HSBC Loans

Find out more about the personal loans offered by HSBC, including how they work and how much you could potentially borrow.

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HSBC is a major global banking organisation that offers a range of services to consumers and businesses. HSBC was founded in 1865 when it was known as the Hongkong and Shanghai Banking Corporation Limited.

Today, HSBC is one of the most familiar banking names in the UK. HSBC offer a range of financial products as well as personal loans.

HSBC personal loans

HSBC is a high street bank that can offer personal loans to people who need to borrow money. These loans are unsecured, which means you won’t need to put forward any property as security.

You can currently borrow £1,000 up to £25,000 with an HSBC loan, which can be repaid over a term of one to five years (or up to eight years for loans over £15,000).

» COMPARE: Personal loans

HSBC Premier loan

At the time of writing, HSBC premier customers may currently be eligible to borrow up to £50,000, which is double the amount that a standard customer can borrow. Premier loans can be repaid over one to eight years, depending on the size of the loan.

HSBC loan rates

The interest rate you can get on a HSBC loan will depend on a number of factors, including the amount you borrow, the repayment term, your credit history, and your overall financial situation.

Typically, those with a higher credit score will be able to access the most competitive rates of interest.

Interest rates will be fixed for the duration of the loan, which means your monthly repayments will stay the same.

You can see how much a loan may cost you by looking at the annual percentage rate (APR). This percentage includes the cost of interest and any fees over the course of a year, and it can help you compare loans on a like-for-like basis.

However, bear in mind that you won’t necessarily receive the representative APR advertised by HSBC. Only 51% of successful loan applicants are guaranteed to receive this rate or lower; other applicants could be charged more.

Can I get a secured loan from HSBC?

HSBC doesn’t currently offer secured loans.

If you’re interested in finding out more about secured loans and you want to compare your options, you can do so on our secured loan page.

Pros and cons of HSBC loans

HSBC loans have advantages and disadvantages.


  • Some of the advantages of a loan from HSBC are:
  • You can currently borrow up to £25,000, or up to £50,000 for Premier customers.
  • You can make overpayments without paying any extra fees.
  • HSBC current account customers could receive their loan as soon as their application is approved.


  • Some of the disadvantages of an HSBC loan are:
  • Applicants who don’t have a HSBC current account may need to wait several working days to get a decision on their application and to receive their money.
  • You need to earn a minimum amount to qualify for a loan.
  • There isn’t the option to take out a secured loan.

How do HSBC loans work?

A loan from HSBC works like most standard personal loans. You borrow the amount you need and then repay this sum, with interest, over an agreed term in fixed monthly instalments.

When you apply for a loan, HSBC will look at information such as your credit history, your income and expenses, and your employment status to make a decision on your application.

Applicants with an HSBC current account should receive an instant decision, while non-HSBC customers may need to wait up to five working days.

Can you overpay a HSBC personal loan?

You can make overpayments on your HSBC loan at no extra cost. You won’t be charged any fees for paying more than your monthly payment and it will help you to clear your debt faster.

You can also pay off your loan in full before the end of the term. You will need to contact HSBC for a settlement figure that will clear your debt.

Can you get a payment holiday on a HSBC loan?

Payment holidays for HSBC loan customers ended on 31 July 2021. Payment holidays were available to help people during the Covid-19 pandemic.

If you’re struggling to repay your HSBC loan, you should contact HSBC to see if it can help you work out an alternative arrangement.

What can I use a HSBC loan for?

You can take out a personal loan from HSBC to cover a range of different costs, such as:

HSBC has set out a number of activities that their personal loans can’t be used for, including:

  • business purposes
  • gambling
  • buying property or land, either individually or jointly
  • a house deposit
  • a gift to help someone else buy a property, such as paying for some of the deposit or paying related fees
  • share dealing

Am I eligible for a HSBC loan?

HSBC will only consider offering a personal loan if you meet the following requirements:

  • You are aged over 18 years old.
  • You are a UK resident.
  • Your pre-tax annual income of at least £10,000 (includes pensions).
  • You have a bank or building society account where you can make direct debits.
  • Bear in mind that HSBC won’t accept loan applications if you have an HSBC Basic Bank Account.

Meeting the above criteria doesn’t guarantee that HSBC will offer you a loan. It will run a credit check and look at your individual circumstances to decide if you can afford to take out a loan.

Can I get a HSBC loan with bad credit?

Having a bad credit history is likely to make it more difficult to get a loan, but not necessarily impossible. HSBC will look at your financial situation as well as your credit history to determine whether to offer you a loan, so you may still be eligible even if you have a less-than-perfect credit score. Bear in mind that you may not be able to borrow as much as someone with a higher score, and you could be charged higher interest rates if you have a poorer credit score too.

» COMPARE: Bad credit loans

Can I top up my HSBC loan?

If you have a HSBC loan, you can apply to top it up if you need to borrow more money.

The extra amount you can borrow will depend on your individual situation and credit history.

You can choose to consolidate the extra borrowing with your existing loan, so you only have one monthly repayment to keep track of. However, this could increase the interest rate you pay and it could increase the total amount you need to pay if you extend your loan term.

Alternatively, you can apply for an additional unsecured loan. This means the terms of your original loan will stay the same and you will have to repay the additional loan in separate monthly payments.

How to apply for a loan from HSBC

Before applying for an HSBC loan, you can check your eligibility and get a quote to see how much you could borrow. This won’t affect your credit score.

When you officially apply for a personal loan from HSBC, you will need to provide them with personal information, such as your address history and details about your finances, including your income.

The time it takes to receive a decision on your application and, if approved, to receive the money depends on the type of account you have.

If you have an HSBC current account, you should receive a decision relatively quickly and get your funds as soon as you sign the loan agreement.

If you don’t have an HSBC account, it could take between two and five working days to get a decision on your loan application. It could then take up to three working days to receive your funds once you sign the loan agreement.

HSBC customer reviews

HSBC has a rating of 1.4 on Trustpilot, based on over 6,600 reviews.

On Google Play, the HSBC mobile banking app has a rating of 4.6 stars from around 102,000 reviews. On the Apple Store, HSBC’s app has a rating of 4.8 based on around 1.1 million reviews.

These ratings are on HSBC’s overall banking service, not just its lending products.

This information is correct as of 22 September 2022.


Can I pay off a HSBC loan early?

You can pay off an HSBC loan early.

You can make an overpayment without paying any extra penalty fees, or you can ask HSBC for a settlement figure that you can pay to clear your debt in full.

How long does HSBC take to approve a loan?

If you have an HSBC current account, you should receive a decision relatively quickly. However, if you don’t have an account with HSBC, it could take between two and five working days for HSBC to make a decision on your application.

About the author

Rhiannon Philps
Rhiannon is a financial writer for NerdWallet, with a particular interest in personal finance and insurance guides for consumers. Read more