HSBC personal loan alternatives | finder.com

HSBC personal loan alternatives

Compare 3 other options for borrowing large amounts, competitive rates and more.

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HSBC launched its personal loan offer in August 2019. While individuals new to HSBC can apply online, existing customers need to visit a branch to apply in person. You can use this loan for personal use, like consolidating debt or home improvements. But business, education or real estate expenses aren’t eligible. Fortunately, there are other banks and online lenders that offer similar products that might better fit some borrowers’ needs.

HSBC Personal Loan product details

  • Loan amounts: $3,000 to $30,000
  • APRs: 6.99% to 22.99%
  • Loan terms: 24 to 60 months
  • Eligibility requirements: 640+ credit score, not a Wisconsin resident, US citizen or permanent resident, over 18 — or 19 in Nebraska or Alabama.

3 alternatives to HSBC personal loans

If you’re not sold on HSBC’s personal loan product, you might want to consider one of these lenders instead:

Best for borrowing a large amount: SoFi

If you need a large loan, SoFi can deliver. You may be able to borrow up to $100,000 at a competitive rate — all without having to visit a branch to sign paperwork. Its loans are targeted toward young adults with good to excellent credit and a high annual income, but you may be able to apply with a coapplicant if you can’t meet these requirements on your own.

In addition to offering large amounts, SoFi also gives borrowers access to special perks like career coaching, an entrepreneur program and community events.

  • How much you can borrow. $5,000 to $100,000
  • APRs. 5.99% to 17.66%
  • Terms. 2 to 7 years
  • Eligibility requirements. Ages 18+, US citizen or permanent resident

Best for comparing lenders with low starting rates: Even Financial

Like SoFi, Even Financial has lenders in its network that offer personal loans up to $100,000. This is especially convenient if you have good to excellent credit, since you may qualify for a low starting APR that keeps borrowing costs down. And since Even Financial is a connection service — not a direct lender — you may still qualify for a loan even if you have fair credit.

However, that low rate won’t be available if you don’t meet rigorous standards. Only borrowers with low debt-to-income ratios and high credit scores will qualify.

  • How much you can borrow. $1,000 to $100,000
  • APRs. 3.84% to 35.99%
  • Terms. 2 to 7 years
  • Eligibility requirements. Eligibility requirements. 550+ credit score, ages 21+, US citizen or permanent resident

Best for a personal loan or line of credit from a bank: TD Bank

TD Bank is a good choice if you want to go with a bank that has multiple personal loan and line of credit options. Its Express Loan allows you to borrow up to $25,000, while its unsecured loan and line of credit both allow you to borrow up to $50,000 — double the amount you can borrow with an HSBC line of credit. You may even be able to take out a secured loan with an unlimited maximum amount, provided you can put up a savings account, money market account or CD as collateral.

And unlike SoFi and Even Financial, you’ll be able to visit a branch to discuss your application in person. For borrowers who are wary about applying online, this can be a great benefit.

  • How much you can borrow. $20,000 to $50,000
  • APRs. 10% to 18%
  • Terms. Up to 10 years
  • Eligibility requirements. Good to excellent credit, live in serviced state, age of majority in your state

Does HSBC offer other similar loans?

Yes, you can take out a personal line of credit from HSBC with a credit limit of up to $25,000 and no annual fee. Unlike a personal loan, a line of credit gives you the flexibility to borrow money whenever you need it — and you’ll only pay interest on the funds you draw.

There are also other loans offered by HSBC, but these are more geared toward small businesses and home owners.

Compare more personal loan providers

Updated September 16th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
5.34% to 35.99%
Good to excellent credit
$100,000
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
3.99% to 35.99%
500
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
Varies by lender
Available for all credit scores
$100,000
Get a connected with a lender — or get debt advice.
5.99% to 17.66%
680
$100,000
No fees. Multiple member perks such as community events and career coaching.
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
34% to 155% (Varies by state)
550
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
7.99% to 35.89%
620
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.

Compare up to 4 providers

Bottom line

If an HSBC personal loan isn’t quite what you’re looking for, there are other products to choose from. Consider one of the lenders listed above or compare even more options with our guide to personal loans.

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