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HSBC Bank Personal Loans Review

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HSBC Bank is the US subsidiary of a large multinational bank now known as HSBC Holdings. Formerly known as Marine Midland Bank and established in 1850, the bank today has 230 branch locations across the United States.
 
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How is HSBC rated?

Breakdown

4.5/5
Flexibility
4.5/5
Interest Rates
4.8/5
Discounts & Fees
4.8/5
Customer Service and Reputation

Overall Rating: 4.6 / 5 (Excellent)

HSBC Bank is an attractive resource for fixed-rate​ personal loans. Its quick release of funds upon loan approval is a boon to people who need money in a hurry. The lack of annoying fees that can push the true cost of a personal loan up well above that of its nominal interest rate makes it easy to calculate what the true cost of an HSBC Personal Loan will be. The bank has several personal loan programs, one of which is for customers with no prior relationship with HSBC Bank and the others are for existing customers. While customers with substantial amounts of money on deposit with the bank do get preferential loan terms, the bank has recently expanded its personal loan products to make them available to people at various wealth and income levels. This makes HSBC Bank a good for many people who find themselves in need of a personal loan.

HSBC Loan Specifics

Loan Specifics - 5 / 5

If you don't currently have a banking relationship with HSBC, you can submit an application online. If you have an existing relationship with HSBC, you will need to apply in person at an HSBC branch. An online application is in development for existing HSBC customers, but in the meantime, existing customers need to visit a branch to apply. HSBC Bank's best loan programs can only be accessed by people who have $75,000 on deposit or who have recurring direct deposits made to their account of at least $5,000 a month. Another program is available to those with at least $10,000 on deposit. Those who qualify for these loans receive preferential terms, including lower interest rates, and delivery of the money borrowed on the next business day after approval.

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Wedding
Moving/Relocation
Vacation
Start Business
Education
Taxes
Loan Minimum
$3,000
Loan Maximum
$30,000 (New Customers)
Term Length
2 - 5 years
Direct Deposit
Yes
Pay Creditors Directly
No
Decision Time
As short as one business day
Disbursement Time
Existing HSBC customers receive funds instantly upon approval. New HSBC customers receive funds the next business day.
Unemployment Protection
No

Representative Loan Sample

HSBC offers this example of a personal loan: A $20,000 HSBC Personal Loan with a 3-year term and a 6.99% APR has a required monthly payment of $620 assuming on-time payments. The APR on your Personal Loan will be based on your credit history, among other factors.

HSBC Qualification

Qualifications & Flexibility - 5 / 5

To qualify for an HSBC Personal Loan, you must be a permanent U.S. resident with a Social Security Number and a current U.S. address.
Minimum FICO Score
640
Personal Income Considered
Yes
Education Requirements
None
Debt to Income Ratio
Not disclosed
Verify Bank Account
Yes
U.S. Citizen
No
Hard Credit Pull
Yes (only when full application is submitted)

HSBC Cost of Loan

Costs, Interest Rates, Discounts & Fees - 4.5 / 5

One advantage of HSBC's Personal Loan pricing is that what you see is what you get. In other words, the interest rate set for your loan is the only recurring expense. There are no origination fees, maintenance charges, and other recurring costs. However, like all of its competitors, it levies fees against people who miss payment deadlines by more than ten days. But assuming you abide by the bank's rules, your quoted interest charges will likely be the only costs you incur.
APR Range
6.99% - 22.99%
Origination Fee
None
Missed Payment Penalty
Yes, if missed by more than 10 days

*

Personal loan products are offered in the U.S. by HSBC Bank USA, N.A. Equal Housing Lender. Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply.

HSBC Reputation

Customer Service and Reputation - 4.5 / 5

HSBC has been in business for almost 170 years--an impressive track record given the tumultuous economic disruptions that have occurred in that time. The company has a well-deserved reputation for having a strongly international outlook and a global footprint. However, the bank does not enjoy a reputation for customer responsiveness or service. It has an F rating from the BBB based on its failure to respond to customer complaints. Thousands of people have complained about the bank with the CFPB. To be fair, however, it's not clear that many--or any--of those complaints concern its personal loans operations.
Type of Institution
Bank
Year Founded
1850
BBB Rating
F
Trust Pilot Rating
4.5 out of 5
Consumer Financial Protection Board (CFPB) Complaints
8928
Date Collected
2019-07-22
Headquarters Address
452 Fifth Avenue, New York, NY, 10018
Homepage URL
https://www.us.hsbc.com/personal-loans/offer/

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