There are many reasons that one may need to take out a personal loan. This can be in the form of an emergency house repair or an investment in something you are passionate about. No matter the reason, you probably want to shop around.
HSBC’s personal loan has a simple application system and many benefits that are competitive with their peers. A personal loan is typically a fixed amount that gets paid back in installations over a set period.
Choosing to go with HSBC should be done by looking at the representative APR. First, you have to decide on the quantity you need. Then once that is done, you need to start comparing the rates and terms of the loans. So let’s look at the personal loans from HSBC.
HSBC Personal Loan Benefits & Features
Personal loans from HSBC can be applied for in sums from £1000 to £25,000. Loans that are under £15,000 can be repaid over a five-year time frame. If the loan is over £15,000, you can have up to 8 years for repayment.
After applying, the decision is instantaneous for those that are current account customers. If you are not an account owner, then the reply should be within five days of application turn in.
If you are a customer, you can even have access to the funds once approved. If you are not a customer, you will have a three day grace period before the funds will be available.
Another benefit that you can take advantage of is the ability to top off your existing loan. If you have a current loan out and you need a little extra cash, you have the opportunity to do that. There is also the ability to make overpayments, which can help reduce your interest, free of charge.
Fees & Rates
Typically the loan agents will use a 3.3% representative rate to determine interest for loans that are from £7000 to £15,000. This is not the rate that your loan will be at, but it is a good base to start with to give you some idea.
For the most part, the fees and rates will be on an individual case per case basis. When you do get to the actual APR, the most you can see is 21.9%.
This will be determined by your credit score. Taking all of that into consideration, the accounts managers will be able to advise you on how much and how long the loan should be for.
How to Apply
There are many ways to apply for a personal loan. You can apply online through the app as well as in a branch. If you are a current customer using the app or going through online means is simpler.
Check your eligibility before finishing the final application. Once you have been deemed eligible, then make sure you have all your documents and complete the secure form.
If you are a current customer, you should get an instant answer on whether you are approved, and if not, you will have a 3-5 day wait. In order to be eligible, you need to have the following qualifications.
- You need to have a bank account
- An annual income of £10,000 hours before tax
- Be 18 or over and be a UK resident
If a potential loan recipient meets these requirements, it is the first step in the application process. There are a few reasons that may not be accepted as reasons for personal loans. These reasons are.
- Property/land purchases
- Buying out a joint owner
- Purchasing a joint stake in a property
- Deposit of mortgage
- Third-party support for land purchases or solicitor services
- Gambling
- Business purposes
- Dealing with shares
Other than those reasons opting for a personal loan is advisable.
Contact Information
There are many ways to contact HSBC banks. You can use their online chat system through their website. You can also tweet @HSBC_UK. Finding a branch close to you is not difficult either, simply use their branch finder here. Or call them on the following numbers.
Tel: 03457 404 4040 (UK), +44 1226 261 010 (international).
Address: Customer Care Team, HSBC UK, PO Box 6125, Coventry, CV3 9GW.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
