HSBC loan is opened to new customers | Product News - Moneyfacts

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HSBC loan is opened to new customers

HSBC loan is opened to new customers

Category: Loans
Date: 15/12/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

HSBC has opened up its personal loan to new customers, instantly pushing it into the Moneyfacts charts and earning the top rating as a result.

The basics…

The HSBC loan offers competitive rates across all tiers, particularly for mid-tiered borrowing: a personal loan of £7,000 to £15,000 over a term of one to five years has a competitive rate of 3.7% APR, earning it ac comfortable place in the charts.

Meanwhile, a loan of £1,000 to £2,990 has a rate of 21.9% APR, a loan of £3,000 to £4,990 has an APR of 18.9%, a loan of £5,000 to £6,990 has an APR of 6.1% and a loan of £15,010 to £25,000 has a rate of 6.7% APR.

The finer details…

Example monthly repayments: £7,500 over five years = £136.90.

Borrowers must be at least 18 years old with a minimum annual income of £10,000. Applications can be made by phone and online. Borrowers should remember that rates are representative and dependent on their credit rating.

Why we like it…

New customers looking for a mid-tier loan are likely to welcome the news that they can now apply for a HSBC deal as it means they can potentially benefit from competitive and cost-effective rates. This is an outstanding product that fully deserves the highest Moneyfacts rating.

Moneyfacts rating: Outstanding

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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