Established as the Hong Kong and Shanghai Bank in 1865, HSBC has moved on from financing British traders in Asia to providing financial services to people in 65 countries and on every continent. In its 155 years, HSBC has become one of the largest banks in the world, with nearly three trillion US dollars of assets.
Millions of people around the world trust HSBC with their money, and they like to be able to trust the people they lend to. But this doesn’t mean getting a loan with HSBC is any trickier than usual – and MoneySuperMarket can help you find a great deal in minutes. And what’s more, you could receive some very competitive rates.
HSBC offers fixed-rate, unsecured personal loans with the following features:
With an HSBC loan, your APR – the interest you pay on your loan – isn’t only determined by your personal financial circumstances; how much you’re borrowing and the term of your loan will also be taken into account.
If you’re borrowing under £3,000, the maximum APR stands at 21.9%, but it’s 15.9% if you’re borrowing over £5,000. There are things you can do to reduce the APR you are offered.
If you’re an HSBC customer, you should receive a credit decision instantly after applying. Non-customers may have to wait a little longer but you should receive your approval in three to five working days.
Again, it depends on whether or not you already bank with HSBC. If you have an HSBC account, the money should be deposited in your account as soon as the loan agreement’s been signed. If your current account is with another bank, it could take up to three working days for you to receive the money.
Yes – but only within a short timeframe. Once you’ve received your loan, you can withdraw within the first 14 days without paying interest or agreeing to a timeframe for overpayment. Once you’ve notified them, the loan must be paid within 30 days.
The main factor determining whether you’ll be accepted for an HSBC loan is your credit history, which you can check for free with MoneySuperMarket’s Credit Monitor tool.
However, HSBC does have some basic criteria that determine who can apply for a loan. These are:
There are also some conditions on what you can do with an HSBC loan. Your application won’t be approved if you want a loan to purchase a property or make a mortgage deposit, or if you’re giving it to another person to help them purchase a property. It also won’t cover gambling or any business expenses.
You can find a range of loan deals when you compare your options on MoneySuperMarket. Just give us a few details about what you want from your loan, including what it’s for and how much you need, and you’ll see a list of quotes tailored for your needs.
You can compare deals by their APR, any fees or charges, and the likelihood you will be accepted. As soon as you’ve found the loan you want, simply click through to the provider’s website to finalise your application.