HSBC has been around and offering loans and other financial services for more than 150 years now. It’s long-term success has marked it out as one of the most trusted financial services and banking holdings in the world, particular in the UK where it’s based. Its personal loans are available up to £25,000 and you can use their simply loan calculator on the HSBC website to find out more about how much you can borrow and how much you would pay over the course of the loan, depending on the loan amount and your chosen repayment term.
These personal loans have many benefits because there are lots of things that HSBC do well that other banks and lenders are not quite so good at. For many people, choosing the trusted and competent option is the best way forward and it’s not hard to see why. People want to work with a bank they can believe in and rely on. We’ll look into the features of their personal loans in more detail below.
You can choose to borrow between £1000 and £25,000 from HSBC. If you borrow less than £15,000, you can spread that loan over one to five years, and you can spread it over eight years if you want to borrow between £15,000 and £25,000. The decision will be quick as well, and if you’re approached you can get access to the money you applied to borrow in up to 3 working days. In total, this means you can go from application to having the money in between 5 and 6 days, which is certainly fast.
The minimum interest rate you can be offered is 3.3% APR, while the maximum is 21.9%. While this is not the cheapest interest rate you can find on the market right now, it’s still a very fair and reasonable rate considering HSBC is one of the biggest and most well-regarded lenders in the UK market right now. When you have the loan, you will also have the option to top up your existing loan in the future if your borrowing needs change at any time. On top of all, that you can get 10% cashback if you’re a HSBC Advance customer.
With quick decisions and quick access to your funds, HSBC don’t hang around and leave you waiting. If that’s something that’s a major factor in your decision, you should definitely push ahead and consider HSBC for your personal loan needs. The ability to top up your loan is something worth highlighting as well because this is not always an easy or even possible option for many loan customers.
Making loan payments that are over the expected amount is also free, meaning you can pay off your loan faster if you want to, and it won’t cost you extra money to do so. That’s something that matters a lot to many people. It can be frustrating when you’re charged for paying sooner rather than later than expected, and HSBS have fixed that so you won’t be dealing with that particular frustration again.