HSBC Existing Customer Personal Loan review October 2019

HSBC Existing Customer Personal Loan
HSBC Existing Customer Personal Loan

With instant funding available at a fixed interest rate, HSBC personal loans can help you consolidate your debt, buy a new car or start that home refurbishment you’ve been planning for a while.

Founded in 1865 and now a global business with more than 38 million customers, HSBC is one of the main banks in the UK and can boast a long experience of lending money to individuals and businesses.

To existing customers, HSBC offers a competitive and fee-free personal loan option. If you are an Advance customer, at the end of the loan term, you may also be eligible for a 10% cashback on your interests.

In most cases, it’ll instantly let you know whether you’ve been accepted, so that you can get it over with and the fun part can start right away – be it planning a wedding, picking furniture or visiting a car dealer.

Name Product Total Payable Monthly Repayment Representative APR
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.3% p.a. (fixed). Representative APR 3.3% and total payable £10,509.12 in monthly repayments of £291.92.

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Warning: late repayments can cause you serious money problems. See our debt help guides.

Key details

Loan typeUnsecured Personal Loan
Loan amounts£1,000.00 to £25,000.00
Loan terms1 Year to 8 Years
Loan rate typeFixed
Fee0%
Same day funding available
Same day funding noteApply online or in branch to receive same day funds
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methodsDirect Debit
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.3% p.a. (fixed). Representative APR 3.3% and total payable £10,509.12 in monthly repayments of £291.92.

Am I eligible?

Available toExisting Customers only
Age18 or over
Income£10000.00 Per Annum
Credit profilesGood
Acceptance noteMinimum Applicant Income £10,000 Per Annum.

How do I apply?

Once you’ve looked at personal loans and decided to apply, the most practical way of doing it is online – existing HSBC customers can log in to their online banking and apply either from the website or directly from the app.

However, you may prefer talking it through with someone in person before making a final decision. In that case, you can book an appointment for an in-person application at an HSBC branch. You’ll need to bring the following:

  • Your ID
  • Proof of address (for example, a utility bill)
  • Recent bank statement

You can book an appointment online by logging in to HSBC with your online banking credentials.

In order to be eligible for the 10% cashback, you need to be an HSBC Advance customer – you can apply online to become one if you pay at least £1,750 a month into your account. However, keep in mind that if you pay off your loan early, you won’t be able to get the cashback.

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