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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: 5.99% 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.
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.
Not available in: Mississippi, Vermont
Pros
No fees
Low starting APRs
Member benefits, like career coaching
Cons
High minimum loan amount
Won't send funds to creditors for debt consolidation
Like SoFi, Fiona has lenders in its network that offer personal loans up to $250,000. 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 Fiona 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.
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 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. But the range of loan amounts is lower than you'll find with Fiona, and in some cases you might need to meet with a loan officer to apply.
Available in: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, Washington
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
With a personal loan, you’ll receive the entire amount in one lump sum via check or direct deposit. With a personal line of credit, your funds will be placed in an account that you can draw from as you need.
Not to apply or pay back your loan early. But missed repayments come with a $39 late fee.
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