About HSBC Bank Personal Loans

When you need cash to manage personal expenses beyond your budget, a personal loan from HSBC can help you get the money you need, even if you have poor credit. (HSBC is a group of financial institutions named after the founding organization, the Hongkong and Shanghai Banking Corporation Limited.) HSBC personal loans are offered from two major loan providers: Beneficial and HFC. Both of these entities offer competitive rates on personal loans, though they have different sets of eligibility criteria.

Significance

HSBC is comprised of several member organizations that provide personal loans and other consumer loans to customers around the globe. Personal loans can be obtained through the HSBC Group members Beneficial and HFC. These loan providers offer online requests and over-the-phone application assistance.

Function

Personal loans from HSBC are designed for individuals who need quick and easy access to cash. The loans can be obtained as a lump-sum payment or divided into several payments over the course of a year. HSBC offers personal installment loans, personal lines of credit and short-term loans through its member websites.

Features

Short-term loans from Beneficial, a member of the HSBC Group, are designed for people who have less than perfect credit. Beneficial also offers unsecured loans for homeowners and closed-end loans such as personal installment loans for those who need a one-time lump sum of money to cover unforeseen expenses. HFC, another member of the HSBC Group, offers attractive loan packages with stricter qualification requirements.

Types

HSBC offers to personal loan options for individuals looking for short-term loans, closed-end loans or revolving credit. Personal installment loans are one-time-only loans that provide cash upfront; the borrower must then make payments towards the principal balance and interest each month.
A personal line of credit is a loan that allows individuals to borrow different amounts at different times; these are considered to be open-end loans because payments will vary depending on the amount borrowed throughout the year.
Unsecured loans for homeowners are designed for those who want to borrow against the value of their home, but do not want to use their home as collateral.

Benefits

Short-term loans from Beneficial involve a quick online application process and do not require a home appraisal or title search as part of the application process. Unsecured loans for homeowners through Beneficial do not use the home as collateral, which makes this type of loan less risky than other types of personal loans available. Personal installment and closed-end loans from Beneficial have competitive rates and may be a good fit for those who do not have strong credit. Personal loans through HFC also have similar benefits as Beneficial loans, except these loans may require a stronger credit history and references in order to qualify.

Resources

• HSBC Personal Loan Options