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HSBC Review

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Reviews 1,097
Sarah Pritzker
May. 17, 2022
3 min read
Sarah Pritzker
HSBC Summary
HSBC Bank USA, an American subsidiary of the UK-based global banking giant HSBC, offers online and physical banking services across the US. One of its main products is the unsecured personal loan, which it offers to residents of all states except Wisconsin. If you have a 700+ credit score, HSBC accepts personal loan applications online for non-existing customers and in 230 branches around the United States for existing customers.

Pros

  • Funding next business day after closing
  • No payment in first month
  • No annual, application, or prepayment fees

Cons

  • Not available in Wisconsin or US territories

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Best For?

When it comes to getting a personal loan online, there are broadly 2 options: use a loans marketplace to compare and connect with multiple lenders; or go directly to a specific lender. When choosing the latter, it’s a good idea to stick to direct lenders with solid reputations—and HSBC Bank USA undoubtedly makes the grade. Over the years, HSBC has built up a strong reputation with American consumers. Its personal loans come with competitive rates, flexible repayment terms, and reasonable minimum requirements.

Loan Features

An HSBC Personal Loan offers largely the same benefits as a personal loan from any other lender, as well as some added benefits exclusive to HSBC borrowers.

Here are some of the highlights of a personal loan from HSBC Bank USA:

  • Provide funds that can be used for virtually anything.
  • Applications may be made online for non-existing customers or in one of approximately 230 HSBC branches across the United States for existing customers. 
  • If approved, your funds can be deposited into any U.S. bank of your choice as soon as the next business day.
  • Fixed monthly payments.
  • No payment due in first 50 days from account opening.
  • No origination, prepayment, or annual fees.

Application Process & Requirements

New HSBC customers may check their rate and terms online in as little as 5 minutes, with no impact on credit score. Existing HSBC customers can ask for a rate quote in one of the 230 HSBC branches around the United States. 

It takes only a few minutes to get a pre-qualified loan offer. Once that’s done, you can submit a formal loan application. Funds are transferred the next business day after the application has been approved and you have signed the promissory note.

To qualify for an HSBC personal loan, applicants must:

  • Live in the United States (excluding Wisconsin and US territories).
  • Be at least 18 years old (or at least 19 for Nebraska and Alabama residents).
  • Have a credit score of at least 700.
  • Provide proof of income.
  • Proof a bank statement from a checking, savings, or certificate of deposit account with any US financial institution.

APRs, Loan Amounts & Repayment Terms

Compared to other major American banks, HSBC offers competitive rates and flexible terms. Each applicant is assessed on credit history and a range of other factors.

An HSBC Personal Loan includes the following rates and terms:

  • Fixed rate from 6.99% - 22.99% APR.
  • Repayment term of 24, 36, 48, or 60 months.
  • Loan amount of $3,000 to $30,000.

Privacy & Security  

As expected of a major bank, HSBC Bank USA goes to great lengths to protect the privacy and security of its customers. All information provided online is encrypted to the highest standards. Of more relevance to online banking customers, HSBC employs a number of internet banking security enhancements that provide extra layers of protection to customers.

How HSBC Bank USA Compares


HSBC
credible
APR
6.99% - 22.99%
7.49% - 35.99%
Min. credit score
700680
Loan amounts
$3,000 - $30,000$1,000 - $100,000
Loan term
24-60 months
12-84 months
Best for
Loans from a major bankDebt consolidation

As mentioned earlier in this review, there are 2 good ways to get an online personal loan. The first way is to use a loans marketplace like LendingTree to compare a range of trusted lenders and personal loan options. The second method is to go directly to the source, preferably a lender known for offering competitive rates and quick funding—such as HSBC.

FAQs

Who owns HSBC Bank USA? HSBC Bank USA is the American subsidiary of HSBC, a major global bank with headquarters in the UK.

Aside from personal loans, what else does HSBC offer? HSBC is a major banking institution in the United States. It offers a range of banking products, including checking accounts, savings accounts, credit cards, and home loans.

Will my credit score be impacted? It takes only 5 minutes to get a pre-qualified quote, and your credit score won’t be impacted. If you accept the offer and move forward with a formal application, HSBC will run a hard credit query—which will affect your credit score. Note that virtually every personal loan lender runs a hard credit query before funding.

When does interest start accruing? One of the benefits of an HSBC personal loan is that payments only begin around 2 months after account opening. However, your personal loan will accrue daily interest from day one.

Summary

As far as direct lenders go, HSBC offers a nice balance. It carries the strong reputation of a large, global bank. It offers the types of competitive rates associated with online lenders and marketplaces. And it is flexible when it comes to terms and monthly payments. Applying for an HSBC Personal Loan is quick and easy, with funding next business day after closing.

Physical Address

HSBC Bank USA

452 Fifth Avenue

New York City, New York

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

Sarah Pritzker
Written by
Sarah Pritzker
Sarah Pritzker is a content writer with years of experience and a keen interest in the vast world of online consumer products. She writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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Bad • Reviews 1,097
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3%
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Consumer
1 day ago
HSBC INDIA customer service is just…
HSBC INDIA customer service is just outstanding, I’m forced to write this because I see a lot of negative comments to a company that is doing a great job in servicing its client. Please don’t go by this negative reviews, I’m HSBC account holder with HSBC platinum credit card every time I call them they do their best to help me out.
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azizul rehman
4 weeks ago
my new card is here when i applied over…
my new card is here when i applied over the laptop it is the best bank in birmingham city
SA
Sharron Ashcroft
1 month ago
I’m surprised at the number of negative…
I’m surprised at the number of negative reviews. I’ve been with the HSBC for many years including when it was named The Midland Bank. I recently had a problem accessing my bank details and was locked out of my account. I visited the Ripley branch in Derbyshire and was dealt with by a very nice lady by the name of Rachel. She sorted the problem out with no problems. I was so grateful for the help she gave me. I would recommend this bank totally and wouldn’t go anywhere else. Thank you Rachel for your excellent service. Sharron Ashcroft
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Karen Newby
1 month ago
I love the new branch look amazing
I love the new branch look amazing, machines all brand new and so fast. Staff great as always Alex always happy to help and see me as the rest of the team. Thank you HSBC for making me feel so great!
Claire
2 months ago
One employee can make a huge difference
This is more about one employee really rather than the company as a whole because I haven't yet had time to see. Carol Stone was absolutely amazing. My other bank had closed my current account in error, just before payday, with all DDs and SOs to come out shortly after. She sat with me and went through everything we could find together which really helped me calm down. She was positive and wise and I'd be so happy if I ever have to liaise with her again
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