HSBC Personal Loan Review 2022 | Get $50,000 Personal Loan with No Credit Check

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Can this loan be used for debt consolidation? Yes, this loan can be used for debt consolidation, including credit card debt consolidation and consolidating other loans. This lender offers low interest rates for individuals with good or fair credit scores, making it an attractive option for credit card debt consolidation.

Also Read: Upstart: Most trusted debt consolidation Lender in 2023

HSBC Personal Loan Overview

The HSBC was the Bank now which was established in 1865 as Hongkong and shanghai bank corporation, Today it is one of the world’s largest banks.

In the united state, it is a full-service bank and it offers different products like credit cards, insurance, personal loans, and home loans.

 

Pros
  • Loan amount starting from $3,000 – $50,000
  • Soft Pull Credit check available
  • HSBC offers no pre-payment panalty & charge no origination fees.
  • Offers Instant Funding as same business day.{alertSuccess}

Cons 
  • HSBC dont offers joint and secured loan options.
  • HSBC does not offer direct payment to creditors with debt consolidation loans.
  • Reports payments to only two of the three major credit bureaus.  {alertError}

 

Can Be Used as Debt Consolidation Loan

HSBC offers personal loans for many purposes such as debt consolidation, home improvements, and big purchases. So if you are looking for a big loan amount then HSBC can be the best option for you if you have a bad credit score.

Annual Interest Rate and Fees

The Annual Percentage Rate (APR) for HSBC personal loans is 5.99-17.99%. Which will depend upon your credit score, credit history, and other factors.

Minimum Credit Score Required

At HSBC it is not disclosed how much credit score is required to qualify for a personal loan but according to reports, you need a good to excellent credit score to get a loan from this HSBC bank.
A credit score of 690 or higher can get you a personal loan from HSBC Bank.

 

Offered Loan Amount

HSBC offers personal loans from $3,000 – $50,000.  Not everyone can get a $50,000 personal loan, only the existing premier customers can get these kinds of loans. A new customer can get a personal loan from $3,000 to $30,000.

Eligibility Criteria

There are some basic requirements you should fulfill before taking a bad credit loan. Here is the list :
  1. You should be at least 18 years old
  2. You must be a United States citizen or have a US Visa
  3. You must have a valid active US bank checking account
  4. You have to provide a valid email address and a phone number
Required Documents
  • Valid Identity Proof, VIsa
  • Have to provide a DOB.
  • Valid current mobile number and Email id.
  • An active American bank account.

Repayments Terms

The repayment term for HSBC personal loan is from 2 years to 5 years.

Example of the HSBC loan

A three-year, $20,000 loan with an 11.2% APR would cost $657 in monthly payments. You’d pay $3,640 in total interest on that loan.

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Who is this loan good for

  • Those who are already a customer of HSBC.
  • Those who want instant funding
  • People who want low-interest rate loans.

Editorial Note:  MakeHelpOf does not receive any commission from any website or third-party advertisers. This is just a review article based on consumers’ experiences from the internet. It’s accurate to the best of our knowledge when it’s posted. Please read all the information carefully before you make any decision. {alertInfo}

 

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