Customer rating
★★★★★
★★★★★
Satisfaction survey
80% of HSBC customers in our 2022 customer satisfaction survey would recommend the brand to a friend
New customers could wait up to five working days for a decision on their application
HSBC loan calculator
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.
HSBC loans calculator
Table: sorted by representative APR, promoted deals first
Get personalised loan quotes
Save time by checking whether you'll be approved with multiple lenders and get rates based on your credit score.
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.
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 3.3% APR representative on loans between £7,000 and £15,000. HSBC offers the loan with repayment terms between 1 and 8 years and applicants can apply to borrow from £1,000 to £25,000.
The HSBC Premier Customer Personal Loan charges 3.3% APR representative on loans between £7,000 and £15,000. HSBC offers the loan with repayment terms between 1 and 8 years and applicants can apply to borrow from £1,000 to £50,000.
The HSBC Existing Customer Personal Loan charges 3.3% APR representative on loans between £7,000 and £15,000. HSBC offers the loan with repayment terms between 1 and 8 years and applicants can apply to borrow from £1,000 to £25,000.
Overview of features
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £25,000.00 |
| Loan terms | 1 Year to 8 Years |
| Loan rate type | Fixed |
| Product fee | 0% |
| Same day funding available | |
| 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 methods | Direct Debit |
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £50,000.00 |
| Loan terms | 1 Year to 8 Years |
| Loan rate type | Fixed |
| Product fee | 0% |
| Same day funding available | |
| Same day funding note | Apply 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 methods | Direct Debit |
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £25,000.00 |
| Loan terms | 1 Year to 8 Years |
| Loan rate type | Fixed |
| Product fee | 0% |
| Same day funding available | |
| Same day funding note | Apply 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 methods | Direct Debit |
I’ve been banking with HSBC for 15 years now, never had a problem and they are very helpful. They also have a good range of product services on offer.”
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 3.3% on loans between £7,000 and £15,000 on the HSBC Personal Loan and 3.3% on loans between £7,000 and £15,000 on the HSBC Premier Customer Personal Loan and 3.3% on loans between £7,000 and £15,000 on the HSBC Existing Customer 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.
HSBC customer reviews
Customers in Finder’s 2021 customer satisfaction survey were highly positive about HSBC, with customers praising it as “trusted” and a “good brand”. One customer said HSBC “offered great customer service and were very fair and friendly.”
HSBC was the winner in our 2021 customer satisfaction awards, with a rating of 4.5 out of 5. 88% of HSBC customers also said they would be willing to recommend the brand to a friend.
Frequently asked questions
Personal loans ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our customer satisfaction scores ("Customers say") are based on a survey of 908 customers carried out in December 2021.
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.
More guides on Finder
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review January 2022
HSBC offers competitive, fee-free personal loans with instant funding available to existing customers. Learn how they work and how you can apply.
Ask an Expert
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