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HSBC offers fixed-rate, unsecured personal loans at competitive rates to new and existing customers. You can borrow from £1,000 to £25,000, with loan terms of 1 to 7 years, or up to 8 years for loans over £15,000.
Taking out the loan was incredibly easy to do online and management of the loan alongside my existing HSBC products was helpful.”
You should only apply if you’re certain you can meet the repayment terms, and you meet the following HSBC personal loan requirements:
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.
The Annual Percentage Rate (APR) is a figure designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges you will need to pay (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, which means it can be a handy tool for comparing different loans.
However, lenders only need to award this rate to 51% of those who take out the loan – the other 49% could end up paying much more. This is why it’s often referred to as the representative APR, as it will not necessarily be the rate you receive if you’re approved for a loan.
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.
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.
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.
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