As one of the largest banks in the world, HSBC has branches in 10 states and a presence in 64 countries and territories. The bank offers a myriad of banking and loan products. Rates for its personal loans are as low as 6.99% (existing customers start at 5.99%), with loan amounts starting at $3,000. Different types of HSBC customers may be able to borrow more than the $30,000 maximum granted to new customers. 

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.

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Pros
  • Prequalification available

  • Fast turnaround time for loan disbursement

  • Competitive rates

Cons
  • No co-signers allowed

  • Not available in all states

  • Low maximum loan amount for new customers

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 – Existing HSBC customers can receive an annual percentage rate (APR) that’s 1% lower than that offered to new customers.

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.
  • Low maximum loan amount for new customers – At $30,000, this number is low compared with other competitors.

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.

Loan Amounts

HSBC offers loans starting at $3,000, but it has different maximum loan amounts depending on the relationship you have with the bank. New customers can borrow up to $30,000, while existing customers can get up to $50,000, depending on the type of relationship.

For example, existing HSBC customers who don’t have an HSBC Premier or Advance account can borrow up to $30,000, whereas HSBC Advance customers can max out at $35,000. HSBC Premier and Jade clients can borrow up to $50,000. 

Annual Percentage Rate (APR)

HSBC’s personal loans offer fixed rates ranging between 5.99% to 22.90%. However, new banking customers will be offered a starting APR of 6.99%. Those who receive the lowest rates need to have a loan term that’s 36 months or less as well as excellent credit.

Loan Terms

HSBC has repayment terms ranging from 25 to 60 months.

Credit Score Requirements

HSBC doesn’t offer specific requirements except that you will need excellent credit to qualify for the lowest rates. There are reports from sources that you need a minimum credit score of 700.

Fees

You won’t be charged an annual, application, or origination fee. There are also no prepayment penalties if you decide to make extra payments or pay off your loan early. There may be late fees if you fail to make on-time payments.

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

Perks for Existing HSBC Customers

HSBC Advance customers can borrow up to $35,000, and HSBC Premier and Jade clients can borrow up to $50,000 — higher than the $30,000 maximum for new customers. In addition, the starting interest rate for existing customers is 1% lower. 

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 as soon as the next business day (new customers) or immediately on 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). What’s more, if you’re already an HSBC customer, you can qualify for an even lower rate and a higher loan amount, up to $50,000.

Unfortunately, new customers will have to look elsewhere if they need to borrow more than $30,000. Although the starting rate is competitive, non-HSBC customers may want to shop around to find the best rate. Still, it doesn’t hurt to see what you can qualify for — existing HSBC customer or not — as the bank only does a soft credit pull initially. 

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected more than 25 data points across more than 50 lenders — including interest rates, fees, loan amounts, and repayment terms — to ensure that our content helps users make the right borrowing decision for their needs.