Are you urgently in need of cash and you don’t want to use your credit card or overdraft facilities to get funds? The HSBC personal loan might be your answer. You can apply for any amount from $3,000 to $30,000.
A personal loan is an easy way to borrow money and fulfill your needs that require urgent attention. With a good interest rate offered by the HSBC personal plan, you can apply for the loan with ease and less burden.
Before you apply for the loan, it’s always wise to know what loan you are applying for and its features. Therefore, we’ve looked at the HSBC personal loan, summarized our findings and put forward for you to soak in the information before you apply.
HSBC Personal Loan: Features
You can borrow from $3,000 to $30,000 and the repayment period could be from two to five years. The APRs starts at 5.99%. You can check your prequalified rate with a soft pull that will not affect your credit score. If approved, you get fast access to the allocated funds. In some cases, you can get your money immediately transferred to your account, but it generally never takes longer than four days.
Pros and Cons of the HSBC Personal Loan
The HSBC personal loan offers low APRs and $0 origination fee. Yet another perk is that the plan offers no annual fee. In case you are an applicant with not a commendable credit, you will be considered for the loan approval.
However, you should be aware that if you delay your payment submission, you will have to pay some monetary charge as late fee fine.
HSBC Personal Loan: Rates and Fees
Application fee: $0
Annual fee: $0
Fixed-rate APR for existing customers 5.99%
Fixed-rate APR for new customers: 6.99%
Other fees are provided once the loan has been approved, as it might differ from customer to customer.
HSBC Personal Loan: Eligibility
To apply for an HSBC personal loan you must have a credit score of at least 650. The minimum age to be eligible for the personal loan is 18 or the state minimum, whichever is higher. You have to be a U.S resident. No minimum annual income is stipulated as an eligibility requirement.
You can calculate what your monthly repayments will be for different amounts you can borrow. Use HSBC’s loan calculator to do this. This will take only a few minutes.
If you are satisfied that you would be able to afford a loan, your next step is to check your loan options and your eligibility. To fill out the form you will need your social security number and your current U.S. address. You’ll also be asked to indicate the amount needed, the purpose of the loan, and your income and expenses.
It is recommended that you get all your information at hand before you start filling out the eligibility online form. If you have to leave the form to get information, you might be logged out and you’ll have to start all over again. Checking your loan eligibility will not affect your current credit score.
How to Get an HSBC Personal Loan
If you are eligible for a loan and new to HSBC, go to the application page. If you are an existing HSBC customer, click here to start your application process. You will be asked to submit proof of address and income. If you are a new customer and have no other HSBC accounts, a bank statement from any other U.S. financial institution has to be submitted.
If approved, existing HSBC customers might get their funds instantly transferred into their U.S. HSBC account. If you are a new HSBC customer your funds will be deposited into a non-HSBC account within three business days.
You can also apply for a HSBC personal loan at any HSBC branch. If you apply in a branch you will be issued an official check for the loan amount if approved.
HSBC Personal Loan: Address and Contact
HSBC’s head office in the U.S is located at 425 Fifth Avenue, New York, NY 10018.
If you want to speak to a bank official you can reach the bank by telephone at 800-975-4722
Conclusion
It is sometimes a good decision not to use your credit cards or overdraft facilities when you need cash for a project. Applying for a personal loan might be the right way to go. Although there are a few restrictions regarding the use of the borrowed money, the HSBC personal loan is still a good choice for existing and new HSBC customers.
Disclaimer: There are risks involved when applying for and using credit products. Ensure you consult HSBC’s terms and conditions before agreeing on anything.
