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HSBC Loan

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Representative APR 6.2%

APR ranges from 6.2% - 21.9%

Loan Amount £7,000 - £15,000

Repayment Method Direct Debit from your HSBC current account

Payout Method Transferred into your HSBC current account

Speed Approved before 5:00pm - 2 hours

Approved after 5:00pm - next working day

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Good Stuff

If approved online before 5pm, you can get your money within 2 hours

Bad Stuff

You must have a good credit history to be able to apply

Verdict

HSBC current account customers only - across the board HSBC have good reviews, money paid out quickly, helpful customer service, affordable repayments and low interest rates

Summary[edit]

If you hold a current account with HSBC, you can apply for a loan with them. They offer unsecured personal loans between £7,000 and £15,000. You can only apply if you have £700 paid into your account every month.

You can apply online, or you can apply via telephone. They will give you a provisional decision within a few minutes if you do the application online and they will also send you an email with this decision. If accepted, you will need to sign an electronic loan agreement and they'll transfer the money directly into your HSBC account. They can get the money in your account today, as long as you don't apply after 5:00pm. If you apply after 5:00pm, the money will go into your account the next working day.

HSBC are a big, well-known, high-street bank. They have a reputation for getting the money into your account quickly as it is transferred to you directly. Their repayments can be quite low, suited to your budget, depending on the size of the loan. The online application is simple, but can be quite lengthy if you're not used to filling out forms. If you enter your bank details, it will fill in your personal details so you don't have to do it again. They will however look at your credit history, so may not be a suitable option if your history is particularly poor (i.e. have made late payments, have CCJs or defaults).

[edit]Lending Criteria

Criteria:

  • Employment:
    Full Time Work, Part Time Work, Temporary/Contract, Self Employed
  • Residential Status:
    Homeowner, Tenant, Tenant - Private, Tenant - Council, Living with Family
  • Defaults:
    No, or not in the last 6 years
  • Time In UK:
    At Least 3 Years
  • CCJs:
    No, or not in the last 6 years
  • Loan Purpose:
    Debt Consolidation, Home Improvements, House Purchase, Car Purchase, Car (Other), Holiday, Wedding, Boat, Business, Student Loan, Christmas, Home Furnishings

 

Checklist:

  • You may not need to provide any documents if you are a current account holder
  • You must have been a UK resident for 3 years or longer
  • You must have a good credit history
  • You must be in full-time, part-time or self-employment earning at least £700 per month
  • You must be 18 years of age or older to apply
  • You must have a HSBC current account

[edit]Charges

Late Payment FeesMissed Direct Debit Charge - £30.00

Default FeesDefault Notice - £25.00

Early Settlement FeesIf you give 28 days notice - One additional month's interest calculated on the balance outstanding will be payable
If you don't give 28 days notice - 28 days interest, plus an early settlement fee equal to one additional month's interest calculated on the balance outstanding will be payable

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