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).

Name Product Total Payable Monthly Repayment Representative APR
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.
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.
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.

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Important information:
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

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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”.

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:

  • 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

*Disclaimer: The offers compared on this page are chosen from a range of products whose details Finder has access to track; they don't represent all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The terms "best", "top", "cheap" (and variations) are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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4 Responses

  1. Default Gravatar
    PetruFebruary 1, 2019

    I need loan because I am doing some home improvements.

    • Avatarfinder Customer Care
      JeniFebruary 2, 2019Staff

      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!


  2. Default Gravatar
    DavidOctober 20, 2018

    Can I apply for a loan now and use the money straight away?

    • Avatarfinder Customer Care
      JeniOctober 24, 2018Staff

      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!


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