![]() The Annual Percentage Rate ( APR) is a summary of the yearly cost of a loan. Successful applicants will generally get their funds within three working days, but existing HSBC customers may receive their money instantly. HSBC account holders may get approved for a loan immediately, and other customers should be contacted with a credit decision within five working days. However, this will cost you more overall, because your outstanding balance will still be accruing interest during these periods. ![]() You have the option of taking a repayment holiday for the first three months of your loan term, or every January for the life of the loan. While HSBC’s rates are normally competitive, the advertised representative APR may not be the rate you’ll receive, and HSBC will offer you a rate based on its assessment of your personal financial circumstances. HSBC personal loans are unsecured – meaning they’re based on your creditworthiness, rather than the value of any property or other assets you use as collateral. If you do have an HSBC Premier account, you can apply online, on the phone or in person. To become eligible for an HSBC Premier Bank Account, you’ll need to have your salary paid into your HSBC account and either have savings or investments of at least £50,000 with HSBC in the UK, or you’ll need an individual annual income of at least £75,000 and a mortgage, investment, life insurance or protection product with HSBC in the UK. HSBC Premier Customer Personal Loans are only available to HSBC Premier customers. HSBC states that these loans should not be used for funding or part funding a property, gambling, business purposes or share dealing.
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