Use our HSBC loan calculator to get an idea of how much you'd pay back on a fixed-rate, unsecured HSBC personal loan as a new or existing customer. Loan amounts between £1,000 and £50,000 starting from 6.4%.
HSBC offers loans suitable to those looking for competitive interest rates and the flexibility to overpay without charges. However, it’s important to note that the most competitive rates are only available if you have a good credit history. Furthermore, while existing customers can enjoy the convenience of an instant decision and same-day funds, new customers may not have access to these expedited services and may be offered a higher interest rate.
Pros
Competitive interest rates
You can overpay free of charge
Instant decisions in most cases
Same-day funding for existing HSBC customers
HSBC Premier customers can access lower rates
Cons
You’ll need good credit for low rates
Instant credit decision and same-day funds for existing customers only
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.9% p.a. (fixed). Representative APR 6.9% and total payable £11,064.60 in monthly repayments of £307.35.
Table: sorted by representative APR, promoted deals first
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
Our calculator lets you pick how much you want to borrow, and your loan term, to estimate how much you would pay back each month and overall. We base our calculations on HSBC’s representative APR, but it’s important to note that credit is subject to status and your circumstances may affect the rate you’re offered.
We also assume that you don’t take any repayment holidays, and you don’t repay the loan early (both of which are facilities offered with HSBC loans).
How do HSBC loans compare against the competition?
Table: sorted by representative APR, promoted deals first
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
HSBC loan rates at a glance
The HSBC Personal Loan charges 6.9%APR representative on loans between £7,000 and £15,000. HSBC offers the loan with repayment terms between 1 and 8years, and applicants can apply to borrow from £1,000 to £25,000.
The HSBC Premier Personal Loan charges 6.4%APR representative on loans between £7,000 and £30,000. HSBC offers the loan with repayment terms between 1 and 8years, and applicants can apply to borrow from £1,000 to £50,000.
Quick overview of HSBC personal loans
Loan amounts
From £1,000 to £50,000
Loan terms
From 1 year to 8 years
Age eligibility
18 years and over
Application fee
No application fee
Repayment holiday
Repayment holiday not permitted
Key features
Am I eligible for an HSBC loan?
You should only apply if you’re certain you can meet the repayment terms, and you meet the following HSBC personal loan requirements:
You must be aged over 18.
Have an annual income of at least £10,000 (this can include pension income).
Be a UK resident.
Have a UK based bank or building society account that can pay direct debits.
HSBC states that these loans should not be used for funding or part funding a property, gambling, business purposes or share dealing.
HSBC Premier Customer Personal Loans are only available to HSBC Premier customers. To become eligible for an HSBC Premier Bank Account, you’ll need to have your salary paid into your HSBC account and either have savings or investments of at least £50,000 with HSBC in the UK, or you’ll need an individual annual income of at least £75,000 and a mortgage, investment, life insurance or protection product with HSBC in the UK.
If you do have an HSBC Premier account, you can apply online, on the phone or in person.
Things to keep in mind
Rates may vary. HSBC personal loans are unsecured – meaning they’re based on your creditworthiness, rather than the value of any property or other assets you use as collateral. While HSBC’s rates are normally competitive, the advertised representative APR may not be the rate you’ll receive, and HSBC will offer you a rate based on its assessment of your personal financial circumstances.
Repayment holidays. You have the option of taking a repayment holiday for the first three months of your loan term, or every January for the life of the loan. However, this will cost you more overall, because your outstanding balance will still be accruing interest during these periods.
Quick turnaround. HSBC account holders may get approved for a loan immediately, and other customers should be contacted with a credit decision within five working days. Successful applicants will generally get their funds within three working days, but existing HSBC customers may receive their money instantly.
APR and Representative APR explained
The Annual Percentage Rate (APR) is a summary of the yearly cost of a loan. It takes into account both interest and any unavoidable charges you'll need to pay (for example an arrangement/product fee) over the duration of a loan. Because HSBC doesn't charge an arrangement fee, its APR comprises just the interest rate – and so they're one and the same.
However, the vast majority of lenders tailor rates (and therefore APRs) to the individual applicant. If they think you're a riskier bet, they'll offset that by offering you a higher APR. The "representative APR" (as defined by the Financial Conduct Authority) is what HSBC gives to at least 51% of those who take out the loan. At the top end of the market – where HSBC fights it out among the high-street banks and supermarkets – chances are that 49% of customers are receiving a higher APR. With HSBC, you'll need a good credit score to get approved and a great credit score to bag that representative APR. HSBC must calculate APR in the same way as other lenders, and must tell you your personal APR before you sign a loan agreement.
HSBC advertises a representative APR of 6.9% on loans between £7,000 and £15,000 on the HSBC Personal Loan and 6.4% on loans between £7,000 and £30,000 on the HSBC Premier Personal Loan.
How does a HSBC personal loan work?
If you want to apply for a HSBC personal loan, you can do so by following these steps:
1. Get a personalised quote. Use HSBC’s “Personalised Loan Quote tool” to get an indication as to whether your application would be successful. This involves a “soft” search of your credit file, which doesn’t affect your credit score. You’ll need to provide three years of address history, as well as your current income and employment details in order for HSBC to run the check.
2. Apply. If you’re happy with the quote, you can then click “Apply now”. You’ll also need to provide the sort code and account number of your bank or building society account.
3. Get a decision. Once your application has been received, you’ll generally need to wait up to five working days for a decision. For existing HSBC account holders, you may get an instant decision on your loan application.
Can I get an HSBC secured loan?
HSBC does offer traditional “first charge” mortgages, however it doesn’t offer “second charge” mortgages (also known as “homeowner loans”). If you’re a homeowner with a mortgage, then a homeowner loan can let you leverage the equity you’ve built up in your home to access larger loan amounts and/or lower interest rates. You can learn about secured loans and compare your options in our comprehensive guide.
Pros and cons
Pros
Competitive interest rates
Eligibility checker
Instant decisions in most cases
Same-day funding for existing HSBC customers
You can overpay free of charge
HSBC Premier customers can access lower rates
Cons
You’ll need good credit for low rates
Instant credit decision and same-day funds for existing customers only
How do I get in contact with HSBC?
HSBC offer online chat functions on both the HSBC webiste and app. Alternatively, you can ring HSBC on 03457 404 404 if you are an existing customer, or if you’re not a customer, you can call 03455 873 444. Lines are open 08:00–20:00 every day (except for Christmas Day, Boxing Day and New Year’s Day).
Our verdict
HSBC offers loans suitable to those looking for competitive interest rates and the flexibility to overpay without charges. However, it’s important to note that the most competitive rates are only available if you have a good credit history. Furthermore, while existing customers can enjoy the convenience of an instant decision and same-day funds, new customers may not have access to these expedited services and may be offered a higher interest rate.
HSBC customer reviews
HSBC was highly commended for its loans in the Finder Customer Satisfaction Awards 2024. In our survey, 94% of its loan customers said they’d recommend the brand to a friend.
Customers were positive about HSBC’s customer service.
One commented:”They are easy to communicate with and explain the breakdown well”
Another said:”It provides very good rates as well as easy accessibility to customer support.”
Case study: Ahmed took out an HSBC personal loan to buy a car
Ahmed Negri
London
I took out an HSBC personal loan in 2018 because I was already banking with HSBC and I wanted the loan to be with my own bank. I had been with HSBC for 20 years. I got the cash within 2 days, which is about what I was expecting. I needed it to buy a car.
If there's one thing you'd tell a friend who's thinking of getting this, what would it be?
My advice for anyone thinking of getting a loan is: don’t get it unless you absolutely need to have it and be sure you can afford the repayments.
Frequently asked questions
One of the “big four” banks alongside Barclays, Lloyds and Royal Bank of Scotland, HSBC began life as the Hongkong and Shanghai Banking Corporation. In the early nineties, it acquired the Midland Bank and moved its headquarters to London, and now has a substantial presence in the UK market.
Yes, though this will require you to either consolidate your existing loan into a new loan, or take out a separate loan if you wish to keep the payments separate. You can apply to borrow more money online, by telephone or in branch.
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.
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.
If your loan is being paid into your HSBC account, you can expect to receive your funds instantly once your application is approved. If your loan is being paid into a non-HSBC account, however, then you should get your money in 3 working days once the signed agreement has been received.
If you change your mind about your loan, then you are able to withdraw within 14 days of signing off on it. The loan must be repaid within 30 days of notifying HSBC of your withdrawal.
Personal loans scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Moneyfacts.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
Kindly fill in the application form via the HSBC website to proceed with your online loan application. Please make sure that you have your bank’s sort code and account number handy. You should only apply for an HSBC personal loan if you’re certain you can meet the repayment terms as well as the eligibility requirements that you see on this page.
Once you apply for a loan and get approved, you may use the money at any time and how you want to use it. Before you submit a loan application, kindly check if you’re eligible for the personal loan and have all documents handy. Also, please make sure that you’ve read the relevant T&Cs or PDS of the loan product before making a decision and consider whether the product is right for you.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
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I need loan because I am doing some home improvements.
Hi Petru,
Thank you for getting in touch with finder.
Kindly fill in the application form via the HSBC website to proceed with your online loan application. Please make sure that you have your bank’s sort code and account number handy. You should only apply for an HSBC personal loan if you’re certain you can meet the repayment terms as well as the eligibility requirements that you see on this page.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Can I apply for a loan now and use the money straight away?
Hi David,
Thank you for getting in touch with finder.
Once you apply for a loan and get approved, you may use the money at any time and how you want to use it. Before you submit a loan application, kindly check if you’re eligible for the personal loan and have all documents handy. Also, please make sure that you’ve read the relevant T&Cs or PDS of the loan product before making a decision and consider whether the product is right for you.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni