HSBC personal loans: at a glance
HSBC Personal Loan
1 to 8 years
£1,000 to £30,000
6.6%
Yes
Representative APR 6.6%. Based on a loan of £10,000 over 60 months at an interest rate of 6.6% p.a. (fixed). Monthly repayments of £195.23. Total amount payable £11,713.96. Maximum APR 22.9%.
- Must be over 18 and a resident of the UK.
- Must have an annual income/pension before tax of £10,000 or more.
- Must have a bank or building society account with a Direct Debit facility.
HSBC is a well-known high-street bank. It was established in Hong Kong in 1865, and it opened an office in London in the same year. It is now one of the largest banks in the UK and the world.
HSBC loans are available to HSBC account holders, as well as non-customers. You can apply to borrow between £1,000 and £25,000 or, if you have an HSBC Premier Account, up to £50,000.
» MORE: Compare best personal loans and rates
HSBC loans pros & cons
Pros
- You can apply for a joint loan.
- HSBC current account holders could get their money quicker (and Premier account holders could borrow more).
- You can change your repayment date after you’ve made your first monthly repayment.
Cons
- HSBC applies interest charges of up to two months to pay off your loan in full.
- It could take several days to get a decision on your application and receive your loan if you’re not already an HSBC current account customer.
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
Am I eligible for an HSBC loan?
For HSBC to consider your application, you need to meet the following criteria as a minimum:
- be a UK resident aged over 18
- earn at least £10,000 a year before tax (this can be from a pension)
- have a UK bank or building society account that has a direct debit facility
HSBC will look at your income, expenses, employment status and other relevant information to work out if you can afford to repay a loan. It will also run a credit check which will be recorded on your credit history.
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Other loans may be available in the UK loans market that are not included in this service.
HSBC loans frequently asked questions
Whether it’s hard to get accepted for a loan from HSBC will depend on your credit history and overall financial situation. You need to meet the minimum requirements set by HSBC to be considered for a loan, but this won’t guarantee that you will be approved. The better your credit score and financial circumstances, the more likely you are to get an HSBC loan.
HSBC could approve a loan application instantly if you’re an HSBC customer. If you don’t have an HSBC account, it could take HSBC two to five working days to approve your application.