Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans HSBC Personal Loan Review Updated Jan 22, 2024 2-min read Reviewed by Christy Rakoczy Reviewed by Christy Rakoczy Expertise: Student loans, mortgages, insurance Christy Rakoczy has been a personal finance and legal writer since 2008. She has a Juris Doctor degree from UCLA School of Law and was a college instructor before she began writing for the web. Learn more about Christy Rakoczy Apply NowEditorial RatingEditorial RatingWhat we like:HSBC makes funding available very quickly so you can get access to fast cash when you need itRates (APR) Starting as low as 6.99%Loan Terms24 – 60 monthsLoan Amounts$3,000 to $50,000Fees$0See how HSBC’s personal loan product stacks up with other optionsCompare Personal Loans Personal loans can be used for nearly any purpose, making them flexible and popular loan. Many people use them for debt consolidation, home improvements, or to finance big purchases without the high interest rates that most credit cards charge. HSBC is a major international bank offering a wide variety of financial products including bank accounts, credit cards, and investment services. It began offering personal loans jointly with Avant in 2019. This review will tell you everything you need to know about HSBC Personal Loans, so you can decide if they’re the right option for you. In this review: By the Numbers: HSBC Personal LoansPros & Cons of HSBC Personal LoansEligibility & Application: How to Get an HSBC LoanNot Satisfied? Check Out These Alternatives By the numbers: HSBC Personal Loans New HSBC customersExisting HSBC customersStarting rates6.99%6.99%Loan amounts$3,000 – $30,000$3,000 – $50,000Loan terms24 – 60 months24 – 60 monthsPrepayment fee$0$0Origination fee$0$0Annual fee$0$0 Pros & cons of HSBC Personal Loans Pros Funding is fast—get your money as soon as the next business day. Current HSBC customers can qualify for larger loans and lower interest rates. You can complete the application process online and quickly find your rates and terms. (Current HSBC customers must apply at a branch.) No annual fees, no origination fees, and no payment due within the first 50 days of opening your account. Cons Loan amounts start at $3,000, while some other lenders allow you to borrow less. If you’re not an HSBC customer, you’re limited to borrowing $30,000, which may not be enough for some. Many competitors offer larger loan amounts. Interest rates are competitive, but some online-only lenders offer lower starting rates. Eligibility & application: How to get an HSBC loan New customers can apply for an HSBC loan quote online in a matter of minutes—without impacting their credit score. If you decide to go through with the loan application, you can complete the entire process online. Existing customers, however, are prompted to apply at a local HSBC branch. HSBC does not disclose its minimum credit score or income requirements, but borrowers must be at least 18-years old to qualify. After getting approved, you may be able to receive funding as soon as the next business day. The timeline for receiving funds varies depending on whether you are an existing or new HSBC customer and depending on how quickly you can provide the requested financial information. As soon as your loan is approved, the money will be deposited into your account. Other info you need to apply In order to apply for a personal loan with HSBC, there is some basic information that you may need to provide. This includes: Proof of a U.S. residential addressProof of incomeFor new HSBC customers, a bank statement from an active checking, savings, or certificate of deposit account with any U.S. financial institution. Not satisfied? While an HSBC Personal Loan can be an ideal choice for existing HSBC customers, it isn’t the right option for everyone. You should always compare quotes from several of the best personal loan lenders to ensure you’re getting a good deal.