Does HSBC offer personal loans?
Yes, HSBC launched its personal loan product in August 2019.
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HSBC offers a few different types of lending products for both individuals and businesses, including:
Yes, HSBC launched its personal loan product in August 2019.
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.
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.
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.
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.
Follow these steps to start the application process — depending on the type of loan you’re interested in:
Each HSBC loan comes with different requirements. However, you’ll need to meet a few overarching eligibility criteria:
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.
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.
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.
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.