What You Need to Know
The personal loans with HSBC can fund quickly. If you close your loan at a branch, the money can transfer immediately into your HSBC account. If you apply online, your money could be available the next business day. Funding time depends on your application, qualifications, and your bank.
HSBC personal loans have minimal fees. They do not have an application fee or an annual fee. There is not an origination fee when you close on your personal loan. There is also not a fee for paying your loan off early. There may be a late fee for making late payments.
The maximum loan amount you can apply for depends on the type of account you currently have with HSBC. Premier clients can apply for up to $50,000 in a personal loan. Advanced customers can apply for $35,000. New customers and all other HSBC customers can only apply for up to $30,000. The loan amount you receive depends on your qualifications.
If you are an existing customer of HSBC, you cannot apply for a personal loan online. Current HSBC customers must apply for a personal loan at a branch location. If you are a new HSBC customer, you can apply for a personal loan online. The online application only takes a few minutes to apply.
Qualifications to Apply for HSBC Loans
- Annual Income: Verifiable
- Job History: Current
- Debt-to-Income Ratio: DOSCC
- Minimum Credit Score: DOSCC
- Credit History Length: DOSCC
- Credit Bureau Inquiries: DOSCC
- Bankruptcy History: DOSCC
- Past Loan Denial: Not specific
- U.S. Citizenship Required: Yes
- Required Age: 18
- SSN Required: Yes
- Valid Bank Account Required: Yes
Useful Information About HSBC Loans
- Business Loans Offered: No
- Cosigner Loans Offered: No
- Joint Loans Offered: No
- APR Range: 5.99-22.99%
- Fixed Interest Rates: Yes
- Repayment Options: ACH, branch, checks, online, phone
- Payments Due: Monthly
- Payment Methods Fees: No
- Smallest Loan: $3,000
- Largest Loan: $50,000
- Loan Term Lengths: 2-5 years
Additional Relevant Information
HSBC does not require a payment for the first 50 days after closing on a personal loan. That gives you almost two months before making your first payment. HSBC requires payments each month after the first payment.
History and Achievements
Hongkong and Shanghai Banking Corporation first started in Hong Kong in 1865. By 1875, HSBC was in North America, Asia, and Europe.
During WWII, the bank hit challenging times. Staff from Asia were taken prisoners of war. Many branches were no longer in operation. After the war, HSBC worked to rebuild the economy of Hong Kong and other areas.
In 1992, HSBC moved headquarters to London. In 1998, the bank started going by HSBC and started using the symbol of the hexagon. That symbol is still recognized as HSBC's symbol today.
HSBC serves over 40 million customers around the world. They operate in 65 countries and are one of the world's largest banking organizations.
Frequently Asked Questions
Can I apply for a loan entirely online?
Only new HSBC customers can apply for a loan online. Current customers can apply for personal loans in a branch location.
What is the lowest my credit score can be?
Personal loans with HSBC do not have a set minimum score requirement. Approval depends on many factors, including your credit score. HSBC does a soft credit pull before they run your credit to see if you qualify. Other factors can include credit history, income, debt, and bankruptcies.
What is the smallest loan amount available?
The minimum loan amount is $3,000 for HSBC personal loans.
What is the largest loan amount available?
The maximum loan amount depends on your relationship with HSBC. Premier clients can apply for up to $50,000 in a personal loan. Advanced customers can apply for up to $35,000. New customers and all other customers can apply for personal loans up to $30,000.
What are the loan term lengths?
The personal loans from HSBC range from two to five years.
Are the interest rates competitive?
Yes. HSBC offers competitive rates for personal loans. The rate you receive depends on your application and qualifications.
Are the interest rates fixed?
Yes. The personal loans offer fixed interest rates for the life of the loan.
What types of loans are available?
HSBC offers mortgage loans, home equity loans, personal loans, and lines of credit. You can use personal loans to pay for weddings, vacations, or moving expenses. You can also use the money for debt consolidation or home improvement projects.
What information do I need to apply for a loan?
HSBC requires basic personal information. This includes name, address, phone number, and date of birth. They will verify your SSN, email, and bank account information. Other information includes annual income and whether you rent or own your home. HSBC asks what you plan to use the money for. Additional information may be necessary, depending on your application.
How long does approval take?
If you apply online, approval can be within a few minutes. You can only apply online if you are not an existing HSBC customer. If you are an existing customer, you can apply at a branch location. You could receive approval and your money while you are at the branch applying.
How long will it take the money to enter my account after approval?
If you apply online, the funds could transfer the next business day after closing. If you apply at a branch, the money could transfer into your account immediately after closing. You can receive a check with the funds if you apply at a branch location.
If I have been denied a loan before, how long do I have to wait to apply again?
There is not a set amount of time you must wait. HSBC sends a letter explaining why you were denied. They suggest waiting until the reasons for denial change, or your situation changes.
What are the payment options to repay my loan?
You can make payments automatically from your HSBC account or another bank account. You can also make payments over the phone, at a branch location, online, or by sending in a check.
Can I pay my loan off early?
You can make payments automatically from your HSBC account or another bank account. You can also make payments over the phone, at a branch location, online, or by sending in a check.
Is my information secure?
HSBC security measures comply with federal laws. Their computers have safeguards. Their files and buildings are secure. They limit the personal information employees can see.
Does this loan company offer a mobile app?
The HSBC website does not list an app. Contact customer service to see if an app is available.
How do I contact customer service?
Through phone, email, mail, live chat, or by visiting a branch location. You can follow HSBC on Facebook, Twitter, and YouTube.
Bank Contact Information
HSBC
P.O. Box 2013
Buffalo, NY 14240
Buffalo, NY 14240
