Standard Chartered-backed virtual lender Mox Bank has launched ‘Instant Loan’, which allows Mox Credit customers to borrow money instantly.

Customers can use the new feature, which is available on the Mox app, to apply for a loan and borrow money.

The lender noted that the application does not require any documents and once processed and if successful, the loan amount will be credited to the Mox account.

Mox Credit customers will have the option to set the repayment duration between three and 36 months.

Mox Bank added, as introductory offer customers who apply for a loan of $642.75 (HK$5000) to $3213.74 (HK$25,000) with a short repayment period of three to six months will have to pay HK$10 or less as fees and interest.

Additionally, Mox Credit customers can also apply for a credit limit increase in the Mox app for more cash.

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Mox Bank CEO Deniz Güven said: “The new ‘Instant Loan’ answers what our customers have been asking for in terms of loan flexibility. By giving them instant decisions and allowing them to set their repayment period, we are empowering them to take advantage of new opportunities and giving them the financial freedom they deserve.”

The lender was launched in Hong Kong in September 2020, which provides a suite of fully digital retail banking services over its app.

Recently, Standard Chartered signed an agreement with Singapore’s National Trades Union Congress (NTUC) to launch a digital bank in the city-state.