HSBC Personal Loans Review 2021 | Finder Canada

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HSBC Personal Loans

Learn how to apply for an HSBC personal loan.

Please note: All information about this product has been collected independently by Finder and this product is not available through this site.

HSBC Canada is the seventh largest bank and the largest foreign-owned bank in Canada. HSBC offers personal loans as well as home equity loans, registered retirement savings plan (RRSP) loans, personal line of credit and mortgages.

A personal loan can help you out of a tight spot, but should not be considered a long term financial solution. We’ll help you compare your options to make sure you get the personal loan that is right for you.

How does borrowing from HSBC work?

To apply for an HSBC loan, fill out the online form with your personal and financial information and desired loan amount. Once you submit the online form, an HSBC representative will contact you within two days.

Features of a personal loan from HSBC?

  • Fixed or variable interest rates. HSBC offers loans with both fixed and variable interest rates. Fixed interest rates are set when you take out a loan and remain the same over the course of the loan, while variable rates change depending on the market.
  • Flexible loan terms. Personal loan terms ranging from one to five years so you can choose the loan term that best suits your personal circumstances. Keep in mind, the longer you take to pay back your loan, the more interest you will pay.
  • Lower rates for existing customers. Eligible customers with an HSBC Premier HSBC Advance chequing account may qualify for lower rates.
  • Flexible repayment options. You can pay your HSBC loan back in weekly, bi-weekly and monthly payment
  • Online loan calculator. Use the online loan calculator to find out exactly how much your desired loan will cost before applying. You can adjust the loan amount and loan term to check out all the possible options and make the best financial decision for you.
  • Loan insurance. HSBC offers personal loan insurance to cover you in the event of death or an illness or injury that prevents you from being able to repay your loan.

How much does an HSBC personal loan cost?

The total cost of your loan depends on the loan amount, the loan term and your individual financial circumstances. All interest rates, fees and charges associated with your loan should be stated clearly in your loan contract.

Are HSBC loans safe?

HSBC is a major, worldwide bank. The lender encrypts personal details online and outlines how your information is used in the privacy policy available on the HSBC website.

How to apply for a loan with HSBC

To get started, head to the HSBC website.
Keep in mind, if you are applying for a joint loan, the co-applicant must also complete the application and meet the eligibility criteria. All loans are subject to standard credit approval.

To be eligible for an HSBC loan, you must meet the following criteria:

  • Be at least 18 or 19 years of age depending on your province of residence.
  • Be a Canadian resident.

You may need the following information and documents to complete your application:

  • Personal details including your name, current address, mobile number, email and social insurance number.
  • Financial details including payslips and bank statements.

Before you make your choice, make sure to do your research to see which lenders offer you the best value.

Compare other personal loans

Name Product Interest Rate Max. Loan Amount Loan Term Fees Min. Credit Score Link
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$50,000
3-60 months
No application or origination fees
300
Go to site
More Info
Loans Canada connects borrowers to lenders offering both secured and unsecured personal loans in amounts from $300 to $50,000. Submit one application to get rates from multiple lenders across Canada.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$20,000
6 months - 5 years
None
560
Go to site
More Info
Fairstone offers unsecured personal loans up to $20,000
Mogo Personal Loan
5.90% - 46.96%
$35,000
6 months - 5 years
NSF fee - $20 - $50
540
Go to site
More Info
Mogo offers loans up to $35,000 on flexible terms.
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 9.90%-46.96%
$50,000
3-60 months
No application or origination fees
300
Go to site
More Info
LoanConnect is an online broker that matches borrowers to lenders offering loans in amounts from $500 to $50,000. Get approved for multiple loan offers from different lenders in as little as 60 seconds with any credit score.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$35,000
3-10 years
Varies by province
560
Go to site
More Info
Fairstone offers secured personal loans up to $35,000.
Magical Credit Personal Loan
19.99% - 46.80%
$20,000
6 months - 5 years
A single administration fee of $194 for $1,500 loans and up
300
Go to site
More Info
Magical Credit offers unsecured personal loans in amounts up to $20,000.
LendingMate Personal Loan
43% (British Columbia and Ontario) and 34.90% (Quebec)
$10,000
1-5 years
None
300
Go to site
More Info
LendingMate offers loans to Canadians with poor credit with no credit checks. Co-signer required for application.
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