HSBC Review

Sarah Pritzker

In a Nutshell

HSBC Bank USA, an American subsidiary of the UK-based global banking giant HSBC, offers online and physical banking services across the US. One of its main products is the unsecured personal loan, which it offers to residents of all states except Wisconsin. If you have a 700+ credit score, HSBC accepts personal loan applications online for non-existing customers and in 230 branches around the United States for existing customers.


  • Funding next business day after closing
  • No payment in first month
  • No annual, application, or prepayment fees


  • Not available in Wisconsin or US territories


HSBC Bank USA at a Glance

Loan typeUnsecured personal loans
Loan amount$3,000 - $30,000
Repayment terms24-60 mo.
APR6.99% - 22.99%
Minimum credit score700+
Best forGetting a competitive loan directly from one of the world’s largest banks
Direct Lender or Marketplace 
Direct lender

Best For?

When it comes to getting a personal loan online, there are broadly 2 options: use a loans marketplace to compare and connect with multiple lenders; or go directly to a specific lender. When choosing the latter, it’s a good idea to stick to direct lenders with solid reputations—and HSBC Bank USA undoubtedly makes the grade. Over the years, HSBC has built up a strong reputation with American consumers. Its personal loans come with competitive rates, flexible repayment terms, and reasonable minimum requirements.

Loan Features

An HSBC Personal Loan offers largely the same benefits as a personal loan from any other lender, as well as some added benefits exclusive to HSBC borrowers.

Here are some of the highlights of a personal loan from HSBC Bank USA:

  • Provide funds that can be used for virtually anything.
  • Applications may be made online for non-existing customers or in one of approximately 230 HSBC branches across the United States for existing customers. 
  • If approved, your funds can be deposited into any U.S. bank of your choice as soon as the next business day.
  • Fixed monthly payments.
  • No payment due in first 50 days from account opening.
  • No origination, prepayment, or annual fees.

Application Process & Requirements

New HSBC customers may check their rate and terms online in as little as 5 minutes, with no impact on credit score. Existing HSBC customers can ask for a rate quote in one of the 230 HSBC branches around the United States. 

It takes only a few minutes to get a pre-qualified loan offer. Once that’s done, you can submit a formal loan application. Funds are transferred the next business day after the application has been approved and you have signed the promissory note.

To qualify for an HSBC personal loan, applicants must:

  • Live in the United States (excluding Wisconsin and US territories).
  • Be at least 18 years old (or at least 19 for Nebraska and Alabama residents).
  • Have a credit score of at least 700.
  • Provide proof of income.
  • Proof a bank statement from a checking, savings, or certificate of deposit account with any US financial institution.

APRs, Loan Amounts & Repayment Terms

Compared to other major American banks, HSBC offers competitive rates and flexible terms. Each applicant is assessed on credit history and a range of other factors.

An HSBC Personal Loan includes the following rates and terms:

  • Fixed rate from 6.99% - 22.99% APR.
  • Repayment term of 24, 36, 48, or 60 months.
  • Loan amount of $3,000 to $30,000.

Privacy & Security  

As expected of a major bank, HSBC Bank USA goes to great lengths to protect the privacy and security of its customers. All information provided online is encrypted to the highest standards. Of more relevance to online banking customers, HSBC employs a number of internet banking security enhancements that provide extra layers of protection to customers.

How HSBC Bank USA Compares

APR6.99% - 22.99%3.49%-35.99%3.49% - 35.95%
Minimum credit score700680None
Loan amounts$3,000 - $30,000$1,000 - $100,000$1,000 - $50,000
Loan term24-60 mo.12-84 mo.12-144 mo.
Best forGetting a direct personal loan from a major bankDebt consolidation for people with good creditComparing a variety of loan options

As mentioned earlier in this review, there are 2 good ways to get an online personal loan. The first way is to use a loans marketplace like LendingTree to compare a range of trusted lenders and personal loan options. The second method is to go directly to the source, preferably a lender known for offering competitive rates and quick funding—such as HSBC.


Who owns HSBC Bank USA? HSBC Bank USA is the American subsidiary of HSBC, a major global bank with headquarters in the UK.

Aside from personal loans, what else does HSBC offer? HSBC is a major banking institution in the United States. It offers a range of banking products, including checking accounts, savings accounts, credit cards, and home loans.

Will my credit score be impacted? It takes only 5 minutes to get a pre-qualified quote, and your credit score won’t be impacted. If you accept the offer and move forward with a formal application, HSBC will run a hard credit query—which will affect your credit score. Note that virtually every personal loan lender runs a hard credit query before funding.

When does interest start accruing? One of the benefits of an HSBC personal loan is that payments only begin around 2 months after account opening. However, your personal loan will accrue daily interest from day one.


As far as direct lenders go, HSBC offers a nice balance. It carries the strong reputation of a large, global bank. It offers the types of competitive rates associated with online lenders and marketplaces. And it is flexible when it comes to terms and monthly payments. Applying for an HSBC Personal Loan is quick and easy, with funding next business day after closing.

Physical Address


452 Fifth Avenue

New York City, New York


Personal loan products are offered in the U.S. by HSBC Bank USA, N.A. Equal Housing Lender. Subject to credit approval.  Example, a $20,000 HSBC Personal Loan with a 3-year term and a 6.99% APR has a required monthly payment of $620 assuming on-time payments. The APR on your Personal Loan will be based on your credit history, among other factors. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply.

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About The Author

Sarah PritzkerBySarah PritzkerFeb. 09, 2020
Sarah Pritzker is a content writer with years of experience and a keen interest in the vast world of online consumer products. She enjoys helping readers make sense of the options on the market in financial industries including credit reports, business loans and car loans.