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Personal Loan

3.2% APR 

  • £7,500 Loan over 5 years

Representative Example: The representative APR is 3.2% (fixed) so if you borrow £7,500 over 5 years at a rate of 3.01% p.a. (fixed) you will repay £135.29 for 60 months.

3.88% APR 

  • £40,000 - £500,000 (3 to 30 year term)

Representative Example: Assumed borrowing of £18,000 over 120 months, with a fixed borrowing rate of 6.5% per annum for the first 60 months, followed by 60 months at the lender’s standard variable borrowing rate of 4.95% above Bank of England Base Rate. There would be 60 monthly instalments of £227.38 followed by 60 instalments of £221.71. Total amount payable £26,945.40 comprised of; loan amount (£18,000); interest (£6,920.40); Broker fee (£1,530); Lender fee (£495). This would result in an overall cost of 9.1% APRC

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED. IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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HSBC Loan Calculator

If you’re thinking about getting a loan for whatever reason, the main thing you probably want to know is just how much you are going to need to pay back. Using the HSBC loan calculator could help give you a rough idea of the amount you would owe from one of their Personal Loan plans. You need to understand however that the HSBC loan calculator will only give you an estimate, the actual interest rate any lender will offer you will be dependent on other factors than just how much you want to borrow and how long you want the repayment term to be such as, a check of your credit score and an assessment of your financial circumstances.

HSBC offer a variety of personal loans allowing you to borrow from £1,000 to £25,000 for periods between 1 and 5 years, although the most you can ask for with an HSBC personal loan is £25,000 the amount they would be willing to lend you may be less than this depending on your credit history.

To be eligible for the base HSBC Personal loan you must:

  • Hold any type of HSBC current account (excluding the Basic Bank Account)
  • Have an annual income or pension of £10,000 or more before tax
  • Be 18 years old or over and a UK resident  

When taking out a loan of any amount you want to make sure you get the best deal, shopping around could save you a lot of money you can use the calculator on this website to compare over 200 different loans from over 20 different providers, to help you evaluate your options.

Homeowner Loan

If you want to borrow a larger sum of money and you own property a homeowner loan might be an option for you. As you have placed an asset (such as your home or other property) as security banks are usually willing to lend more, generally up to £250,000. The actual amount you can borrow is dependent on the value of your home and how much equity you have if you have a mortgage.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. If you are at all unsure of the suitability of a particular product for your circumstances you should seek independent financial advice.

 

Other options

Before you take out a loan you should see if there are alternatives that might be better for your situation. If you have any savings it might be beneficial to use these instead, it may be that the interest you pay on a loan will be higher than any interest you earn in your savings.

There are other types of borrowing than personal and homeowner loans such as authorised overdrafts and credit cards you might wish to consider too.

If you are thinking of taking out alone to consolidate debt understand that spreading your payments over a longer term means you may ultimately be paying more than with your existing arrangements, even if the interest rate on this new loan is less than the rates you have at the moment. 

5 reasons to use our Loan Service

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    Compare over 200 loans from over 20 lenders
  • 2
    UK market leading loan rates
  • 3
    Fast loan service - You could have a loan underwritten, approved and paid within 24 hours
  • 4
    Credit to suit all circumstances
  • 5
    Simple process

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