MoneyGeek’s Take

HSBC Personal Loan Review

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Reviewed byAshley Jacobs
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Reviewed byAshley Jacobs
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Updated: December 28, 2023

Advertising & Editorial Disclosure

HSBC personal loans don't require collateral and can be used for medical bills, home improvements, travel debt consolidation and more. Loan terms range from two to five years, with fixed interest rates. Plus, funding is available on the day of approval.

At a Glance: HSBC Personal Loans

  • HSBC

    • 5.99% to 17.99%APR Range
    • 700Minimum Credit Score
    • $3,000 to $30,000Loan Amount Range
    • 36 monthsRepayment Terms
    • Next DayTime to Receive Funds

    HSBC is a leading global bank that offers a wide range of banking and loan services. It operates in many of the major U.S. cities.

    Personal loans are available at low rates of 5.99%, with loan terms from 24 to 60 months. Loan amounts range from $3,000 to $50,000. Personal loans from HSBC are best for existing customers with good to excellent credit.

    The bank does soft credit inquiries to determine if you prequalify. This doesn’t affect your credit score. Personal loans don't come with origination fees, annual fees or prepayment fees. You also don’t need to make a payment within 50 days after you open your account.

    Once you are qualified, you can receive your funds as fast as one business day. You can also arrange for automatic monthly payments to ensure you will never fall behind.


    • No origination, prepayment or annual fee
    • Soft credit inquiry
    • Same-day funding
    • Fixed monthly payments
    • Personal loan calculator available


    • No co-signers allowed
    • Not available in all states
    • Requires excellent credit score for borrowers to get the best rates
    • Only available to HSBC Premier clients
    • Low BBB rating
    • APR range: Starting at 5.99%
    • Minimum/maximum loan amount: $3,000 - $30,000
    • Minimum credit requirements: Excellent credit needed for the best APR
    • Repayment terms: 36 months
    • Time to receive funds: 1 - 2 business days

MoneyGeek Breakdown - HSBC Personal Loan Details and Requirements


Personal loans from HSBC have an APR starting at 5.99% based on your credit score.

Credit Score Requirements

While HSBC doesn’t specify a minimum credit score to qualify for a loan, an excellent score is required to get the lowest APR.

Income Requirements

HSBC personal loans require a verifiable source of income, but the website doesn't specify the amount.

Loan Amounts

Personal loans ranging from $3,000 to $30,000 are available at HSBC.

Loan Terms

The bank offers loan terms at 36 months.

Is HSBC Right for You?
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Personal loan lenders offer different perks, so you need to consider several factors when choosing one. Here are some people that HSBC could be great for and others who should consider other personal loan companies.

Who HSBC Is Perfect For

People with excellent credit who want their loan proceeds quickly can take advantage of HSBC's fast funding and competitive rates. This lender has no prepayment penalty. This means that if you plan to pay your loan early, you can save hundreds of dollars on interest without getting penalized.

The loanable amount ranges from $3,000 to $30,000 with a fixed rate and monthly payment. To ensure you don't forget to pay your due, you can automate your payments. This is also perfect for you if you want to avoid origination fees and an annual fee.

When you meet the requirements, you can check rates without negatively impacting your credit score, allowing you to choose the best option for you.

Who Should Not Choose HSBC

To qualify for a personal loan, you must have an existing HSBC Premier account, must be of legal age and have proof of address and a verifiable income. While HSBC's rates are competitive, if you don’t meet the listed requirements, you may want to find another provider.

HSBC’s loan is subject to credit approval and you can only enjoy the lowest rates when you have an excellent credit score. The APR for the personal loan starts at 5.99%.

The maximum loanable amount is $30,000, so if this doesn't fit your needs, this bank may not work for you.

HSBC also doesn’t offer direct payments to creditors when you get a personal loan for debt consolidation. Moreover, HSBC doesn’t allow co-signers.

How to Apply for an HSBC Personal Loan

When you determine that HSBC will fit your needs, you can apply for a loan. MoneyGeek listed the important steps to follow during the loan application process.


Through a soft credit inquiry, you can find out what rates you may qualify for without affecting your credit score. However, keep in mind that when HSBC receives a complete application, it will conduct a hard credit pull. This can impact your credit score temporarily.

Fill Out Application Form

On HSBC's personal loans page, click on the "Apply Online" button if you're a new customer. If you're an existing customer, log in to your online account. Fill out information like your full name, email address and your preferred loan amount.

Wait for Approval

After submitting your loan application, HSBC will review your credentials to determine if you qualify. In most cases, eligible borrowers receive same-day or next-day approval.

Review Loan Agreement

Take the time to thoroughly read through the loan agreement provided by HSBC. Pay attention to the amount, term and any fees or potential discounts you might be able to take advantage of. Thoroughly understanding your loan agreement can ensure you don’t incur unexpected charges.

Sign Loan Agreement

After reading all the loan information in your loan package and agreeing to the terms, you can sign the loan agreement.

Receive or Direct Funds

Upon approval and signing of the agreement note, funds are available almost immediately. You can receive your funds through your HSBC account.

Make Payments

Your HSBC loan has a fixed monthly rate, so you can automate payments to avoid potential late fees. Plus, if you choose to pay off your loan balance earlier, the lender won't charge you a prepayment fee.

What to Do if You Are Rejected From HSBC

Personal loan requests usually get rejected due to a poor credit score, not enough credit history, low income or inadequate documentation. If your application gets rejected, ask your lender for an explanation and don’t get discouraged. These denials happen regularly.

Most banks provide explanations of why they decline loan applications. Review the disclosures provided by your lender to learn about what you need to improve. This way, you can avoid the risk of another rejection.

Applying to another lender immediately after getting rejected can be a bad idea since it might impact your credit score. The best thing to do is ensure you have an excellent credit score, solid credit history and a good debt-to-income ratio to improve your chances of approval. This strategy can also help you get the best rates.

Frequently Asked Questions About Personal Loans

MoneyGeek answered some of the most frequently asked questions related to HSBC personal loans to help you determine if it is the right lender for you.

What can I use an HSBC personal loan for?
What credit score do I need for an HSBC personal loan?
How long does HSBC take to approve a personal loan?
Does HSBC have a mobile app?
Is an HSBC personal loan secured or unsecured?
What is the maximum amount I can borrow from HSBC?
What are the origination fees for an HSBC personal loan?
Will applying for an HSBC personal loan affect my credit score?
What is the autopay discount for HSBC personal loans?
Does HSBC accept co-signers on personal loans?
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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.