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 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.
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.
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 Any products featured may be withdrawn by their provider or changed at any time.
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