Eligibility Requirements:
- Must be over 18 years old and a UK resident.
- Minimum annual taxable income of £10,000.
- Must have a bank or building society account with a Direct Debit facility.
- Not available for Basic Bank Account holders.
- Subject to status and a personal loan low credit score assessment.
HSBC Personal Loan application steps:
- Use the personal loan calculator to choose your amount and term.
- Get a personalised loan quote online.
- Complete the application via the website or mobile app.
- Review and sign your agreement digitally.
- Receive the funds in your account.
Frequently Asked Questions
How long does it take to get approved for an HSBC loan?
If you are an existing customer, you can get a loan instantly with an immediate credit decision. For new customers, the quick loan process typically takes 2 to 5 working days to obtain loan approval.
Is it required to explain why credit is being used?
Yes, during your loan application, you must specify the purpose. While it’s a great cheap loan for cars or weddings, you cannot use it for a 2nd loan mortgage, gambling, or a home equity loan deposit.
Do I need to have a good credit score to be approved for an HSBC loan?
While they offer good loan rates, HSBC will perform a credit check. If you have a personal loan low credit score, you might be offered a higher APR than the low interest loans advertised for those with excellent history.
Can I apply for a loan if I am self-employed?
Yes, loans for self employed individuals are available, provided you meet the £10,000 minimum taxable income requirement and can verify your earnings during the loan apply process.