3 Hong Kong has partnered with Hong Kong fintech company WeLend to launch a new plan allowing customers to have a new phone without making payment upfront.
Titled "New Phone and Cash Plan", the new plan enables customers to get a new handset without making any payment upfront. Meanwhile, customers can go for a WeLend cash loan of up to double the total contract value. Successful applicants are allowed to pay off the loan by interest-free installments over as many as 60 months.
Aiming to combine a conventional buying experience with an fintech facility, the plan is 24-hour online application process via mobile handset while customers to subscribe to tariff plans. Facial recognition automatically verifies an applicant’s identity, before a system powered by big data analytics assesses and approves an amount straight away. When an application is accepted, customers are given an approval code to use when subscribing to a handset and service package at a 3Shop. 3 Hong Kong customers can also apply for an additional cash loan that can be transferred to a bank account as quickly as during the same day after approval.
Customers can borrow up to HK$50,000 or triple the total value of a service contract, comprising a handset and monthly service subscription, whichever is lower.