Benefits of an HSBC loan include
- Apply for an HSBC loan online, in branch of by phone and you could get a decision in minutes
- You can make overpayments without charge at any time
- If your loan application is approved, you will receive the money in your account the same day
- Fixed repayment terms mean that you will always know exactly how much you need to repay each month
- Repayment holidays - You could have the option of a repayment holiday for the first three months or every January for the life of your loan. More interest will be payable overall
- Apply for additional borrowing if you already have a Personal Loan with HSBC
- Hold any type of HSBC current account (excluding the Basic Bank Account)
- Have an annual income or pension of £10,000 or more before tax
- Be 18 or over and be a resident of the UK
If you feel like a HSBC loan might be the right choice for you, you could use the HSBC loan calculator to get a rough idea of how much it could cost you. Using the HSBC loan calculator you just need to put in how much you want to borrow along with your desired duration of the repayment term. The calculator will then give you an estimate of what your overall and monthly repayments would be based on the bank’s Representative Annual Percentage Rate for a loan of that size and repayment length.
If you do decide to proceed and apply for a HSBC loan your APR may be different from the one the calculator used which would mean the amount you would be required to repay would be different. This is because not every borrower will get a lender’s Representative APR, a lender may choose to tailor the APR they are willing to offer a borrower after they have assessed their financial circumstances.
Before you apply
If you are not sure whether or not a HSBC loan is going to be the best deal for your circumstances, why not compare the market? The comparison tables above can show you a range of loans from different lenders; you can look at their different offerings and see if you can see anything which might be the right choice for you.
You may also want to consider alternatives to borrowing also, for instance if you already have the required funds in savings you may want to use them instead. This is because it could be that interest you are currently earning on your savings may be less than interest you would be charged on a loan of the same size.