Loan TIPS｜First-tier or Second-tier Lenders? Is it Good to Borrow from Second-tier Lenders? Read Carefully before Borrowing

If your financial status is poor or credit rating score is too low, it may be difficult for you to borrow money at banks or some large financial companies. If you still want to apply loan, you may hear about Second-tier lender. Do you really understand what it is? Is the Second-tier lender good or not? Anything we shall be aware of when borrowing from Second-tier lender? What are the differences between First and Second-tier lender? You may get a lot of questions at this moment, read this article now to understand more about First and Second-tier lender, and the items we may need to bear in mind when borrowing from Second-tier lender.

Any Difference between First and Second-tier Lender? Which is better?

What are the differences between First and Second-tier Lender? Which one is better? Generally speaking, there is no official definition for First and Second-tier lender. Second-tier lender is just a name given by public towards those small-scale money lenders. Second-tier lender may target applicants with poor financial status or low credit rating score. No matter First or Second-tier lender, all money lenders who operate legally in Hong Kong are holding the same type of money lender license. Therefore, the main difference between First and Second-tier lender will be it's company background and scale. The company scale of First-tier lenders may be larger than the Second-tier lender. As a result, the First-tier lender may be more trustworthy. If applicants would like to apply loans in Second-tier lender, they shall be aware of related risks. Applicants should check the background of that Second-tier lender on their own before submitting any loan application. For example, applicants can check if that Second-tier lender has a valid money lender licence and any hidden charge like handling fee may be incurred when borrowing from that Second-tier lender. When compared with Second-tier lender, First-tier lender may provide more comprehensive and better loan services to customers. Like PROMISE, we are offering different types of loan services for customers, such as No-doc Loan for Self-employed, Emergency Loan and Revolving Loan etc. Promise calculates interest daily, providing loans with low interest rate for customers. Promise has a number of branches throughout Hong Kong Island, Kowloon and the New Territories, together with our specialised "membership hotline" and "online loan application service", customers can then apply loan easily.

READ Carefully before Borrowing! PROMOSE, your BEST Choice!

Believed that you have better understanding about the First and Second-tier lender, and the items that you may need to be aware of before borrowing from Second-tier lender. However, please be reminded to read the terms and conditions of loan agreement carefully before borrowing, no matter you are borrowing from First or Second-tier lender, in order to protect your own interests. If you want to apply for loans with peace of mind, you should select a reputable money lender. Promise is one of the reputable First-tier money lenders. Promise is a member of one of the leading financial institutions in Japan, reputed and experienced in personal loan market, and providing convenient consumer finance service. Customers do not need to show up in person^* and no supporting documents^# are required when applying loans. Meanwhile, you can make good use of personal loan & interest calculator on Promise website to estimate the repayment and interest amount. If you are in urgent need of cash flow, do not hesitate! PROMISE is your BEST choice!