Compare HSBC personal loans

HSBC is one of the largest banking and financial services organisations in the world, and offers fixed-rate, unsecured personal loans at competitive rates. What’s more, HSBC Advance customers can enjoy cashback on the interest they pay.

One of the ‘big four’ alongside Barclays, Lloyds and RBS, HSBC has its origins in Hong Kong and Shanghai (hence the name, which was the initials of the Hongkong and Shanghai Banking Corporation). When it acquired the Midland Bank and moved its headquarters to London in the early nineties it built up a substantial UK market presence.

Whether you’re looking to buy a new car, consolidate debt, refurbish the kitchen, or take that desperately needed holiday, HSBC offers competitive and flexible fixed-rate loans. It’s quick and easy to apply online via the HSBC website, and you don’t have to have your current account with HSBC (although Advance customers could benefit from interest cashback).

How much do you need to borrow? £

10000

How long do you need to borrow for?

5

years

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Name	Product	Total Payable	Monthly Repayment	Representative APR
HSBC Personal Loan					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.	Go to site View details	Compare	loading Fetching your data...
HSBC Premier Customer Personal Loan					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.	Go to site View details	Compare	loading Fetching your data...
HSBC Existing Customer Personal Loan					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.	Go to site View details	Compare	loading Fetching your data...

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Key features of HSBC personal loans at a glance

These personal loans are unsecured – meaning they’re be based on creditworthiness, rather than the use of property or other assets as collateral.

The loans are available over a period of 1-5 years for amounts between £1,000 and £15,000, or over a period of 1 to 8 years for amounts between £15,001 and £25,000. While HSBC’s rates are normally competitive, the representative APR may not be the rate you’ll receive: HSBC will offer you a rate based on assessment of your personal financial circumstances.

• Loan terms from 1 to 7 years. Or 1 to 8 years if you’re borrowing over £15000.
• Loan amounts from £1,000 to £25,000.
• Fixed monthly repayments. The interest rate is fixed, meaning you’ll pay the same amount each month, so there are no surprises and you know how much the loan is going to cost you overall.
• Option to take a repayment holiday for the first three months or every January for the life of the loan. Although this will cost you more overall, as you’ll still be accruing interest during these periods.
• Quick decision. Non-HSBC current account holders should be contacted with a credit decision in 2-5 working days, while HSBC current account holders could get an instant credit decision.
• Quick access to funds. As little as 3 working days after receipt of the signed loan agreement for non-HSBC current account holders. HSBC current account holders applying online could receive the funds instantly.
• HSBC Advance customers may be eligible to receive cashback at the end of the loan term.

All interest rates are fixed for the duration of your repayment period, however the rate you’re offered will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”.

Am I eligible for an HSBC personal loan?

You should only apply for an HSBC personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:

• You must be aged over 18.
• Have an annual income of at least £10,000.
• Be a UK resident.
• Have a UK based bank or building society account that can pay direct debits.
• Be willing to undergo a credit register search and credit scoring.

HSBC states that these loans should not be used for funding or part funding a property, gambling, business purposes or share dealing.

How do I apply?

If you’ve decided that an HSBC personal loan is right for you, you’ll need to provide proof of the following:

• Your ID.
• Your address details for the past three years.
• Your current income and employment details (payslips and bank statements).

Then simply fill in the application form via the HSBC website. You’ll also need the sort code and account number of your bank or building society account.

Frequently asked questions

• Can I top up my existing HSBC loan?

  Potentially, yes. Alternatively, you could take out a separate loan to your existing one, if you wish to keep the payment separate. You can apply to borrow more money online, by telephone or in branch.

• Do HSBC personal loans offer a payment break?

  You can take a repayment holiday for the first three months or every January for the life of the loan. You need to request this when you apply for the loan.

• Can I pay back the loan early?

  Yes, and you could potentially save on interest by doing so. Let HSBC know you’d like to pay off the loan early in writing or by phone. If you repay part of your loan early, your monthly repayment amount will stay the same but you can potentially repay the loan more quickly. Bear in mind that if you request to pay off your loan early, you may still be charged interest beyond this point – you’ll be given a final settlement figure and a timeframe in which to pay this amount.

  It’s important to check the early repayment terms before applying for any personal loan. If there’s a likelihood that you’ll be able to clear a loan early, then good early-repayment terms should be an important factor in deciding which lender to use.