[howill]

Hi, I am a fresh graduate and moving to Hong Kong soon. I need a bank loan to get myself started (ie paying the deposit for rental of a flat etc) and was wondering which banks would lend to a non-HK resident.

My job pays quite well (>30k/month) but some banks I have talked to are quite unwilling to provide me with a loan, till I have actually commenced work. Is there some sort of a bridging loan that I can take out, and which bank would be the best for this?

[rani]

Do you think you can ask your HR dept for help. I don't think a bank will loan you the money

[leghk]

Originally Posted by howill

Hi, I am a fresh graduate and moving to Hong Kong soon. I need a bank loan to get myself started (ie paying the deposit for rental of a flat etc) and was wondering which banks would lend to a non-HK resident.

My job pays quite well (>30k/month) but some banks I have talked to are quite unwilling to provide me with a loan, till I have actually commenced work. Is there some sort of a bridging loan that I can take out, and which bank would be the best for this?

No banks here will loan to you without financial history and/or salary being paid into their bank for a few months.

You can try sub-prime lenders, such as Public Finance, UA here but you will pay through the nose for it, if successful.

Is there something you are not saying? Why are your company not paying relocation costs/housing allowance?

I suggest waiting until you get paid to get a flat and stay in cheap temp accomodation. $8000 (500 UK/1000 US approx) should cover your first month expenses easily.
Am sure you can get that amount from your family/friends.

[howill]

I dont really want to have to approach HR for help, as I hate having to ask the company for money before I start.

The job offered isnt really an 'expat' job - I am being offered the job at the local rate, hence no relocation allowance or benefits etc...

[KnowItAll]

howill - can you look at borrowing from family?

[howill]

Well, my family has been particularly supportive of me the past few years, but I guess I feel now is the time for me to stand on my own two feet. It wont be difficult paying back the loan, as I think my salary (once I start work) would be able to cover much of it, but the problem would just be the first month or so.

But thanks for your answers.

[FilipH]

Originally Posted by howill

Well, my family has been particularly supportive of me the past few years, but I guess I feel now is the time for me to stand on my own two feet. It wont be difficult paying back the loan, as I think my salary (once I start work) would be able to cover much of it, but the problem would just be the first month or so.

But thanks for your answers.

You could take a loan from your parents and pay them back with interest. If they have been supportive for the past years, one or two month won't make much of a difference ...

Other then that you can always put it on a credit card (although the parent option would be more logical).

good luck!