HSBC Loans

HSBC personal loans

HSBC is a high street bank that can offer personal loans to people who need to borrow money. These loans are unsecured, which means you won’t need to put forward any property as security.

You can currently borrow £1,000 up to £25,000 with an HSBC loan, which can be repaid over a term of one to five years (or up to eight years for loans over £15,000).

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HSBC Premier loan

At the time of writing, HSBC premier customers may currently be eligible to borrow up to £50,000, which is double the amount that a standard customer can borrow. Premier loans can be repaid over one to eight years, depending on the size of the loan.

HSBC loan rates

The interest rate you can get on a HSBC loan will depend on a number of factors, including the amount you borrow, the repayment term, your credit history, and your overall financial situation.

Typically, those with a higher credit score will be able to access the most competitive rates of interest.

Interest rates will be fixed for the duration of the loan, which means your monthly repayments will stay the same.

You can see how much a loan may cost you by looking at the annual percentage rate (APR). This percentage includes the cost of interest and any fees over the course of a year, and it can help you compare loans on a like-for-like basis.

However, bear in mind that you won’t necessarily receive the representative APR advertised by HSBC. Only 51% of successful loan applicants are guaranteed to receive this rate or lower; other applicants could be charged more.

Can I get a secured loan from HSBC?

HSBC doesn’t currently offer secured loans.

If you’re interested in finding out more about secured loans and you want to compare your options, you can do so on our secured loan page.

How do HSBC loans work?

A loan from HSBC works like most standard personal loans. You borrow the amount you need and then repay this sum, with interest, over an agreed term in fixed monthly instalments.

When you apply for a loan, HSBC will look at information such as your credit history, your income and expenses, and your employment status to make a decision on your application.

Applicants with an HSBC current account should receive an instant decision, while non-HSBC customers may need to wait up to five working days.

Can you overpay a HSBC personal loan?

You can make overpayments on your HSBC loan at no extra cost. You won’t be charged any fees for paying more than your monthly payment and it will help you to clear your debt faster.

You can also pay off your loan in full before the end of the term. You will need to contact HSBC for a settlement figure that will clear your debt.

Can you get a payment holiday on a HSBC loan?

Payment holidays for HSBC loan customers ended on 31 July 2021. Payment holidays were available to help people during the Covid-19 pandemic.

If you’re struggling to repay your HSBC loan, you should contact HSBC to see if it can help you work out an alternative arrangement.

Can I top up my HSBC loan?

If you have a HSBC loan, you can apply to top it up if you need to borrow more money.

The extra amount you can borrow will depend on your individual situation and credit history.

You can choose to consolidate the extra borrowing with your existing loan, so you only have one monthly repayment to keep track of. However, this could increase the interest rate you pay and it could increase the total amount you need to pay if you extend your loan term.

Alternatively, you can apply for an additional unsecured loan. This means the terms of your original loan will stay the same and you will have to repay the additional loan in separate monthly payments.

How to apply for a loan from HSBC

Before applying for an HSBC loan, you can check your eligibility and get a quote to see how much you could borrow. This won’t affect your credit score.

When you officially apply for a personal loan from HSBC, you will need to provide them with personal information, such as your address history and details about your finances, including your income.

The time it takes to receive a decision on your application and, if approved, to receive the money depends on the type of account you have.

If you have an HSBC current account, you should receive a decision relatively quickly and get your funds as soon as you sign the loan agreement.

If you don’t have an HSBC account, it could take between two and five working days to get a decision on your loan application. It could then take up to three working days to receive your funds once you sign the loan agreement.