HSBC Personal Loans Review

HSBC offers lower starting APRs and higher loan amounts for qualifying customers

By
Sarah Li Cain
Sarah Li Cain
Full Bio
Sarah Li Cain has more than 7 years of experience as a writer, personal finance expert, author, and speaker. She is a candidate for the Accredited Financial Counselor designation and an expert on banking, persona loans, real estate, and insurance. Sarah earned her bachelor's degree in English literature and Education with a minor in Visual Arts at York University. She is the founder of Beyond the Dollar, a podcast aimed at making normalizing talking about personal finance and money topics.
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Updated December 14, 2022
Fact checked by
Michael Rosenston
Michael Rosenston
Fact checked by Michael Rosenston
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Michael Rosenston is a fact-checker and researcher with expertise in business, finance, and insurance.
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HSBC Logo
Investopedia’s Rating
2.3
Check Rates

As one of the largest banks in the world, HSBC operates in 64 countries and territories, including branches in many major U.S. cities. The bank offers a myriad of banking and loan products. Rates for its personal loans are as low as 5.99% with loan amounts starting at $3,000. The maximum loan is $50,000.

Take a look at our review of HSBC’s personal loans to determine whether it’s right for you. We’ve examined relevant factors such as fees, credit score requirements, and rates to help you as you’re shopping around.

HSBC is currently not accepting new applications for personal loans. See our picks for the best personal loans instead.

  • Pros & Cons
  • specifications
Pros & Cons
Pros

  • Prequalification available

  • Fast turnaround time for loan disbursement

  • Competitive rates

Cons

  • No co-signers allowed

  • Not available in all states

specifications
APR Range
N/A
Loan Amount
$3,000 - $50,000
Loan Terms
24 Months - 60 Months
Recommended Minimum Credit Score
N/A
Average Origination Fee
0.00% - 0.00%
Late Fee
N/A
Why Trust Us
38
Lenders reviewed
40
Loan features considered
1,520
Data points analyzed
112
Primary data sources used
Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs.
Read our Full Methodology
HSBC Logo
overall rating
2.3
Check Rates
Table of Contents
HSBC Personal Loans Review

HSBC is currently not accepting new applications for personal loans. See our picks for the best personal loans instead.

Pros Explained

  • Prequalification available – You can check your initial rates and terms online through a soft credit inquiry, which won’t hurt your credit score.
  • Fast turnaround time for loan disbursement – Existing HSBC customers can receive loan proceeds immediately to their bank account upon approval.
  • Competitive rates – With rates as low as 5.99%, these loans are very competitive in the personal loan market.

Cons Explained

  • No co-signers allowed – Currently, HSBC does not offer the opportunity to have a co-applicant.
  • Not available in all states – Residents of Wisconsin and U.S. territories cannot take out an HSBC personal loan.

Types of Personal Loans Offered by HSBC

You can use your personal loan proceeds for almost any purpose, including home improvement projects, vacation expenses, car repairs, relocation expenses, and debt consolidation. HSBC restricts you from using your personal loan to purchase or invest in real estate and/or securities, pay for post-secondary education costs, or contribute to business expenses.

Time to Receive Funds

Approved loans for new customers may be available as soon as the next business day. Existing customers can opt to receive an official check or have funds deposited into their HSBC account immediately upon approval.

HSBC Personal Loan Features

Must Have an HSBC Premier Relationship to Apply

You can borrow up to $50,000 with HSBC personal loans. However, you must be a Premier Client to apply.

Prequalification Available

You can check what rates you may qualify for online through a soft credit inquiry — it won’t affect your credit score. Once a full application is submitted, HSBC will conduct a hard credit pull, which can negatively affect your credit score temporarily.

Apply for a HSBC Personal Loan

Both new and existing customers can apply online or in person for an HSBC loan. Here’s what you can expect to happen when applying online:

  • Click on the “Apply Online” button on the personal loans page if you’re a new customer, or log into your online account if you’re an existing one.
  • Enter relevant information such as your email address, full name, and the amount you wish to borrow.
  • Review loan offers and select the one that best suits your borrowing needs.
  • Review disclosures and submit your application.

If you’re approved for a personal loan, sign the final documents, and receive your funds immediately in your HSBC bank account, unless you opt for an official check. 

Can You Refinance a Personal Loan With HSBC?

Borrowers cannot refinance an HSBC personal loan.

Verdict

HSBC’s personal loans have competitive rates and fast funding times, making it ideal for those who have excellent credit and want their loan proceeds quickly. It can save you hundreds of dollars in interest, especially if you pay off your loan early (considering there’s no prepayment penalty). You must be an HSBC Premier Client or better to apply. If you're not already, you can open the account and fulfill the necessary deposit amounts, if able, prior to applying. Loans up to $50,000 are available.


While rates are competitive, if you're not an HSBC Premier Client or unable to meet the requirements to become one, you may want to look elsewhere. If you are a qualifying client, you can check rates without impacting your credit score, allowing you to find the best option for yourself.


Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected over 25 data points across more than 50 lenders, including interest rates, fees, loan amounts, and repayment terms to ensure that our reviews help users make informed decisions for their borrowing needs.  

Our full personal loans methodology, including our data collection process and weighted data points, is available for review.