Thinking About An HSBC Loan?

If you need a loan big time, I bet you are considering getting one from a bigtime high street bank, too. Working with these giant lenders somehow gives you the assurance that you are in good hands. Let’s take a look at one of UK’s high street giants – HSBC.

They call it the “main street” in the US; In the United Kingdom, it’s high street. The term “high street bank” originated in the UK, which refers to large retail banks with many branch locations not only in the country but globally as well. The term “high street” would tell you that these banks are major, widespread companies that are found in the main commercial area or centre of a city.

Major high street banks in the UK include Barclays PLC, Royal Bank of Scotland Group PLC (RBS), Lloyds TSB Bank PLC, and HSBC Bank PLC. These huge high street banks typically offer a diverse selection of banking services, such as online banking, mortgages, and savings.

HSBC is one of the four major clearing banks in the UK, along with Lloyds. It is one of the largest international financial institutions in the world. HSBC in aggregate consists of more than 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.

When it comes to loans, many consider HSBC to be less risky than other major banks because they hold more deposits than loans. This financial giant was able to fund its operations and generally maintain its share price throughout the credit crunch.

About HSBC

HSBC Bank is one of the world’s largest banking and financial services organisations. HSBC’s international network grew strong over the years.

It is one of the four major clearing banks in the United Kingdom and is a solely owned subsidiary of HSBC Holdings. Its business ranges from the traditional High Street roles of personal finance and commercial banking to private banking, consumer finance as well as corporate and investment banking. Among other banks, HSBC Bank operates some 1,800 sites in the UK.

With a loan-deposit ratio of 90%, HSBC Bank is the only one of Britain’s big five banks to hold more deposits than loans. The bank is perceived as a less risky proposition than the other banks by investors and customers because it is able to fully fund its own operations. Unlike other banks in the market, it has also contributed to the company’s share price maintaining value throughout the credit crunch.

HSBC Loans

HSBC offers an array of financial products. Just name, they have it. Personal loans are available from £1,000 to £50,000. Representative APR is 3.3% for loans between £7,000 and £15,000. You have a choice to spread your repayments over one to five years for personal loans of £15,000 and less. Personal loans of over £15,000 can be paid over one to eight years.

You also have the option to top up your existing loan with them if ever you need more funds. This way, you can consolidate your existing loan with additional credit. If you wish to borrow more, you can apply online, by telephone or to the branch directly.

In case you’ve made five or fewer repayments on your existing loan, you won’t qualify for the January holiday or three month deferred start option on your new loan should your application be successful. Alternatively, you can take out a separate loan, to your existing one. You can do this if you wish to keep the payment separate.

HSBC Advance customers could get 10% cashback at the end of the loan term, but it is only available on loans with 60 repayments or less. If you settle your loan early or ended by HSBC, you will not be eligible for cashback.

HSBC also offers a range of mortgages to fit your needs – from first time buyers to remortgages and moving home. Other loans and credits offered by HSBC are credit cards and overdraft services and graduate loans.

If you are an HSBC current account customer, you could get an instant credit decision. If not, you can expect to be contacted with a credit decision in two to five working days.

If you’re existing HSBC Current Account customer applying via online or in branch, you could receive the money instantly once your application has been approved and of course, after you’ve signed the loan agreement. If you’ve applied through telephone, money will be transferred once the bank receives your signed loan agreement.

If you are a non-HSBC Current Account customer, you could receive the money into your selected account three working days after the bank receives your signed loan agreement.

With HSBC, you are also allowed to make overpayments without any extra charges. This will help lower the interest on your loan.

HSBC Customer Reviews

If you search online for HSBC customer review, you’ll be surprised that most customers are not happy with their customer service. For a bank that has embedded in roots deep enough in the financial realm, you wouldn’t expect that customers are dissatisfied.

Many are complaining about the untrained staff, slow response, and long waiting time, to name a few. However, this is common among high street banks because of the banking technology. There is less contact with bank representatives already.


HSBC, being one of the giant empires and leaders in the banking industry in the UK, seems to have sound lending practices. With an established name and a bank with more deposits, one can be assured that it is safe to work with them.

However, you would still find unhappy customers complaining about their services. I guess one can never please everyone. But, if you look closely at the complains, they’re not really grave issues. Most complains can be remedied by the bank easily if they’d make an effort on it.

Nonetheless, HSBC bank loans are flexible, affordable, and lenient. You can benefit from their no-charge early repayment feature as well as the cashback, and the top up. If you have an existing account with them, you’ll benefit even more. You’ll get a response faster and the funds are delivered to your account promptly.


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