Finance your home or business with help from one of the world’s largest banks.
What types of loans does HSBC offer?
HSBC offers several a range of loans to meet your specific financial needs.
- Lines of credit. While HSBC doesn’t offer any personal loan options, Premier account holders may still be eligible for a line of credit of up to $25,000.
- Home equity line of credit. You can get a credit line of up to $350,000 if you’re new to HSBC or up to $1 million if you’re a Premier client.
- Mortgages and refinancing. Buy a home or refinance your existing one with up to $3 million in spending power if you qualify for a Premier Deluxe mortgage.
- Business loans. HSBC has a range of business loans to cover your expenses when you need a little extra capital to keep your business growing.
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Why should I consider taking out an HSBC loan?
- Dedicated mortgage consultants. Whether you’re buying your first house or refinancing the one you already have, a mortgage consultant is available to walk you through the entire process.
- Move from an ARM to a fixed-rate mortgage. An adjustable rate mortgage (ARM) may be ideal to start, but there’s the possibility of it becoming more expensive or unstable than anticipated. With HSBC, you can switch to a fixed-rate mortgage for more predictable payments that allow you to budget with ease.
- Rate discounts available. Qualifying Premier and Advance clients can receive 0.50% and 0.25% rate discounts, respectively, with autopay from an HSBC checking account.
- Business loan otpions. HSBC has term loans and lines of credit with flexible repayment schedules and fixed or floating rates. HSBC also offers an SBA Loan Program.
What can I expect from 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 at any time up to your credit limit.Credit limits range from $1,000 to $25,000 for Premier accounts and from $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%.
How much will it cost me to borrow with HSBC?
Loans from HSBC come with rates that differ by the type of financing you’re looking for and your client status. Premier and Advance clients have access to more favorable loan amounts when it comes to mortgages and refinancing. Lower rates with any of the financing products and rate discounts are also perks of being a Premier or Advance client.
Closing costs for a HELOC typically range from $270 to $19,900 but can be higher. But if your line of credit is under $500,000, you won’t have to pay closing costs.
Are HSBC loans safe?
HSBC is an international business with more than 37 million customers. Conducting business across 70 countries, it has to keep its website security up to date. Outside of SSL encryption, HSBC also offers an Online Guarantee, meaning you won’t be liable for any unauthorized online charges.
How to apply for a loan with HSBC
Each HSBC loan comes with different requirements. However, you’ll need to meet a few overarching eligibility criteria:
- You must have demonstrable, consistent income.
- For US products, you must be an American citizen or a permanent resident of the US.
- You must be at least 18 years old.
If you meet the eligibility requirements and you’re ready to apply, you’ll find that products also come with different steps. Depending on the loan, you may be able to begin the application process online.
Documentation will also vary, but at minimum you’ll need a government-issued ID such as a driver’s license or passport.
What are the benefits of borrowing with HSBC
- Air-tight security. Security is taken extremely seriously. HSBC provides users with tips to protect themselves and their businesses and holds a $0 liability Online Guarantee.
- Advisors available. When you’re ready to apply for a mortgage with HSBC, you’ll have access to an advisor who can help you through the process.
- Tools and resources. HSBC offers tools to find home equity rates, calculate your payments and more.
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.
- Limited loan products. US-based customers have only three types of loan products to choose from.
- No online application. To apply, you’ll have to call or go to a local branch.
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 member, you’ll typically get the best rates and terms.
Taking out any kind of financing is a big step. Before you settle with any one lender, do your research and compare your options.
