the TU report is borne by you. Also, checking your own credit with TransUnion does not lower your credit score as it is counted as a "soft inquiry".

    What is a Monexo Rating?

    Each loan application received by Monexo is screened and given a Monexo Rating.

    The Monexo proprietary screening system is based on the information provided by you in your application form and the supporting documents (which include your income and past payment history).

    The ratings range from M1 to M10, with M1 being the best. The interest rate associated with the M1 to M10 band will vary based on Monexo's Policy. Currently, Monexo does not list loan applications that have a Monexo Rating of M9 or M10.

    Once the loan listing is approved, the Monexo Rating is displayed in the marketplace along with the loan listing details for lenders to view.

    What is the difference between a listing and a loan?

    A listing is your request for loan displayed in the Monexo marketplace. Lenders can view the loan listings in the marketplace and may choose to fund your loan. A loan is when the funds are disbursed to you after your loan listing receives funding as per listing norms from the lenders in the marketplace.

    Can I borrow money for any purpose?

    You can request a loan for any purpose you select from the options listed in the application form. Maybe you need this to improve cash flow, tide over short term needs, lower the cost of borrowing or even buy a property overseas. All of these are possible.

    If I apply for a loan, how long will it take till the money is in my account?

    Once your loan is approved, we will list your loan request in the marketplace for lenders to fund. As soon as your loan is fully funded or your loan is funded 60% or more but reaches a 30-day listing period, we will disburse the money to your designated bank account as per the processing time taken by the bank.

    Can I repay my loan early, either fully or partially?

    You have the option to prepay the balance loan amount earlier than the contracted tenor, provided you repay 100% of the outstanding amount (including the interest due till date) in one go. There is no penalty or charge for prepayment. However, partial prepayments are not allowed.

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    What is the process of listing a loan after submitting a loan application?

    Monexo will review your application for completeness and may contact you for additional information as needed.

    If your application is approved, you will get a loan offer which includes loan amount, interest rate and tenor. Once you accept the offer, we will list your loan on the marketplace for lenders to fund. If you don’t accept the loan offer, you also have the option of choosing a reverse bid specifying the interest rate you expect.

    Your loan listing will appear on the marketplace for 30 days, during which time lenders will have the ability to fund your loan listing.

    When will the loan get disbursed to me?

    The loan will be disbursed once it has received 100% funding during the loan listing period.

    On the last day of listing in the marketplace (30th day), if you have received more than 60% funding on your loan listing, the loan will be disbursed to you to the extent of the amount funded in the marketplace. If the funded amount is less than 60% on the 30th day, the loan amount won’t be disbursed to you.

    You will be informed upon loan disbursal and the loan proceeds will be deposited into the bank account that you have provided in the application form.

    What is Reverse Bidding?

    In Reverse Bidding, you can request for an interest rate which is more or less than the Monexo Interest Rate. Lenders have the flexibility to bid at a rate which is between the Monexo interest rate and your requested rate. As soon as the loan is funded 100% in the marketplace, you will get a weighted average interest rate as an offer which you can choose to accept/reject. Each lender who has bid for the loan will receive the interest rate that he or she has bid for.

    There are no guarantees that your requested interest rate will get you a loan. However, it is your choice to try this option.

    How do I withdraw funds once my loan is funded?

    Once your loan is funded, HKTC will send your loan proceeds directly to your verified bank account. You will get an email confirmation, please track your funds in your bank account. Any banking fees charged will need to be borne by you.

    How do I make my loan payments?

    You can make your monthly payments via bank transfer or by setting up automatic monthly payments from your bank account. For the time being, we do not accept credit/debit card payments for the loan. Any banking fees charged will need to be borne by you. Please ensure your instalment payments are in full to the administrative account mentioned below.

    Bank Name - Standard Chartered Bank
    Bank Address - G/F, 55 San Fung Avenue, Shek Wu Hui, Sheung Shui
    Bank Code - 003
    Branch Code - 973
    Name - The Hong Kong Trust Company Ltd - Monexo Innovations Limited
    A/c No. - HKD S/A 973-1-040287-2

    When is my repayment due?

    Your monthly repayment is due on or before the 1st day of each month. If the 1st of a month is a banking holiday, the due date is the 2nd of the month.

    If your loan is disbursed on or before 25th of a month, your first EMI will be due on  the 1st day of the following month. (For example, if your loan is funded on 22nd Feb 2016, your 1st EMI is due on 1st March 2016). If the loan is disbursed on or after 26th of a month, your first EMI will NOT be due on the 1st day of the following month. It will be due in the subsequent month. (For example, if your loan is disbursed on 26th Feb 2016, your first EMI is due on 1st April 2016). 

    Do note the interest is payable from date of disbursal.

    What are my roles and responsibilities in case the tenant does not pay the rent on time or breaks his lease prior to end of lease contract or loan term?

    As a borrower, you are still liable to make your loan repayments to the lender from the Monexo marketplace irrespective of your rental receipts. In case your tenant breaks his lease prior to end of tenor of lease contract, you need to immediately inform Monexo of the break lease and pay the outstanding dues to clear the loan. Obviously, you are still the landlord and may have the right to recover rental as per the legal system of Hong Kong. In such circumstances, you should take independent legal advice about all of your options.

    What happens if I want to sell the property while my loan is still outstanding?

    It is your decision to sell or keep the property. If you decide to sell the property while your loan is still outstanding, you should pay the outstanding dues to clear the loan prior to the sale of the property.

    What happens if I am late for my payment?

    Monexo has a proactive payment reminder service, so we will email you to alert you for payment due date.

    However, if you have been unable to make your payment on the 1st day, you have a grace period of repaying by 4th of the month.

    If the payment is not made into the trust account latest by the 4th of the month, you will be charged a HK $350 late fee and your balance, including the late fee, will be subject to a higher overdue interest rate on a daily basis until the payment and the late fee is paid.

    If your payment, late fee and overdue interest are not received within the month they are due, your loan will be referred to an accredited collection agency. This could impact your credit rating and future credit opportunities.

    Do you report my loan performance to the Credit Bureau?

    Monexo reserves the right to report your performance to the Credit Bureau. If you default on timely payments, we may report your performance to the Credit Bureau.

    In what circumstances the lender can come to know my identity?

    If you default on the loan, we will be required to share your identity with the lender.

    How do I know that the lenders are receiving the repayment?

    Monexo has appointed an independent third party (The Hong Kong Trust Company) to be the administrator of the funding account where the funds are managed. You get a confirmation that your repayment has been received. We keep all lenders informed regularly of their investment balances and transactions in their loan portfolio.

    How is my repayment applied towards the loan dues?

    The repayment is applied in the order of late fees first, interests due till the date of receipt of repayment next and then the principal amount.

    Can I repay my loan early, either fully or partially?

    You have the option to prepay the balance loan amount earlier than the contracted tenor, provided you repay 100% of the outstanding amount (including the interest due till date) in one go. There is no penalty or charge for prepayment. However, partial prepayments are not allowed.

    Do I have to pay any fees to the sales & distribution agents of Monexo?

    You do not have to pay any fee to Monexo’s sales & distribution agents. If a sales agent demands a fee, please do bring this to our notice immediately.

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    What are the fees associated with the loan?

    You will pay a fixed non-refundable application fee to register as a borrower at Monexo. In addition, when your loan is funded you will pay a percentage of the loan amount, ranging from 2% to 4% depending on your Monexo rating, as a servicing fee, which will be deducted by the trust company from your loan disbursement prior to depositing the funds in your account.

    Why is there a non-refundable application fee?

    Monexo is committed to your security and privacy. To process your application we need to work with several third party partners to confirm your identity and information. The application fee helps Monexo to meet the costs associated with the screening process.

    What interest can I expect to be charged on the loan? How is it determined? How does it compare to loans available in the market?

    Monexo is committed to assisting in bringing down cost of credit for borrowers on the marketplace. The interest rates on the loans available through the Monexo marketplace range from 7.73% to 32.55% for Personal Installment Loan and 7% to 22% for Rent Cash-in Loan. We offer you a custom rate based on Monexo's proprietary screening process.

    Alternatively, you have the flexibility to request your own rate as a reverse bid. We will list your loan with your requested rate and our recommendation. It will then depend on the lenders in the marketplace to fund your loan listing on your requested rate.

    We believe that interest rates on Monexo's marketplace are still significantly lower than the market rates for credit cards or unsecured personal loans.

    What is APR (Annualised Percentage Rate)?

    An Annualised Percentage Rate (APR) enables you to easily compare the cost of credit as you evaluate multiple loan offers. At Monexo, the APR includes the yearly interest rate and the loan-funding fee, which varies depending on the amount of the loan. The fee is deducted from the proceeds of your loan amount, whereas the interest rate is included in your monthly payments during the term of your loan.

    All loans feature fixed interest rates and monthly payments, which means that they will never change during the term of your loan.

    When do you charge late fee and penal interest?

    Monexo proactively reminds you when your payment is due. However every time when you do not make a payment by the 5th of the month, you will be charged a HKD350 late fee. Moreover, you will be charged with an additional penal interest of 24% p.a. calculated on a daily basis till the date of receipt of the amount due.

    What are the advantages of reducing balance method over a flat rate that most banks or moneylenders use?

    Monexo uses a reducing balance method to calculate the portion of payment allocated to your principal and interest. When you send a payment, you only pay interest on the remaining loan balance. A reducing balance interest calculation formula can be represented like this: Interest Payable per Instalment = Interest Rate per Instalment * Remaining Loan. Thus, you pay a lower interest amount over the life of your loan.

    In the flat rate method used by many banks and moneylenders, they just apply the same amount to the principal and interest so you pay higher interest over the life of the loan.

    Example:

    Comparison of the two interest calculation methods for a loan amount of HKD 100,000 over a tenor of 36 months with an interest rate of 10% p.a.

    Flat Rate Method Reducing Balance Method
    Total Interest Paid HKD10,000 HKD5,499
    Total Repayment HKD110,000 HKD105,499
    Comparable Flat Rate Interest 10% p.a. 5.5% p.a.
    Savings on Interest HKD4,501

    The AIG Insurance is applicable for Rent Cash-in Loan only.

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    What is AIG Monexo Protector Cover?

    AIG Monexo Protector is an insurance coverage provided by AIG HK which benefits both Borrowers and Lenders who enter into Loan arrangements through the Monexo Peer-to-Peer online platform.

    The coverage is purchased by Monexo (as policyholder) from AIG HK and coverage in respect of a Loan commences automatically on the date the Loan is disbursed to the Borrower.

    Are there any exclusions from coverage?

    Yes. There are certain exclusions from coverage as there are certain risks which are not within AIG HK’s risk appetite or which it cannot insure. Without limitation, the following are excluded:

    Loss or damage occurring before the date of the Loan was entered into;
    Where the Borrower should reasonably have realized at or prior to the date of the Loan
    disbursement, that a loss might occur;
    Any delay by the Borrower which prejudices the Borrower’s position in legal proceedings;
    Where legal expense has been incurred without the consent of the AIG HK;
    Wear and tear of the rented Property;
    Where to provide coverage, would cause AIG HK or its ultimate parent company to be in breach of any sanctions laws or regulations.

    You are encouraged to review the terms of the Master Policy for the full terms, conditions and exclusions which is available here

    How do you claim under the insurance?

    If you wish to make a claim you should contact AIG HK’s claims department at claims.hk@aig.com

    To whom will claims be paid by AIG HK?

    1) With regards to the coverage for Legal costs protection, these amounts will be reimbursed to the Borrower.

    2) With regards to coverage for Rent protection, Damage to rented Property rendering it uninhabitable, Accidental Death of the Borrower and Accidental Death of the Tenant, under the terms of the Master Policy, the benefit of these coverage is assigned to the relevant Lender. This means the claim proceeds will be paid to the Lender to set against the outstanding amount of the Loan. However, please note all claim payments are made by AIG HK to into a Trust Account. The Trustee of the Trust Account is The Hong Kong Trust Company Limited (or such other company which is registered as a trust company under the Trustee Ordinance) who will hold the monies on trust for the Borrower or Lender (depending on whether the claim falls within 1) or 2) above). The Trustee of the Trust Account will then pay on the monies to the Borrower or Lender as the case may be, in accordance with 1) and 2) above. Payment of the claim into the Trust Account discharges all liability of AIG HK in respect of such payment.

    Who pays the premium for this insurance?

    This insurance is purchased by and is paid for by Monexo, for the benefit of Borrowers and Lenders who enter into Loan arrangements through Monexo’s Peer-to-Peer lending site.

    When does coverage commence?

    Coverage in relation to any specific Loan commences on the date the Loan is disbursed to the Borrower and ends on either the date to the Loan is fully repaid to the Lender, or the date stated in the Certificate of Insurance in relation to the Loan which is issued after Loan disbursement.

    How is this coverage provided?

    This coverage has been purchased by Monexo, as master policyholder, from AIG HK for the benefit of the Borrowers and Lenders who enter into Loan arrangements through Monexo’s Peer-to-Peer lending platform.

    Please note that Monexo cannot and does not hold itself out as being able to provide any advice on the insurance coverage and makes no representations in relation to the insurance coverage. These FAQs were written by AIG HK and if you have any queries on the cover, you should contact AIG HK directly at cs.hk@aig.com +852 3555 0000.

    What data is passed to AIG HK and for what purpose?

    Monexo will provide AIG HK with basic information in relation to the Loan and basic personal information such as Borrowers/Lenders name and address, but only for the purpose of administering and providing the insurance. All information is kept strictly confidential and only used for the purposes of this insurance.

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    Am I eligible to apply for a Rent Cash-in Loan?

    To apply for a Rent Cash-in Loan, you must meet the following three basic criteria.

    As an individual, you must:

      • Be 21 years of age or above;
      • Own property in Hong Kong and have rental income from that property.
      • Have a valid HKID Card

    Note: These are the minimum requirements. All borrowers are also subject to Monexo screening and approval process.

    I have a mortgage on the property, am I still eligible for a Rent Cash-in Loan?

    Yes. You are eligible for a Rent Cash-in Loan as long as you and the property meet the eligibility criteria.

    What properties can I borrow against?

    Currently the facility for Rent Cash-in is available against the following Hong Kong properties only.

    • Private Residential
    • Private Offices
    • Private Commercial
    • Private Industrial

    Monexo does not provide a loan for the following property types:

    • Village Houses
    • Boats
    • Government Housing
    • Sub-Divided Flats
    • Hotels, Hostels & Service Apartments
    • Flattened Industrial Places
    • Car Parks

    We may expand our coverage, so please contact us if you are looking to find a loan against the above types of property.

    What are the documents required to apply for a Rent Cash-in Loan?

    Monexo requires the following documents to process your Rent Cash-in Loan application.

    • HKID Card
    • Passport (pages showing your name, date of birth, nationality, passport number, passport expiration date, place of issue, your photo and signature)
    • Latest residential address proof
    • Stamped tenancy agreement
    • Latest 2 months’ bank statements / passbook showing your name, account number and rental income entries
    • Latest 2 years’ income tax returns (applicable for self-employed individuals only)
    • A TransUnion Credit Report. You may request TransUnion to send us your recent credit report through an email to info@monexo.co. Alternatively, you can also upload your TransUnion report along with the other documents provided the report is for the current month. Click here for more information on your TransUnion report.
    • Consent Form (for joint ownership properties)

    We wish to obtain, verify and record information that identifies each person who opens an account. What this means for you is that, when you open an account, we will ask for your name, address, date of birth and any other information that will allow us to identify you.

    Where can I find the Property Reference Number (PRN)?

    The Property Reference Number (PRN) is available in the property title document. The PRN is available from the land registry (www1.iris.gov.hk/eservices/searchlandregister/search.jsp ) or the electronic directory at the Information Counter of the Customer Centre. It will also be retrieved from the search screen of IRIS Online Services and Self-service Terminals.

    What are the minimum and maximum amount of the Rent Cash-in Loan?

    The minimum and maximum amount of the Rent Cash-in Loan are HKD50,000 and HKD1 million respectively. These amounts are subject to change.

    What are the minimum and maximum tenor of the Rent Cash-in Loan?

    The tenor of Rent Cash-in Loan depends on the tenancy / lease agreement. The minimum tenor for which you can get a loan is 6 months. The maximum tenor will depend on the tenancy.

    By way of an example:

    You rent out your property for 24 months starting 1 January 2015, with a break lease clause at the end of 14 months.

    If you apply for the loan in March 2015 then the tenor of loan will be 12 months, calculated as 14 months for break lease less 2 months (the rent would have already been paid by tenant to you for 2 months.)

    If you apply for the loan in June 2015, then the tenor of loan will be 9 months, calculated as 14 months for break lease less 5 months already passed in the lease.

    Can I borrow money for any purpose?

    You can request a loan for any purpose you select from the options listed in the application form. Maybe you need this to improve cash flow, tide over short term needs, lower the cost of borrowing or even buy a property overseas. All of these are possible.

    Contact Us:

    +852 2861-8757

    +852 9548-0040

    info@monexo.co