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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.

Read HSBC Personal Loan review

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:

For large expenses: SoFi

SoFi personal loans

4.3 / 5 ★★★★★

Go to site
on SoFi's secure site
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
  • Can take up to 30 days to receive funds
Loan Amount$5,000 - $100,000
APR4.99% to 19.63%
Interest Rate TypeFixed
Min. Credit Score680
Turnaround TimeUp to 30 days
Maximum Loan Term7 years
Minimum Loan Term2 years

For comparing lenders with low starting rates: Fiona

Fiona personal loans

4.25 / 5 ★★★★★

Go to site
on Fiona's secure site
Like SoFi, Fiona 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 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.
  • Available in all states
Pros
  • Options for most credit types
  • Prequalify with multiple lenders
  • Accepts coapplicants
Cons
  • Must be at least 21 years old to use
  • Not a direct lender
  • Potentially long turnaround from some lenders
Loan Amount$1,000 - $100,000
APR4.99% to 35.99%
Interest Rate TypeFixed
Min. Credit ScoreGood
Turnaround TimeVaries by lender
Maximum Loan Term7 years
Minimum Loan Term2 years

For bank loans and lines of credit: TD Bank

TD Bank personal loans

3.4 / 5 ★★★★★

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
Pros
  • Doesn't require you to be a TD Bank customer
  • Secured and unsecured options
  • No origination fees
Cons
  • Not available in all states
  • Limited range of loan amounts
  • Higher-than-average starting APR
Loan Amount$2,000 - $50,000
APR6.99% to 21.99%
Interest Rate TypeFixed
Min. Credit ScoreVaries
Maximum Loan Term5 years
Minimum Loan Term1 year

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

Name Product Filter Values APR Min. Credit Score Loan Amount
BHG personal loans
Varies
700
$20,000 - $200,000
A highly-rated lender with quick turnaround and reliable customer service.
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$600 - $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Best Egg personal loans
5.99% to 29.99%
600
$2,000 - $50,000
A prime online lending platform with multiple repayment methods.
PenFed Credit Union personal loans
5.99% to 17.99%
650
$600 - $50,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
SoFi personal loans
4.99% to 19.63%
680
$5,000 - $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
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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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