Hong Kong’s virtual bank Mox announced the roll out of its ‘Instant Loan’ offering a year after the launch of its operations in the country.
This new product, which is already available in its app, allows Mox Credit customers to borrow from HKD 5,000 to HKD 25,000 and pay HKD10 or less in fees and interest. The fees will be reviewed from time to time.
The application process is reportedly pretty straightforward as it does not require any documentations and will be processed instantly.
If successful, the amount will be credited to the customer’s account right away.
According to Mox, repayment periods can be set between 3 and 36 months, based on a customer’s individual needs.
Deniz Güven, CEO of Mox said,
“The new ‘Instant Loan’ answers what our customers have been asking for in terms of loan flexibility. By giving them instant decisions and allowing them to set their repayment period, we are empowering them to take advantage of new opportunities and giving them the financial freedom they deserve.
Mox Credit customers can now also apply for a higher credit limit in the Mox app. These new features show how we continue to put customers at the heart of what we do by using technology to simplify the retail banking experience.”
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