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Published 06 February 2024
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HSBC Personal Loans Review: Pros, Cons & Features

HSBC is an established high-street bank that offers a range of products and services to customers, including personal loans. Find out about the features of a loan from HSBC.

Many or all of the products and brands we promote and feature including our ‘Partner Spotlights’ are from our partners who compensate us. However, this does not influence our editorial opinion found in articles, reviews and our ‘Best’ tables. Our opinion is our own. Read more on our methodology here.

HSBC personal loans: at a glance

HSBC loans are available to HSBC account holders, as well as non-customers. You can apply to borrow between £1,000 and £25,000 or, if you have an HSBC Premier Account, up to £50,000.

The features of the loan are largely the same whether you’re already a customer, except when it comes to application times.

The entire process could only take a matter of minutes for existing HSBC current account holders. But non-customers could be waiting more than a week to get a decision on their application and, if approved, get the money paid into their account.

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HSBC Personal Loan

HSBC Personal Loan
  • Representative APR
  • Representative Example
    Representative APR 6.9%. Based on a loan of £7,000 over 60 months at an interest rate of 6.9% p.a. (fixed). Monthly repayments of £137.59. Total amount payable £8,225.40. Maximum APR 22.9%.
  • Available amounts
    £1,000 to £25,000
  • Available Terms
    1 to 8 years
  • Joint Loans
Eligibility Criteria
  • Must be over 18 and a resident of the UK.
  • Must have an annual income/pension before tax of £10,000 or more.
  • Must have a bank or building society account with a Direct Debit facility.

Learn more about how we bring you our review.

HSBC loans pros & cons


  • You can apply for a joint loan.
  • HSBC current account holders could get their money quicker (and Premier account holders could borrow more).
  • You can change your repayment date after you’ve made your first monthly repayment.


  • HSBC applies interest charges of up to two months to pay off your loan in full.
  • It could take several days to get a decision on your application and receive your loan if you’re not already an HSBC current account customer.

The pros and cons featured here are chosen by us based on a combination of our expert opinions from our research of the personal loans market and an exclusive survey of UK consumers conducted on behalf of NerdWallet UK in February 2023 to identify the features of personal loans that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and cons are subjective and you should align them to your own personal circumstances. Information was correct at the time of publication but may have changed since.

HSBC loans overview

HSBC is a well-known high-street bank. It was established in Hong Kong in 1865, and it opened an office in London in the same year.  It is now one of the largest banks in the UK and the world.

You can apply for a loan from HSBC whether you have an account with the bank or not. While the amount you can borrow is the same for standard HSBC customers and non-customers, the time it takes to apply can vary significantly.

If you’re an HSBC current account customer, you could apply and get the loan in your account within a few minutes. 

However, if you don’t have an HSBC account, the process can take much longer. You could be waiting up to five working days to find out if HSBC can offer you a loan, then a further three working days before you receive the money.

Amount borrowable£1,000 to £25,000 (up to £50,000 for HSBC Premier customers)
Term lengthOne to eight years
Time to get a decisionTwo to five working days (instant for existing HSBC current account customers)
Time to receive funds once approvedThree working days (instant for HSBC current account customers)
Need to have an account with the providerNo
Customer supportPhone, branch, live chat (if using the app or online banking), social media
Trustpilot rating*1.5 stars (6 February 2024)

*Rating is HSBC and its whole product range, not just its personal loan products.

Where HSBC loans stand out

HSBC customers could get an instant decision

If you have an HSBC current account, you could get an instant decision on your loan application. And if approved, you could also get the money in your account straight after you’ve signed the loan agreement.

You can apply for a joint loan

Unlike some lenders, HSBC allows you to apply for a joint loan. Taking out a joint loan with someone else could improve your chances of approval if they have a higher income or better credit score, and lets you share the cost of the loan. But if you take out a joint loan, you are both equally responsible for making payments and your credit files will be linked.

Where HSBC loans fall short

The application process could take days for non-HSBC customers

If you don’t have an HSBC current account, you may need to wait two to five working days to get a decision on your loan application. This is longer than many other lenders. If approved, it could take up to three working days to actually receive the money.

You can borrow more with other lenders

Unless you have an HSBC Premier Account, the maximum you can borrow is £25,000. Several other lenders may allow you to borrow more than this, so they may be a more suitable option if you need a larger loan.

What type of loans does HSBC offer?

Unsecured loans

HSBC offers unsecured loans of £1,000 to £25,000 to both HSBC customers and non-customers. You can repay the loan over a term of one to five years for loans under £15,000, or one to eight years for loans over £15,000.

If you have an HSBC Premier Account, you may be able to borrow up to £50,000. But you should still only ever borrow the amount you need, as taking out a larger loan means you would pay more interest overall.

Because these loans are unsecured, you don’t need to put forward an asset, such as your house, to act as collateral. 

You can use the loan to cover a range of costs, including emergency expenses and repairs, a new car, or a special occasion, for example.

Joint loans

HSBC offers joint loans if you want to apply with a friend or family member. 

If you take out a joint loan with someone, your credit files will be linked and you’ll both be jointly responsible for paying back the loan. Any missed payments will affect both of your credit scores.

To get a joint loan from HSBC, you may have to visit a branch or apply over the phone.

Am I eligible for an HSBC loan?

For HSBC to consider your application, you need to meet the following criteria as a minimum:

HSBC will look at your income, expenses, employment status and other relevant information to work out if you can afford to repay a loan. It will also run a credit check which will be recorded on your credit history.

HSBC loan features

The features of an HSBC loan are typical of many other personal loans.


To repay your loan, HSBC will take payments from your chosen account by direct debit. This is a fixed sum each month.

Your first repayment will go out one month after you receive the loan in your account.

After your first payment, you can ask HSBC to change the date of your repayments if a different day works better for you. But you can only change this twice in a 12-month period, so it’s worth thinking carefully before requesting a change.

HSBC says that changing your payment date won’t affect the amount of interest you pay, but this may not be the case with other lenders so it’s always worth checking.


HSBC allows you to make overpayments on your loan without charging any penalty fees. This can help you to pay off your loan quicker and cut the amount of interest you pay in total.

However, you should always double-check your loan agreement to see if there are any limits on the amount you can overpay.

Early repayments

To save money on interest, you may want to pay off your loan early if you can afford to do so.

HSBC won’t charge any penalty fees but, like many other lenders, it will charge you 28 days’ worth of interest, starting from the day after you request to repay the loan, plus an additional month.

To pay off your loan before the end of the term, you can contact HSBC by phone, in writing or by visiting a branch. HSBC will give you a settlement figure, including the interest charges, which you need to pay to clear your debt.

Even with the interest charges, paying off your loan early means you should pay less interest in total than if you continue making your payments as usual.

Additional borrowing

Subject to checks and affordability assessments, you may be able to borrow more from HSBC on top of your existing loan. 

Applying to borrow more will involve a new credit check, which will appear on your credit score.

If approved, HSBC will automatically combine your existing loan with the new loan so you just have one monthly payment. The interest rate and repayment term on the new loan may be different to your existing loan, so you could find you end up paying more in interest if you go ahead with this option.

You could also choose to keep the extra amount you borrow as a separate loan. This means the terms of your original loan agreement stay the same, but you would have two monthly repayments to pay off both loans separately.

Customer support

If you need help with your loan, you can contact HSBC in a number of ways.

As HSBC is a high street bank with branches across the UK, you can visit a branch to talk to a member of staff in person.

Alternatively, you can get in touch by phone, and if you use online banking or HSBC’s app, you can speak to someone from its customer support team over live chat. You can also ask a query on social media, but you won’t be able to discuss specific details about your individual agreement.

Customer ratings

HSBC has a score of 1.5 stars on Trustpilot from over 8,300 reviews.

It’s worth remembering that these ratings are for HSBC’s services as a whole, and not just based on the experiences of its loan customers.

The independent review site Fairer Finance can offer a rating specifically on HSBC’s personal loans. In their latest ratings, HSBC has a customer experience rating of 63%, which puts it in the top half of the lenders it assesses.

This information is correct as of 6 February 2024.

How can I apply for an HSBC loan?

If you’re an HSBC customer, you can apply for a loan through your online banking or mobile app. Non-customers can apply online.

To start with, you’ll need to provide HSBC with some details about you and your financial situation. HSBC will run a soft credit check that won’t affect your credit score and use that information to decide how likely you are to be accepted for a loan.

If you choose to formally apply for a loan from HSBC, it will run some final checks, including a hard credit check. This will be recorded on your credit report and could affect your score.

What information do I need?

When you apply for a loan, HSBC will need to know the following details:

You also need to say how much you want to borrow, the term you want to make repayments over, and what you plan to use the money for.

» MORE: How to get a loan

How long does it take to apply?

For HSBC customers, you should find out if you qualify for a loan instantly. Then, once you sign the loan agreement, the money should be transferred to your account immediately.

The process takes longer if you’re not an HSBC customer. It could take between two and five working days to find out if you’re eligible for a loan from HSBC. If approved, you may need to wait a further three working days for the money to arrive in your account.

HSBC loans frequently asked questions

Is it hard to get a loan with HSBC?

Whether it’s hard to get accepted for a loan from HSBC will depend on your credit history and overall financial situation. You need to meet the minimum requirements set by HSBC to be considered for a loan, but this won’t guarantee that you will be approved. The better your credit score and financial circumstances, the more likely you are to get an HSBC loan.

How long does it take HSBC to approve a loan?

HSBC could approve a loan application instantly if you’re an HSBC customer. If you don’t have an HSBC account, it could take HSBC two to five working days to approve your application.

Review methodology

At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.

Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.

Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.

Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.

You can view our full review methodology here.

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