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HSBC unsecured line of credit review

No annual fees for current customers of this large bank.

  • Best for current HSBC customers looking for a LOC with minimal fees.
  • Pick something else if you need access to more than $25,000.
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$25,000

Max. Loan Amount

7.49% (starting at)

APR

Not stated

Minimum credit score

Details

Min. Loan Amount$1,000
Max. Loan Amount$25,000
APR7.49% (starting at)
Interest Rate TypeVariable
Minimum credit scoreNot stated
Loan termVaries
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Review by


Kellye Guinan was a financer writer for Finder, covering everything from loans from auto to personal to business finance.

Expert review

HSBC is ideal for current customers of the bank looking for a line of credit with minimal fees and a relatively low intro APR. You have the option of signing up for overdraft protection to avoid paying fees on an overdrawn checking account. And you’ll receive a free monthly credit score alert.

But you need to have an HSBC checking or savings account to qualify. And rates could go as high as 17.49%. Plus, it won’t be much help if you need access to more than $25,000 — where HSBC’s line of credit caps out.

Interested in taking out a personal loan instead? Compare your other options .

First, am I eligible?

To qualify for an HSBC line of credit, you must meet the following eligibility criteria:

  • Have an HSBC checking or savings account
  • Be a US citizen or permanent resident
  • Be the age of majority — 18 in most states

Pros

  • 45-day introductory APR of 7.49% (starting at)
  • Minimal fees
  • Overdraft protection available
  • Monthly FICO score statement

Cons

  • Only open to HSBC account holders
  • No grace period for interest
  • Rates as high as 17.49%
  • Limited information listed online

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How do I apply?

To start the online application, follow these steps:

  1. Visit HSBC’s Select Line page and click How to apply. Then click Apply now to open the application.
  2. Log in to your account and fill out the application.
  3. Read HSBC’s terms and conditions, then submit your application.

You can also apply by calling HSBC at 800-975-4722 or by visiting a branch.

What information do I need to apply?

HSBC doesn’t list the information you will need to have on hand when you apply. However, you will likely need the following:

  • Social Security number
  • Proof of income

Check with an HSBC representative for more details on what you’ll need to apply.

What happens after I apply?

HSBC will process your application and notify you of an approval decision. If approved, you can use your line of credit to pay for a variety of expenses, including debt consolidation and home improvement. You can also sign up for overdraft protection, but this comes with additional fees and a higher APR.

Does HSBC offer personal loans?

No, HSBC is no longer offering new personal loans, according to its site.

It did introduce the product in 2019, and if you have an active personal loan with HSBC, you can still manage it with HSBC Personal Internet Banking.

How do repayments work with HSBC?

Once you have your line of credit, enjoy the 45-day introductory period with lower rates. Any purchase you make during this time will have this rate, even after the introductory period is over.

You can pay your Select Credit bill online, by mail, by phone or through autopay from your HSBC account. If you know you’ll have enough in your account each month to cover the automatic payments, you may want to opt for this. It could save you from receiving a $35 late fee. But if your check bounces or you don’t have enough in your account, you’ll be on the hook for a $35 returned payment fee.

If you have any questions, contact an HSBC customer service representative as soon as possible.

See how HSBC stacks up to the competition with our guide to lenders that offer personal lines of credits. Or check out our page on personal loans to compare your other borrowing options.

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