If a line of credit doesn’t cut it, compare three other options.
Loyal customers of HSBC may be disappointed to find that it doesn’t have a personal loan option available. Fortunately, there are other banks and online lenders that offer them — often with lower starting APRs and larger loan amounts than HSBC’s personal line of credit.
Will HSBC ever offer personal loans?
Yes, it has plans to start offering personal loans to HSBC customers before the year is out through a partnership with Avant, a popular online lender. By using Avant’s platform, HSBC will be able to fund personal loans quickly — sometimes as soon as the business day after approval. And you may be able to borrow up to $30,000 with terms of up to five years. But for now, your only options are a personal line of credit and multiple credit cards.
3 alternatives to HSBC personal loans
While you wait for HSBC to officially launch its personal loan product, you may want to consider a different lender in the meantime.
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 16.24%
- 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 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. And if you don’t want to wait for HSBC and Avant to launch their partnership, you may want to take a look at Avant’s personal loans to see if they meet your needs.
Compare more personal loan providers
Bottom line
If you’re hoping to take out a personal loan from HSBC, you’ll have to wait until it launches its partnership with Avant later this year.
Need a loan today? Consider one of the lenders listed above or compare even more options with our guide to personal loans.
Frequently asked questions
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