Managing Money In A Crisis
Weekly tips sent straight to your inbox
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.
HSBC personal loan alternatives
Compare 3 other options for borrowing large amounts, competitive rates and more.
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 18.53%
- Terms. 24 - 84 months
- 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. 4.99% to 35.99%
- Terms. 2 to 7 years
- Eligibility requirements. Minimum credit score of 550, American citizen or permanent resident, At least 21 years old
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
{"niche":"USFPL"}
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.
Frequently asked questions
Image Source: Getty Images
Ask an Expert