HSBC Bank USA, N.A. is a renowned bank with a strong global presence, operating in over 60 countries and territories. As a reliable lender, HSBC collaborates with private individuals and legal entities, making it a good option for those seeking financial support to finance their needs and urgent expenses. With its deep expertise in sustainable supply chain finance and a team of over 300 global research analysts covering 1,900+ companies, HSBC ensures that its customers are well-informed about the latest macro trends, trade dynamics, industry insights, and ESG considerations. If you are looking for a trustworthy lending institution with competitive loan terms, HSBC may be an eligible choice to help your global investments thrive.
HSBC Personal Loans
In the United States, not everyone has enough savings to handle unexpected expenses, so personal loans have become popular. HSBC Bank, a dependable financial institution, offers a diverse range of lending opportunities to assist those who need to borrow and ensure their bills are paid promptly, and some customers expect to see personal loans in the product range. Although personal loans have become extremely popular, HSBC has discontinued disbursing them. Instead, clients can explore alternative loan options available to them. If you need financial assistance, you can still contact HSBC for other lending possibilities open instead of new personal loans, and they strive to provide quick responses, often disbursing funds on the next business day to help individuals manage their borrowings effectively.
Types of Loans Offered by HSBC
With a long history and a dependable reputation, HSBC is a bank that stays up-to-date with modern customer service trends. However, recent changes have occurred, and you will not find HSBC personal loans. While one can open a checking or a savings account with HSBC US, the range of loan products for personal banking has been narrowed down to:
Despite these changes, HSBC continues to prioritize the needs of its borrowers and remains committed to providing top-notch financial services to its customers.
HSBC Personal Loan Alternatives
HSBC credit cards
HSBC offers two credit card options, the HSBC Premier Credit Card and the HSBC Elite Credit Card, each with its own set of benefits. With the HSBC Premier Credit Card, you can earn 35,000 Bonus Points after spending $3,000 in the first 3 months from Account opening. This card rewards you with 2× Points on Travel and 1× Points on all other purchases and also provides an $85 credit for the TSA Precheck application fee. On the other hand, the HSBC Elite Credit Card offers 50,000 Bonus Points after spending $4,000 in the first 3 months of Account opening. This card allows you to earn cash back with 3× Points on Travel, 2× on Dining, and 1× Point on all other purchases. Additionally, you'll receive complimentary membership and unlimited free access to over 1,000 airport lounges for you and a guest. Both credit cards provide different rewards and benefits, giving you the flexibility to choose the one that aligns with your spending habits and preferences.
HSBC credit cards are most suitable for individuals who possess good or excellent credit scores, typically ranging from 700 or higher.
Suppose a Mortgage loan seems too overwhelming right now, and credit cards need to meet your credit needs. In that case, alternative options are available from other personal loan lenders instead of HSBC personal loan, which was discontinued as a product. Besides, alternative lenders may offer lower interest rates than the one effective for personal loans in HSBC.
BMO Bank
BMO Bank provides personal loans with competitive rates, starting as low as 8.74% APR. The loan amounts can go up to $35,000, and borrowers have the flexibility to choose repayment terms ranging from 12 months to 60 months which ensures reasonable monthly payment. BMO Bank's personal loan can be utilized for various purposes, such as home improvements, loan consolidation, financing special occasions, covering medical expenses, making significant purchases, or even purchasing a car. If you have good credit and need higher loan amounts with more flexible repayment options, exploring BMO Bank's personal loan offerings is a suitable solution.
Navy Federal Credit Union
Credit unions present a compelling alternative to bank personal loans, offering numerous advantages that cater to the diverse financial needs of individuals. One of the most significant benefits of credit union loans is their member-owned, not-for-profit structure, which often translates into lower interest rates and fees. For instance, Navy Federal Credit Union members can benefit from competitive rates and personalized service, making it an attractive choice for military personnel and their families.
Discover
When seeking a personal loan, there are several reputable lenders to consider. Discover offers Personal Loans with amounts ranging from $2,500 to $40,000. The lower interest rate offered between 7.99% to 24.99% APR can help borrowers save on interest costs. The repayment terms span 3 to 7 years, allowing borrowers to manage their payments. Discover does not charge any upfront fees, making it a transparent and convenient option for those needing a personal loan.
Avant
Avant is another lender worth exploring, offering an easy online application process and quick decision-making. The loan amounts for personal loans range from $2,000 to $35,000, making it suitable for various purposes, such as covering medical bills, home projects, or unexpected expenses. This user-friendly application process can benefit individuals seeking a swift and hassle-free borrowing experience.
Editorial Opinion
Personal loans have increasingly become an essential financial tool for many Americans, serving as a lifeline in managing unforeseen expenses. The fact that a reputable institution like HSBC has ceased to offer this service could be a disappointment for many. Though the bank does provide alternative loan options, the lack of personal loans could potentially deter potential customers who have come to see such offerings as a benchmark for comprehensive banking services. On the flip side, the discontinuation of HSBC's personal loans has opened the door for clients to explore a broader array of lending opportunities. The bank's credit cards, for instance, offer substantial rewards and benefits that could prove attractive to certain customers. At the same time, it's worth noting that other institutions are rising to fill the gap in the personal loan market, with competitive offerings from the likes of BMO Bank, Navy Federal Credit Union, Discover, and Avant. In essence, while the discontinuation of HSBC's personal loans represents a significant change in their service offering, it's far from the end of the road for customers seeking financial assistance. The diversified lending landscape offers a range of alternatives that could potentially meet, if not exceed, the advantages once provided by HSBC's personal loans. Ultimately, the impact of this change will largely depend on individual customers' unique financial needs and circumstances.
Important
Methodology
At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
Additional resources
To learn more about HSBC personal loans and best practices, check out some of the following resources:
- Discover the Best Personal Loans Available Online in the U.S.
- Understanding the Power of a Line of Credit
- Harnessing the Power of Credit Builder Loans for a Strong Credit Score
- Instant Loans: Quick Cash When You Need It Most
- Exploring Best Online Cash Advance Loans for 2025
- Best No-Credit-Check Loans
- Your Guide to Loans with Bad Credit in the U.S.
Sources
- Investopedia. HSBC Personal Loans Review 02.08.2023
- NerdWallet™. HSBC No Longer Offers New Personal Loans 02.08.2023
- Credit Karma. Reviews: HSBC 02.08.2023