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