HSBC Personal Loans: 2021 Review

HSBC personal loans have rates similar to other large banks, but they don’t dazzle among competitors.
Dec 15, 2020

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Our Take


NerdWallet rating 

The bottom line:

HSBC personal loans are best suited for existing customers with good to excellent credit, thanks to perks like a potential rate discount.

HSBC Personal Loan
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Pros & Cons


  • No origination fee.
  • Soft credit check with pre-qualification.
  • Option to change your payment date.
  • Able to fund loans within one business day.


  • Reports payments to two of the three major credit bureaus.
  • No co-sign, joint or secured loan option.
  • Doesn't offer direct payment to creditors with debt consolidation loans.

Compare to Other Lenders

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Loan term

2 to 7 years

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3 to 5 years

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Full Review of HSBC Personal Loan

Editor's note, Oct. 22, 2021: HSBC is exiting the U.S. market for retail banking. According to HSBC’s website, any borrower applying for unsecured credit will be transitioned to a new financial institution. HSBC expects to complete this transition by March 2022. Information in this review may be outdated. 

HSBC’s personal loans offer rates and fees consistent with other large banks. People who don't currently bank with HSBC can apply for a loan, but existing customers may get more favorable terms.

For example, existing customers have access to rates as much as 1 percentage point lower than new customers. They can also get a loan up to $50,000; the maximum loan amount for new customers is $30,000. All loans come with two- to five-year repayment terms.

HSBC is best for borrowers who:

  • Already bank with HSBC.

  • Have good or excellent credit (690 or higher FICO) and qualify for the lowest rates.

  • Want to apply for an unsecured loan without a co-signer or co-borrower.

HSBC at a glance

Credit building

  • Soft credit check to pre-qualify.

  • Reports payments to only two credit bureaus.


  • APRs are low among competitors.

  • No origination or prepayment fees.

  • No rate discount for autopayments.

Loan flexibility

  • Offers only unsecured loans.

  • Allows one change to payment due date.

  • Can fund loans the same or next day.

  • Not available in Wisconsin.


  • Clearly discloses fees and terms on website, but rates aren’t easily discoverable.

  • FAQ answers some borrower questions.

Customer service

  • Offers multiple customer contact channels Monday through Friday.

  • Mobile app is poorly rated.

» COMPARE: Best bank loans

Where HSBC stands out

No origination or prepayment fees: HSBC, like many other banks, doesn’t tack origination or prepayment fees onto its personal loans. Origination fees are more common among online lenders, and prepayment fees are uncommon among all lenders.

Soft credit check to pre-qualify: HSBC offers pre-qualification, which is uncommon for large bank lenders. Pre-qualifying allows applicants to check potential rates and terms without any risk to their credit scores.

Fast funding: The bank says it can fund most loans the same or next business day. For existing customers, HSBC will deposit the funds immediately after approval. If you’re getting the money deposited into a non-HSBC account, you should receive it within three business days.

Where HSBC falls short

Reports payments to only two credit bureaus: The lender reports payments to Equifax and TransUnion, but not Experian, according to multiple customer service representatives. Most lenders report payments to all three credit bureaus, which ensures your on-time payments help you build credit, so you can potentially access credit at lower rates in the future.

No secured, co-signed or joint loan options: HSBC offers only unsecured personal loans to single applicants, which means borrowers hoping to get a lower rate by adding a co-signer or securing it with a CD account or vehicle are out of luck. Many other banks offer at least one of the three options.

Poor mobile app experience: Like most large banks, HSBC has a mobile app for managing accounts. However, HSBC’s app has poor ratings, with users complaining of glitching, slow load times and needing to call customer service for help using the app.

No direct payments to creditors on debt consolidation loans: If you use an HSBC personal loan to consolidate credit cards and other high-interest debts, the lender will deposit the funds into your bank account but not pay your debts directly. Other large banks offer this service, which simplifies the debt payoff process for you.

How to qualify for an HSBC loan

HSBC doesn’t disclose many of its borrower requirements publicly. Borrowers with good or excellent credit (690 or higher FICO), little debt and high incomes will likely qualify for the best personal loan rates.

Loan example: A four-year, $10,000 loan with an 15.5% APR would have monthly payments of $281. You’d pay $3,481 in total interest on that loan.

How to get an HSBC loan

Apply on HSBC

To apply online, borrowers can visit HSBC’s personal loans page and either log in or click the “Apply now” button. To pre-qualify, applicants click “apply now” on the lender’s site and then are taken to an application form that includes a soft credit check.

Pre-qualify on NerdWallet

NerdWallet recommends comparing loans to find the best rate for you. Pre-qualifying may get you personalized rates from multiple lenders that partner with us. Pre-qualifying will not impact your credit.

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NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.