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HSBC Bank Loan

The HSBC Bank loan is great for very small scale borrowers (but then why not get an overdraft?), or quite large ones. Unless your needs fit some very specific criteria, you won't get a good deal here- indeed you'll get an atrocious rate most of the time. But do drop by HSBC just to use their Decision Maker.

HSBC Bank loan examples (correct at publication date, uninsured):

  Monthly Repayment APR
£3000 across 2 years £144.00 14.9%
£5000 across 5 years £113.99 13.9%
£10000 across 7 years N/A N/A

HSBC has a very wide range of lending products, but there's a "decision maker" tool to help you along the way. This covers all lending, including secured loans, credit cards, flexible lending (for people who just need to drop into the red every now and then) and overdrafts. It's worth using the decision maker just to find out what other sorts of borrowing might be right for your needs. If for example you find yourself short of £50 at the end of each month, an overdraft or flexible borrowing facility will be more appropriate than a loan. If you are getting poorer because you keep having to pay unauthorised overdraft charges, then that's even more the case.

At the bottom end, with an HSBC Bank loan you can borrow as little as £500, and repay over as little as 6 months. I'm not sure why you would want this; but there are times when the boundary between overdrafts and loans could do with being blurred a little. Note also that the maximum term is 8 years (most of the supermarkets insist on a maximum of 7). But then, look at the rates. No wonder they're happy to welcome all-comers: these rates are extortionate. The rate at £5,000 is almost double what the direct traders will charge. What this means is that if you have very specific needs (e.g. borrowing over a long term but without the backing of a mortgage) then an HSBC bank loan can help; but you will pay for this privilege.

So, the HSBC bank loan is expensive, but offers a broad range of services on a well-designed and accessible site- your next step will be contact with a branch manager to finalise your terms.