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HSBC Personal Loans review

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Competitive rates and fast funding — but only for borrowers with good credit.

HSBC started offering personal loans in August 2019. They come with competitive rates and minimal fees compared to other options out there. But you’ll want to look elsewhere if you were hoping to use the funds to pay for college, invest in real estate or start a business.


Max. Loan Amount

6.99% to 22.99%



Min. Credit Score


Product NameEven Financial Personal Loans
Min. Loan Amount$1,000
Max. Loan Amount$100,000
APR3.84% to 35.99%
Interest Rate TypeFixed
Minimum Loan Term2 years
Maximum Loan Term7 years
Turnaround TimeVaries
Go to HSBC's website

What makes HSBC Personal Loans unique?

HSBC Personal Loans are unusually fast for a bank loan. Customers new to HSBC can check their rate online in just a few minutes and receive funds as soon as the next business day. While you’ll need to apply in person if you’re already an HSBC customer, the upside is your money can be deposited immediately after approval and you won’t need to start repaying for 50 days after receiving the funds.

What is an HSBC Personal Loan?

An HSBC Personal Loan is a new financing product ideal for borrowers with good credit. You can borrow between $3,000 and $30,000 at fixed rates ranging from 6.99% to 22.99%, depending on your credit score. You have the choice of loan terms spanning 24 to 60 months. There are no fees to apply or pay off your loan early, though late payments come with a 5% late fee capped at $39 if you miss your payment for more than 10 days.

You can use this loan for most expenses. The only exceptions are paying for college, buying or investing in real estate or commercial uses like funding a startup.

What are the benefits of an HSBC Personal Loan?

From its simple application to its minimal fees, here are a few perks of taking out an HSBC Personal Loan:

  • Competitive rates. HSBC’s maximum rate is lower than what many personal loan providers offer.
  • Fast turnaround. You can receive your funds in your HSBC account immediately when applying in person as an existing HSBC customer. And new HSBC customers can apply online and get their money in just one business day after approval.
  • Few fees. There’s no application, origination or prepayment fees.
  • No repayments for 50 days. You don’t have to repay your loan for nearly two months after signing your loan documents.
  • Check your rate without hurting your credit. HSBC only conducts a hard credit check after you submit your full application.

What to watch out for

Consider these potential drawbacks before taking out an HSBC Personal Loan:

  • May need to apply in person. If you already bank with HSBC, you’ll need to fill out an application in person.
  • Restrictions on use. You can’ t use this loan to pay for college, buy or invest in real estate or to fund a business.
  • Low maximum amount. You can only borrow up to $30,000 if you’re a new customer — on the low end for a personal loan.
  • No Wisconsin or US territory residents. The only places where this loan isn’t available is in Wisconsin or any US territory.
  • Interest starts accruing immediately. Your loan costs more if you wait the full 50 days to make your first repayment, as interest starts to add up as soon as you take out the loan.

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Am I eligible?

You must meet the following requirements at a minimum to qualify for an HSBC Personal Loan:

  • 640 credit score or higher
  • Not live in Wisconsin or any US territory
  • Permanent US resident with a Social Security number and US address
  • 18 or older

How do I apply?

Check the eligibility requirements to make sure you meet the minimum criteria. If you do, follow these steps to check what rates you can qualify for:

  1. Click the Go to site button on this page to be redirected to HSBC’s website.
  2. Click Apply online.
  3. Fill out the form with information about yourself and how much you need to borrow.
  4. Review the disclosures, check the box and click Save and Check Your Loan Options.

You should receive a prequalification offer immediately after submitting your online application. If you like the rates and terms you qualify for, you have up to 14 days to move forward with the application. After that, you’ll need to prequalify again.

What documents do I need to apply?

If you decide to move forward with your application, HSBC may ask you to submit the following documents:

  • Proof of address. This could be a utility bill or copy of your mortgage or lease.
  • Proof of income. Recent pay stubs or bank statements should suffice.

I got the HSBC Personal Loan. Now what?

Start repaying your loan as soon as you can. While your first repayment isn’t due until 50 days after you sign your loan documents, you might want to make a repayment earlier. That’s because interest starts adding up right away. If it’s an option, sign up for automatic repayments to avoid the late fee.

If you have any questions about your account, reach out to customer service by calling 800-975-4722 or through the live-chat feature on its website.

Bottom line

An HSBC Personal Loan could be a good choice for borrowers who prefer to work with a bank but have little time to spend on the application.

But it’s not right for everyone. You likely won’t get approved without good credit. And you can’t use it as an alternative for a student, business or real estate loan.

You can find out how it compares to other providers by reading our guide to personal loans.

Frequently asked questions

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