Compare HSBC loans
Looking to borrow between £1,000 and £25,000 and have a good credit history? If yes see our latest deal from HSBC.
Personal loans are one of the most common forms of borrowing. This involves taking out credit which is not tied to a specific asset, such as your home. This type of unsecured loan is normally for smaller amounts of money, offered over shorter periods.HSBC is one of the world’s largest banks and offers borrowers a number of different options for accessing extra funds when required.
Other forms of borrowing you might consider include extending the overdraft on your current account, opening a new credit card or applying for a secured loan.
If you believe a personal loan is the best choice for you, please make sure you are familiar with the details of this kind of borrowing before proceeding.
HSBC personal loans
Because a personal loan is not secured against an asset, it will usually limit how much you can borrow and how long you will be given to repay the loan. However, it can be a very quick and relatively simple way to access extra money when you need it.
Advantages of HSBC personal loans
Borrow from £1,000 to £25,000
Repay over 1-8 years
Fixed monthly payments for the full term of the loan
Apply online, with the HSBC mobile app, over the phone or in branch
Existing HSBC customers may be able to get an instant decision about their loan and receive the agreed funds straightaway
You can overpay free of charge which may reduce your interest payments
Restrictions on HSBC personal loans
You must be 18 years old or over
You must be a UK resident
You must have an annual pre-tax income of more than £10,000
Amounts of £15,000 or less can only be taken for a maximum of 5 years
Failing to keep on top of your repayments could seriously impact your credit rating
If you do not repay your debt, you could end up having your possession seized by a court appointed bailiff to cover the outstanding balance
Borrow more with a secured loan
If you need more money than you can access through a personal loan (in excess of £25,000), you may want to consider secured borrowing. A secured loan means the money you receive is tied to a specific asset, most often a piece of property which you own.
Secured loans often allow you to take out much more than with unsecured borrowing and tend to give you much longer to repay. You may also be able to get a more attractive interest rate, although this can be affected by various factors.
To find the best deals on secured loans, head over to our secured loan calculator.
Need to borrow more than £25k?
Getting the best deal when you take out a larger loan is really important as it can make a sizable difference to the amount of money you end up repaying. But knowing what is the best deal for your unique requirements and financial circumstances can be very challenging.
If you are looking to borrow more than £25,000 secured against a property you wish to improve, our specialist loan advisors can help. Simply give Fair Mortgages a call on 0117 403 4474 or use our contact form to get in touch.