Short-term loans gain popularity in Hong Kong

Organic user traffic on a platform's urgent loan pages rose 36.7% over two years.

Hong Kong consumer interest in urgent loans has significantly surged, MoneyHero reported.

Over the past two years, MoneyHero's urgent loan pages experienced a 36.7% rise in organic user traffic.

In 2023, applications for money lender loans versus bank loans via MoneyHero rose by 62%, marking a 9% YoY increase. On the flip side, applications for bank loans declined 3% YoY to 33% over the same period, despite a 180% increase in organic traffic on MoneyHero’s bank loan pages.

In addition, 47% of MoneyHero users applied for personal loans more than once in the past three years, with 53% of repeat applications occurring during the 2023 tax loan period from October 2023 to January 2024.

MoneyHero revealed that the shift towards urgent loans stems from the increasing popularity of short-term, quick cash loan options among consumers, attributed to their more convenient process compared to traditional bank loans.