😊 About #HKCashDrop
What is #HKCashDrop and why are you doing this?
#HKCashDrop is an independently organized initiative to get you HK$10,000 earlier with the power of technology.
As a homegrown, Hong Kong fintech, at a time where Hong Kong’s economy needs a boost, we feel it is also our responsibility to do everything we can to help the Hong Kong community, even if it may be a small gesture. We are doing this for two very simple reasons:
- We want to get the HK$10,000 to Hong Kong people faster, so we can also help the government stimulate the rest of the Hong Kong economy faster and accentuate the multiplier effect that comes from this.
- We want to bring some joy to Hong Kong: 2020 has been rough so far and we hope getting HK$10,000 into people's hands faster will generate some much-needed positivity and give Hong Kong the morale boost that we need!
How is the multiplier effect relevant to the relief measure from an economics perspective?
“Government subsidies to individuals not only provide needed relief to families suffering hardship, but also generate multiplier effects that ultimately can benefit the overall economy by much more than the subsidy amount. This occurs because increased spending by one family creates income for others, who in turn can increase their own spending, and so on. Thus, the earlier that families can actually receive funds, the earlier that these positive multiplier effects can be realized to the benefit of society.”
Why is the interest-free loan set at 5 months?
Since the Hong Kong government's cash handouts should be disbursed in the coming 3 months, we believe by extending you a 5-month interest-free loan through #HKCashDrop, where we will be absorbing the costs, should give you sufficient time to repay us.
What is the interest rate and are there any related fees?
This is a 5-month interest-free loan with 0 handling fees. Therefore, there is no interest or related fees as long as you repay the interest-free loan by the repayment date.
If you deliberately do not repay the interest-free loan by the repayment date, your interest-free loan becomes an interest-bearing 12-month personal instalment loan at a personalized rate. The interest rate will be based on your credit rating and will be stated in a separate loan agreement.
We just want to get the HK$10,000 to you early if you want to spend it or donate it. Since all Hong Kong permanent residents aged 18 or above are eligible for HK$10,000 from the Hong Kong government, there shouldn't be a scenario where you are unable to pay us back. However, if you intentionally do not repay us by the due date, then interest will kick in. This is not the intention for this initiative, so let’s hope that we don’t need to go there!
Where does your capital come from?
#HKCashDrop is an independently organized initiative to get you HK$10,000 earlier using the power of technology. At a time where Hong Kong’s economy needs a boost, whilst we have limited resources, we feel it is also our responsibility to do our part in pulling together funding from different pockets - from our own capital, employees and shareholders.
💸 Repaying your HK$10,000
How do I repay the HK$10,000?
We will direct debit the HK$10,000 from your designated bank account. If you have a WeLab Bank account or successfully open a WeLab Bank account prior to your repayment date, then we will direct debit the HK$10,000 from your WeLab Bank account. If you have any questions regarding opening a WeLab Bank account, please contact the WeLab Bank customer service hotline 3898 6988.
Can the HK$10,000 from the government get automatically transferred to you to repay the interest-free loan?
#HKCashDrop is an independently organized initiative, so you still have to register with the Hong Kong government directly to receive the HK$10,000. We will remind you when the official registration with the governments starts so you have enough time to apply and receive the money from the government. Even if you decide not to apply for the HK$10,000 from the government, you are still obligated to repay the HK$10,000 interest-free loan by the repayment date.
Can I repay early?
Yes, absolutely. You can repay any time before your repayment date without any fees or penalties.
Can I repay by cheque?
Can I change my repayment account?
👩💻 About WeLab
What is the relationship between WeLab, WeLend and WeLab Bank?
WeLab Bank and WeLend are members of WeLab. WeLab is a leading fintech company in Asia established in 2013 in Hong Kong, backed by some of the world’s top investors, including CK Hutchison's TOM Group, International Finance Corporation and Sequoia Capital. We’re reinventing traditional financial services by creating seamless digital experiences. With our proprietary risk management technology, we effectively analyze unstructured mobile big data within seconds to provide innovative financial services and offer consumer financing solutions for individual customers.
What is WeLend?
WeLend is a licensed money lender in Hong Kong and is the entity providing the loan services for #HKCashDrop. WeLend is a member of WeLab.
What is WeLab Bank?
WeLab Bank is a virtual bank licensed by the Hong Kong Monetary Authority. WeLab Bank is a member of WeLab. To learn more about WeLab Bank, please visit www.welab.bank