If you've discovered you need to make a major purchase that you don't have money for, an HSBC Personal Loan can help. HSBC is one of the few banks in the UK that has the ability to give you almost instant feedback on your application. This is particularly helpful for people that might need emergency repair to their home or vehicle.
If you need to make a purchase and don't have a ton of time, an HSBC personal loan might help. A personal loan can be used in a variety of ways. Because of their versatility and accessibility, using a personal loan for your needs can be a godsend, especially if you are in a financial crisis. Of course, taking out a loan doesn't mean you're home free, you've still got to pay it back. So it is a good idea to have a plan before you apply.
You should ensure you're going to have the income to make those payments on time. And since there are so many loan options out there, it is worth it to do your research on what is available. Our editors have looked into the HSBC personal loan and come up with important details you need to know. Make sure you read everything below before you decide whether or not an HSBC loan is for you.
What Is an HSBC Personal Loan?
HSBC is one of the biggest banking institutions in the United Kingdom and around the world. Apart from offering a wide range of financial products such as personal loans, the bank is also known for its credit card offerings, insurance, and investment products – making them a leader in the industry.
HSBC provides customers with quite a wide range of loan options – from the basic Personal Loan to the Premier Personal Loan. These choices allow you to personalize your term loan repayments between 1 to 8 years depending on the amount you borrow and specify the amount you wish to take out from £1,000 to £25,000.
Apart from this, existing borrowers are still eligible to add or top-up to their existing loan. To make repayments easier, individuals are also free to make overpayments without incurring extra fees and charges. Doing so allows borrowers to reduce the interest rates associated with their plan and fast track their payments.
Instant Loans
What sets HSBC apart from the rest is its ability to provide applicants with a quick decision. In just 2 to 5 working days, non-HSBC current account holders can obtain their instant credit decision.
The best thing about this is that applicants with current accounts can instantly receive their borrowed amount once their application has been approved. Meanwhile, non-HSBC current account holders can also benefit from a relatively fast turnaround time. Upon signing the agreement, individuals may receive their personal loan in as little as 3 days.
What Can You Use an HSBC Personal Loan For?
Loans come in handy for a lot of things. Whether it’s funding your dream wedding, travelling to see your family, buying your first car, or even renovating your home – personal loans from HSBC are very comprehensive. You can also use a personal loan for debt consolidation purposes.
What Can't You Use a Personal Loan For?
Some big no-no's are gambling, obviously, as well as business and share dealing purposes. Funds must also not be allocated to property deposits or mortgage repayments. Again, these loans are strictly for personal purposes.
What Are the Fees of an HSBC Personal Loan?
The following rates may apply to a HSBC personal loan.
- APR – 3.3% to 21.9%
- Interest rate – 3.3%
- Monthly repayment fee – depends on the amount and term of the loan
Bear in mind that these rates are subject to change and the rates you will receive will be based on the bank’s financial assessment of your current standing. The assessment will take into account your financial history, circumstances, the amount you want to borrow, and the period you wish to make repayments.
Additionally, some lenders charge an arrangement fee, so make sure to ask for transparency. All of these factors may affect how high or low your APR and interest rates may be. Late repayment fees may also apply if you fail to pay on time.
Final notes
All in all, HSBC Personal Loans provide eligible applicants with fast access to funds to use in various ways, making them a flexible and efficient option if you wish to borrow money. However, always remain cautious of any fees involved and be sure to read the fine print before you sign anything. You don't want to be caught out with surprise costs, nor do you want to find out you can't afford the repayments shortly into it. If you are interested in getting a HSBC loan, contact the bank directly.
How to Get in Touch with HSBC
Loan applications can be filled out online or via the bank’s mobile app. You can also apply at a HSBC branch. Note that in order to apply you must be over the age of 18, a UK resident, and have an annual income of at least £10,000.
For further information or clarification, you can reach the HSBC by writing to Customer Information, HSBC Bank plc, PO Box 757, Hemel Hempstead, Herts HP2 4SS. You can also call them on 0800-032-4735.
The UK head office address is located at 8 Canada Square, London E14 5HQ.
Disclaimer: Terms and conditions may apply when applying for a personal loan. To learn more, visit the bank’s Terms and Conditions page.
