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HSBC Bank loans

Finance your home or business with help from one of the world's largest banks.

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HSBC has been around for over 150 years and works with an international audience — something that sets it apart from some other banks. If you need a home loan or funding for your small business, you’re in luck. HSBC has quite a few products available. But if you want an auto loan, personal loan or student loan, you’ll have to look elsewhere.

What types of loans does HSBC offer?

HSBC offers a few different types of lending products for both individuals and businesses, including:

  • Personal lines of credit. While HSBC recently just offered its personal loans product, Premier account holders can also be eligible for a line of credit of up to $25,000. The exact amount you can borrow, as well as your APR, will depend on your credit and the type of account you hold.
  • Business loans. HSBC has a range of business loans when you need a little extra capital to help your company grow. You can take out a line of credit, term loan or even apply for an SBA loan through HSBC.
  • Mortgages and refinancing. HSBC has both mortgages and mortgage refinancing available to its borrowers. With a variety of mortgage structures to choose from — as well as two different types of cash-out refinancing — you may be able to find a competitive mortgage offer with HSBC.
  • Home equity lines of credit. One of HSBC’s home loan options is a home equity line of credit, referred to as the Home Equity Line of Choice. Premier members may have access to large amounts, and with no closing costs, HSBC offers competitive rates for borrowers.

Why should I consider taking out an HSBC loan?

  • More than just loans. HSBC is a large international bank that offers multiple bank products, including credit cards and money transfer services.
  • Focus on home loans. While HSBC has business loans and personal lines of credit, its main focus is on its home loans. A dedicated mortgage consultant will be there to help you apply, and you may even qualify for a hefty rate discount of 0.5% with the right account.
  • Tools and resources. If you’re borrowing a home loan, HSBC has some useful tools to find home equity rates, calculate your payments and more.
  • Move from an ARM to a fixed-rate mortgage. With HSBC, you can switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage for more predictable payments that allow you to budget with ease.
  • Strong security measures. Security is taken extremely seriously. HSBC provides users with tips to protect themselves and their businesses and has a $0 liability Online Guarantee if there are any unauthorized online charges.

What are the drawbacks?

  • Best rates are limited. You must be an existing customer with HSBC and hold a special client status to get the best rates and mortgage packages. If not, you may be stuck with less-than-optimal terms.
  • Limited loan products. US-based customers only have a small selection of loan products to choose from. And with no auto loan, student loan or personal loan options, HSBC is much less competitive than some other banks.
  • No online application. Unless you’re borrowing a personal line of credit, you’ll have to book an appointment at a local branch in order to discuss your financing options.

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What can I expect with a line of credit from HSBC?

Unlike some of the other options offered by HSBC, a line of credit can be used for just about anything. From debt consolidation to home improvement projects, you can withdraw the amount you need — up to your credit limit — at any time.

Credit limits range from $1,000 to $25,000 for Premier accounts and $1,000 to $10,000 for non-Premier accounts. There are no annual fees, no cash advance fees and no balance transfer fees. Your APR will depend on your credit. For Premier accounts, introductory rates can be as low as 7.74% APR.

How much will it cost me to borrow with HSBC?

It depends on the type of loan and your account status. Premier and Advance clients have access to more favorable loan amounts, as well as rate discounts for a few loan products, which make it much less expensive to borrow.

For a personal line of credit, you won’t have to pay any annual fees, cash advance fees or balance transfer fees — which makes it easier to borrow. Home equity lines of credit also lack application fees and annual fees, and if you borrow less than $500,000, you won’t have to pay any closing costs. But there are quite a few small fees for HSBC’s mortgage options, which can quickly add up.

Check your loan contract or meet with your HSBC contact to learn more about the specific fees you might have to pay.

What do borrowers say about HSBC?

Despite being one of the largest banks in the world, HSBC only has a limited number of reviews — and what’s there isn’t great. As of January 2019, it’s not accredited with the Better Business Bureau (BBB) and receives an F rating because it hasn’t responded to multiple customer complaints. Over 150 customers have filed complaints against the company, and all 24 of its BBB reviews are negative. Nearly every person had a problem with long times spent on hold and poor customer service when they finally did get through to someone.

It doesn’t do much better on Trustpilot. Out of over 150 reviews, it only earns a 1.4 out of 10 — with over 80% of customers rating it as “Bad.” There wasn’t much on HSBC’s loan products, but there were many more complaints about customer service and high fees.

If customer service is something you value in a bank, then HSBC might not be the best choice for you.

Are HSBC loans safe?

Yes, though no website can ensure your information stays 100% safe. HSBC does its part by offering SSL encryption along with an Online Guarantee, meaning you won’t be liable for any unauthorized online charges.

It also has a full page dedicated to online privacy and its privacy policy. This covers how your information is used and what HSBC does to protect it while you’re browsing online.

How to apply for a loan with HSBC

Follow these steps to start the application process — depending on the type of loan you’re interested in:

  • Personal line of credit. Navigate to the Select Credit page on HSBC’s website and click How to Apply. You can apply online by selecting Apply now, by phone or in person by making an appointment.
  • Business loan. Visit HSBC’s Business Banking page, select the type of loan you want from the drop-down menu and click Book an appointment. You’ll need to visit your local HSBC branch to apply in person.
  • Home loan. Go to HSBC’s Home Loans Center, select the type of loan you want, then select Get pre-approved. Fill out its online form and wait for a home loan consultant to get in touch with you.

Eligibility requirements

Each HSBC loan comes with different requirements. However, you’ll need to meet a few overarching eligibility criteria:

  • Have demonstrable, consistent income
  • Be a US citizen or a permanent resident
  • Be at least 18 years old

Businesses applying for a loan must be based in the US and have annual sales of $5 million or less.

Documentation will also vary, but at a minimum you’ll need to provide your government-issued ID like a driver’s license or passport.

More about the bank

Established in 1865, HSBC is the seventh-largest bank in the world — conducting business across 70 countries. It’s been serving its customers for over 150 years — all 38 million of them — and offers a variety of products and other services. And with plans to launch a digital lending platform, you can look forward to an easy online application process in the future.

Bottom line

HSBC is a seasoned lender that offers neatly packaged products. And it pays to be a member: If you’re an Advantage or Premier client, you’ll typically get the best rates and terms.

But with multiple bad reviews about its customer service, you may want to browse your mortgage options and other business loan options first.

Frequently asked questions

More guides on Finder

  • HSBC small business loans review

    HSBC offers three types of business loans, each with its own set of benefits and drawbacks. Find out how to get business financing through HSBC.

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