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).
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Warning: late repayments can cause you serious money problems. See our debt help guides.
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.
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”.
What is APR?If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the 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:
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:
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