FREQUENTLY ASKEDQUESTION

Product
Eligibility
Interest Rate and Fines
Application Procedure
Submission of Documents
Repayment Methods
User Management
Credit Information
About uFinance
01
What is a Student Loan?
uFinance Student Loan is a private loan product tailor-made for tertiary students in Hong Kong, offering them another choice to raise funds. It also allows students to make good use of their resources and time during university, pursuing their dreams through financing and getting well prepared for their future career.
02
What is Micro Fund?
uFinance Micro Fund is a small loan product that is interest-free and is specifically designed for university students in Hong Kong to support their daily expenses.
03
What is an Education Loan?
A uFinance Education Loan is a private loan product specifically made for students who need further studies or qualification. We hope that this loan will help people with the passion or who has the need in furthering their studies for their future career or business.
04
Is there a maximum limit for uFinance Student Loan and what is the repayment period?
Each applicant can apply for a student loan of a maximum amount of HKD$30,000, with a repayment period of 6-24 months. We set a HKD$30,000 limit through data analysis and understanding the students income background to determine affordability.
05
Is there a maximum limit for uFinance Microfund and what is the repayment period?
Each applicant can apply for a microfund of a maximum amount of HKD$500 for their first time. The applicant will not be charged any handling fee or interest if they manage to repay within the month before their repayment deadline. The approved application amount will increase gradually with each successful borrowing and repayment to a maximum amount of HKD$1,000.
06
Is there a maximum limit for uFinance Education Loan and what is the repayment period?
Each applicant can apply for an Education Loan of a maximum amount of HKD$500,000, with a repayment period of 61 days – 60 months.
01
Who is eligible to apply for uFinance Student Loan?
Any person who is 18 years or older and is a Hong Kong permanent resident currently enrolled in a Hong Kong university is eligible to apply for uFinance Student Loan.
02
Who is eligible to apply for uFinance Microfund?
Any person who is 18 years or older and is a Hong Kong permanent resident currently enrolled in a Hong Kong university is eligible to apply for uFinance Student Loan.
03
Who is eligible to apply for uFinance Education Loan?
Any person who is 18 years or older and is a Hong Kong permanent resident currently enrolled in a Hong Kong university is eligible to apply for uFinance Student Loan.
04
If I don’t earn any source of income, can I still apply for any of uFinance loan products?
Yes. Income is only one factor that we take into consideration during our loan review and approval process, it will not directly affect the approval rate of your application.
01
Does uFinance Micro Fund charge any interest?
Applicant who repays their microfund within the month before their repayment deadline will not be charged any interest. However, if applicants fail to repay within the month before their repayment deadline, uFinance will chage a handling fee of HKD$24 per month for a microfund amount of HKD$500, and a handling fee of HKD$48 per month for a microfund amount of HKD$1000.
02
How does uFinance decide on its student loan interest rate?
We determine our student loan interest rate depending factors like that of the student’s university entity, major, year entering university, extracurriculars, reason for applying for the loan. We use a comprehensive review combined with big data processing to determine the suitable interest rate for you.
03
How does uFinance decide on its education loan interest rate?
We determine our education loan interest rate by reviewing and combining big data analysis with comprehensive data of the applicant such as income, repayment ability, reason for applying for the loan, risk, etc.
04
Does uFinance Microfund charge any interest?
Applicant who repays their microfund within the month before their repayment deadline will not be charged any interest. However, if applicants fail to repay within the month before their repayment deadline, uFinance will chage a handling fee of HKD$24 per month for a microfund amount of HKD$500, and a handling fee of HKD$48 per month for a microfund amount of HKD$1,000.
05
Will I be fined (or charged) if I fail to repay on time?
While an overdue payment will be charged if you fail to repay before your set deadline, however, we do understand that not all students have a fixed income, and therefore we will usually set up a grace period and a suitable and manageable repayment schedule for you via sufficient communication without trying to put extra financial pressure on you.
06
What is an Annual Percentage Rate? (APR)
The Annual Percentage Rate (APR) or the Annual Interest Rate is a reference rate that shows interest rates and charges for a loan product at an annualized rate. It serves as a comparison measure to make it easier for applicants to compare different rates offered by different loan companies. APR is calculated using the ‘Net Present Value (NPV)’ method approved by legal, trade and government associations. In order to calculate the APR on a consistent basis, authorized institutions like banks also adop the same NPV calculation for APR.
01
How do I receive the loan payment after my application?
After completing your application, uFinance customer service will contact you to set up a meeting to go over contract terms and conditions. After agreeing to our terms and conditions and signing the agreement, uFinance disburse and transfer the funds directly to your designated personal bank account number that you provided.
02
How long does it take to know my application result?
After verfication and a thorough review of your documents and information, the applicant will get their approval results within half an hour during our office hours. If we determine that the documents you submitted are insufficient, uFinance customer service specialist will contact you to submit further required documents.
03
What are the details on uFinance loan application and approval process?

uFinance application and approval process constitutes the following 5 steps:

  1. Online Application
  2. Submission of Documents
  3. Results Notification (Successful/Failed Application)
  4. Terms and Condition Agreement and Contract Signing
  5. Online Application
  6. Disbursement of Loan Funds.
The details of the processes is as follows:

Applicants can access the application form online. After completing the loan application, applicants are required to submit required documents as listed on our website and application procedures. If applicants fail to submit required documents, uFinance customer service specialist will contact you to resubmit the required documents. After application completion and all documents are submitted and approved, we will begin our review process. If your application is approved, uFinance customer service specialist will contact you to set up a meeting to explain the terms and conditions. After agreeing and signing our terms and condition contract, uFinance will disburse and transfer the funds directly to your designated personal bank account.

04
How do I revise the information I submitted in a loan application?
To revise the information you submitted on your loan application, please contact us at +852 2315 9550 or whatsapp us at +852 6633 9446
05
What is an electronic cheque? (e-cheque)
An electronic cheque is a type of cheque that utilizes the online platform to deposit cheques to bank accounts without being charged any handling fees. It usually takes one working/business day to receive the deposit.
06
Will uFinance ever send a physical letter to my home address?
Please be well assured that uFinance will never send a physical letter to an applicants’ home address unless we lose contact with you.
01
How do I prove my income if I receive my salary by cash?
If you have a job but fail to provide proof of salary or income, you can submit other documents such as contract or employment, signed work document, and so on to prove that you work in the company that you claim.
02
Am I submit my documents directly to uFinance WhatsApp Hotline Service?
Yes, you can directly submit your documents to our Whatsapp Hotline service at +852 6633 9446, or email us at [email protected]
03
What kind of documents are required to apply for a student loan?

A student loan application requires the following documents:

  • Hong Kong Permanent Residence Card (HKID)
  • Valid University Student ID Card
  • Valid Residence Address (Proof can be a letter, school transcripts, insurance, phone bills, etc issued in the last 3 months that contains your valid residence address)
  • Bank Cards and your bank statement issued in the last 3 months (all pages are required from the bank statement)
  • Valid Student Transcript
  • Facebook or Linkedin Account (for Authentication Purposes)
  • All Credit cards and your credit card invoice in the last month (all pages are required from the credit card invoice)
  • Income Proof
04
What kind of documents are required to apply for a micro fund?

A microfund application requires the following documents:

  • Hong Kong Permanent Residence Card (HKID)
  • Valid University Student ID Card
  • Valid Residence Address (Proof can be a letter, school transcripts, insurance, phone bills, etc. issued in the last 3 months that contains your valid residence address)
  • Bank card and bank statement issued in the last 3 months (all pages are required from the bank statement)
05
What kind of documents are rewquired to apply for an education loan?

An education loan application requires the following documents:

  • Hong Kong Permanent Residence Card (HKID)
  • Valid Residence Address (Proof can be a letter, school transcripts, insurance, phone bills, etc. issued in the last 3 months that contains your valid residence address)
  • Bank card and bank statement for the 3 months (all pages are required from the bank statement)
  • Proof of Loan Use (Example: Loan Use = For MBA Programme, Loan Proof = University MBA Program Acceptance Letter)
  • Proof of Employment – Proof of Income (for the last 3 months)
  • Your Central Union Credit (TU) Report (for the last month)
01
How do I repay uFinance student loan?
You can opt for automatic transfer to repay at a specific time each month. In order to do so, you would have to fill out and authorize for the automatic transfer.
02
How do I repay uFinance micro fund?
You can deposit the money directly from a bank or a cash register. Afterwards, please provide us with a proof of receipt either by emailing uFinance customer service at [email protected] or by contacting our customer service specialist.
03
How do I repay uFinance education loan?
You can opt for automatic transfer to repay at a specific time each month. In order to do so, you would have to fill out and authorize for the automatic transfer.
01
I forgot my password, how do I retrieve or reset it?
If you forgot your password, click the “Forgot Password” link and our webiste will send an email to your registered email address and provide instructions to reset your password.
02
How do I check my loan application status?
You can log into your uFinance account to check your loan application status
01
How does uFinance manage and maintain my personal information?
We highly respect our customer’s privacy, therefore all personal information submitted by you will be highly confidential and stored in our secured database. For more information, please visit our privacy policy.
01
What is uFinance’s company background?
Our three co-founders established the idea of creating uFinance when they were still in university. When they participated in a business competition, they asked themselves: “What do university students need?” Students, more often than not, have time, opportunity and aspirations. The only thing that students are deprived of is the courage and finance to pursue and chase their dream. Our three co-founders are not from wealthy families, and during their time at university they have often ran into some financial difficulties. As a result, they had to inevitably miss out on some invaluable opportunities that their universities provided them with. Universities advocate and place significant emphasis on holistic education, believing that students would excel in society if they are able to receive an education that develops them academically, culturally and personally. This is why universities tend to provide numerous opportunities such as going abroad for exchange programmes to learn about cultural differences and participating in foreign seminars to meet industry leaders. However, students usually lack the capital to take advantage of the aforementioned opportunities. Nevertheless, when students graduate, enter society and start working they can usually solve their financial problems. Our co-founders have had first hand experience with the financial problems that university students usually face, and therefore created uFinance in hopes of allowing students to seize precious opportunities and to nurture their potential.
02
How is uFinance different to other lending companies?
We established uFinance mainly because we believe that students do not get the support they need when they encounter financial problems. Most traditional lending companies do not provide loans for students as they do not have the required assets nor a stable income – students cannot profit from traditional lending companies. There are not many financial channels that students can turn to to solve their financial problems, and this is why uFinance is different in that we are a company specifically dedicated to providing financial service and support to university students. – We do not accept deferred loans or Min-Pay as this will easily transform short-term loans to long-term loans. Deferred loans represent the minimum monthly repayment of the user, and the remaining balance will accrue interest on the next payment date, resulting in a larger repayment amount. This causes students to lose their repayment ability. Because of this we do not accept deferred loans to ensure that students do not lose their repayment ability, and therefore do not put unnecessary burden to themselves by extending their loan terms.
03
How does uFinance deal with bad debts?
We are ultimately a company established by students for students. Because we understand the possible financial difficulties that students face, we will communicate with you effectively and sufficiently to deal with late repayments and bad debts before imposing overdue fees.
04
Is uFinance licensed?
uFinance is partnered with Keyland YouLend Limited, a licensed money lender under Hong Kong laws (lcense number: 0672/2017). As all student loans are now financed by Keyland YouLend Limited, uFinance as a referral company is not required to apply for a Money Lender License.
05
Does uFinance advcoate the idea of spending beyond ones’ means?
One of our missions is to help students resolve their financial problems, thereby enabling better use of their time in university to strive for improvements, pursue their dreams and getting more than well-equipped for their future career. As we do not encourage students to spend the loan money on unncessary luxury items or in an irrational manner, you are required to state the use of funds and provide relevant proof.