Photo from Envato Elements

HENRYs seeking loans surge 60% as living costs climb

The borrowers primarily applied for loans to repay debts and fund business expansions.

Loan applications from HENRYs (High Earners, Not Rich Yet) in Hong Kong have increased by 60% over the past two years amidst rising living costs, according to Lendela.

HENRYs, or those earning between $50,000 and $125,000 a month, are turning to alternative financing to reassess their financial plans due to economic uncertainty leading to notable shifts in credit behavior.

In the past two years, HENRYs frequently applied for debt consolidation, credit card debt relief, and business expansion loans, despite being typically associated with lifestyle spending.

The average loan size for HENRY borrowers during the period was 281,000, reaching up to $2.5m in 2024. Of the applicants, 15% have no existing debt, whilst 14% hold debts ranging from $500,000 to $1m.

Meanwhile, the number of borrowers with debts ranging from $150,000 to $2.5m increased. Lendela’s data also showed significant rises in loan applications across different income brackets:

  • $50,000 to $75,000: a 30% increase
  • $75,000 to $100,000: a 129% increase
  • $100,000 to $125,000: a 179% increase

In addition, loan applications from HENRY borrowers in their 50s have surged by 167% over the past two years, whilst the majority are aged 30-39. These borrowers primarily come from the banking, finance, construction, hospitality, IT, and logistics sectors.

Follow the link for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Business receipts value up YoY in Q3 2024
A double-digit increase was recorded in transportation, financing, and insurance.
Economy
HK Express, AXA offer parametric delay benefit
If a flight is delayed by 90 minutes or more, passengers can claim a worldwide lounge pass.
Insurance
HKMA adds new spatial dataset via Open API
It includes details on five types of self-service banking machines of 20 retail banks.

Exclusives

Hong Kong seeks prescription for nursing shortage
The city must improve working conditions and offer nurses better pay.
Healthcare
Hong Kong needs more underwriters in marine insurance
The city may have to ease immigration rules to attract talent. 
Hong Kong, China told to ban ‘zero-dollar’ tours
Retailers should improve customer service and create unique experiences to stay in the game.