HSBC No Longer Offers New Personal Loans
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HSBC is no longer offering new personal loans, though it still services existing loans, according to its website.
HSBC previously offered personal loans ranging from $3,000 to $30,000 for borrowers with good to excellent credit (690 credit score or higher). These loans included fast funding and no origination fee.
If you still need a personal loan, there are similar alternatives, including other banks, online lenders and credit unions.
Alternatives to HSBC personal loans
Banks typically provide competitive rates to borrowers with good and excellent credit and offer the most perks to existing customers.
» COMPARE: Best bank loans
PNC Bank: PNC offers personal loans ranging from $1,000 to $35,000 for borrowers in all 50 states and Washington, D.C. Though you don’t need to be an existing customer to apply, non-customers may have to visit a branch to close the loan, which can delay funding. PNC also offers an autopay discount and flexible repayment options.
Wells Fargo: Wells Fargo personal loans come in a wide range of amounts — $3,000 to $100,000 — so they’re easily customizable for most borrowers’ needs. Existing customers can pre-qualify online with a soft credit check, but new customers will need to visit a branch to apply. Wells Fargo’s personal loans are available in all 50 states and Washington, D.C.
LightStream: LightStream, part of Truist Bank, offers online personal loans with low rates and zero fees. This includes no origination fee, which is hard to find among online lenders. It offers loans up to $100,000 and can send funds within one business day.
Online lenders promise convenient applications and fast funding. Their loans are available to borrowers across the credit spectrum.
» COMPARE: Best personal loans for good credit
SoFi: SoFi personal loans are available to borrowers with good and excellent credit and come in a wide range of amounts with no fees. The lender stands out for its unique list of perks, including free career and financial advising and unemployment protection.
Discover: Discover personal loans range from $2,500 to $35,000 and require a minimum credit score of 720, but borrowers can pre-qualify with a soft credit check. Discover is a particularly good option for debt consolidation — the lender can send loan funds to creditors in one business day.
Best Egg: Best Egg personal loans have flexible eligibility requirements with a minimum credit score of 600. Its loans range from $2,000 to $50,000 and include a secured option, which uses fixtures permanently attached to your home, like your water heater, as collateral. Best Egg charges an origination fee.
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Credit unions offer flexible terms and low rates, particularly for borrowers who have fair or bad credit (689 credit score or lower). To apply for a loan at a credit union, you first need to become a member.
Alliant: Almost anyone can become a member of Alliant Credit Union, which offers personal loans from $1,000 to $50,000 with same-day funding if you’re approved. It has a minimum credit score requirement of 620.
PenFed: PenFed’s personal loans are a strong fit for good- to excellent-credit borrowers who want to choose from a wide range of amounts and repayment terms. Though PenFed is known for serving military members, anyone can join by funding a savings account with a $5 minimum.
First Tech: First Tech serves tech companies and their employees with personal loans ranging from $500 to $50,000 and repayment terms between two and seven years. It requires a 660 minimum credit score and offers co-signed and joint loan options.
How to compare personal loans
The best way to compare personal loan lenders is by pre-qualifying. Pre-qualifying lets you check your potential rate, loan amount and term without risking a hard credit check, which can temporarily knock a few points off your credit score.
Many lenders allow you to pre-qualify, though it's particularly common among online lenders. NerdWallet lets you pre-qualify with online lenders with no risk to your credit score.