ZA Bank cuts installment loan interest rate

Applicants get a cash reward of up to $188.6 until 30 September.

ZA Bank has cut its installment loan’s interest rate by 0.5% following the US Federal Reserve’s decision to lower its interest rates by half a percentage point.

The annualized percentage rate (APR) is as low as 1.3% beginning 19 September 2024. 

For example, where an installment loan amount is HK$1m with a tenor of 12 months, the APR will be reduced from 1.8% to 1.3%, said ZA Bank, which recently announced that it has achieved monthly profitability.

Users can avail of the latest loan interest rates when they apply for an installment loan in the official website or the bank app.

Alongside the lower fees, users can also enjoy a cash reward of up to HK$10,000 when entering the limited-time promo code PILCASH during the loan application process and successful loan drawdown.

From now until 30 September 2024, even if the loan application is unsuccessful, users can still get a cash reward of up to HK$188.6.

The installment loan can be approved in as fast as 30 seconds, and 90 seconds for new users.