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HSBC personal loan

Learn how to apply for an HSBC personal loan but first see if it's right for you.

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 HSBC’s 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. An HSBC personal loan interest rate can range from (variable) prime + 2.75% to prime + 6.75%. 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, international 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

You can apply for an HSBC personal loan online, over the phone or in-person at a branch. 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

Not sure if the HSBC personal loan is right for you? Compare more personal loans from reputable online lenders below. Make sure you meet any eligibility requirements before applying.

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
goPeer Personal Loan
8.00% - 31.00%
$1,000 - $25,000
36 - 60 months
Recommended income of $40,000 /year
Min. credit score: 600
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Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 600
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An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours. For faster loan approval, complete the Flinks bank integration in the app.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
OFFER
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
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Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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More Info
A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
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