Hong Kong’s virtual bank livi announced that it has launched its personal loan offering from HK$10,000 up to HK$1,000,000.
The livi Flexi Loan is fully automated and available 24/7 where approvals reportedly takes about 2 minutes after which the funds would be deposited immediately into the customer’s liviSave account.
livi said that no documents are needed for loans below HK$250,000 although they may be asked to provide additional supporting documents if needed.
The actual time for loan approval and loan payout may vary depending on the information provided by the customer and are subject to the credit assessment result.
Powered by livi’s data-driven technology, the livi Flexi Loan offers customers a personalised credit assessment model that is tailored for them.
Customers can set their loan periods from three to 60 months, and repayments will be automatically deducted from their liviSave accounts.
Those who would like to repay their loans earlier than scheduled will not be charged a fee.
Customers can also see the repayment schedules clearly at any time on their livi app.
livi added that customers can draw further loans within their already approved loan limit through the livi app without the need to make a phone call or re-apply.
This is an expansion of its financing products as livi had rolled out the Franchise Financing Solution for individuals looking to enter into the SME sector as well as Policy Financing in partnership with BOC Life, Sun Life and China Life earlier this month.
Carol Hung
“livi Flexi Loan is uniquely designed to combine the best features of installment loans and revolving facilities.
Customers enjoy the more competitive rates that are usually provided by installment loans, while having the control of a revolving facility to reborrow within a standby loan limit without being made to apply again.”
said Carol Hung, Chief Product Officer of livi.
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