Is a HSBC personal loan the best one for you?

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Alexandre Desoutter updated on 17 November 2021

Personal loans are a popular and versatile form of credit. They are great tools for consolidating debt, buying a used car, paying off a credit card, or financing a home improvement project or major expense. For well-qualified buyers, they can be an inexpensive way of accessing credit.

You still need to choose the right lender for you. Are you considering getting a personal loan with HSBC?

This guide will help you with everything you need to know. See HSBC's personal loan interest rates, fees, our review and much more.

Our review of HSBC:

HSBC is a multinational banking and financial services company and one of the biggest banks in Canada. HSBC Personal Loan provides you with a simple and flexible loan option to meet your needs - ranging from purchasing a new car to a home improvement project and paying down debt.

Why an HSBC personal loan might be right for you:
Competitive interest rate
Choose a fixed or variable interest rate
Get a preferential rate if you are an HSBC Premier or HSBC Advance customer
Loan terms up to 5 years
Flexible payments options - weekly, bi-weekly, or monthly payment options
Personal Loan Creditor Insurance is available to help you plan for the unexpected

Why an HSBC personal loan might not be right for you:
A high credit score required
There may be applicable fees

What types of personal loans does HSBC offer?

In addition to HSBC Personal Loan, HSBC offers multiple types of loans or lines of credit to help borrowers choose the options that perfectly suit their financial needs.

Personal Line of Credit

Personal Line of Credit might be right for you considering the following:

  • Enjoy a competitive rate while financing a major purchase
  • Pay down higher-rate debts
  • Enjoy access to funds to manage emergencies
  • Use the amount you need and pay interest only on the amount you use
  • Get preferential Line of Credit rates as an HSBC Premier or HSBC Advance customer

Home Equity Line of Credit

This line of credit offers a flexible and convenient way to borrow funds using the equity in your home. You can leverage this loan option to meet goals like home improvement projects and consolidate high-interest debt.

  • Simple and easy to access the funds
  • You can reduce your monthly payments by consolidating higher interest rate debt
  • You have access to cash whenever you want it
  • Flexible repayment options
  • Use only the amount you need and pay interest on what you use only
  • Enjoy preferential rates with HSBC Premier or HSBC Advance


Leverage this loan solution to make the most out of your RRSP contribution. It is a solution that will help you maximize your RRSP if you have not reached your contribution limit. The features include:

  • Competitive interest rate
  • Maximize your RRSP contributions for the year
  • Flexible terms - up to 5 years
  • Flexible payment options - choose to pay monthly, semi-monthly, bi-weekly or weekly

HSBC Undergraduate Student Line of Credit

Here is why the Undergraduate Student Line of Credit might be right for you:

  • Enjoy a flexible loan with competitive interest rate while schooling in an accredited institution
  • Up to $45,000 available throughout the program
  • Loan available for both full-time and part-time students
  • Access to your line of credit up to one year after graduation
  • Enjoy interest-only payments monthly
  • Pay interest only on the amount you use

Compare personal loan interest rates in seconds

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What rates does HSBC offer on personal loans?

Fixed and variable rates are available. HSBC Personal Loan interest rates: variable rates from Prime +3% to Prime +7%.

When comparing personal loan offers, it is important to pick something that you can comfortably repay. While shorter loans offer lower interest rates, the monthly payments will be higher. Longer loans come at higher interest, but with lower monthly payments. Even if a longer loan costs more overall it may be more manageable.

The interest rates on personal loans vary based on many factors. Lenders review the profile and credit history of the borrower, the loan amount, the length of the loan and more.

Before choosing a personal loan with HSBC, shop and compare rates and conditions with other lenders:

Our tool lets you anonymously compare personal loan interest rates!

Compare personal loan interest rates in seconds

Find the best interest rate

HSBC’s personal loan calculator:

You can get a quick estimate of your loan payments with Safe's personal loan calculator. Just enter the amount borrowed. Adjust the loan term and the interest rate to quickly get monthly payments and total interest paid.

HSBC Personal Loan calculator is available on their website.

How do I apply for a HSBC personal loan?

Before signing up for a HSBC personal loan, shop around! Our comparison tool offers quotes from dozens of lenders in just seconds. Find the best terms and rates for your profile.

Compare personal loan interest rates in seconds

Find the best interest rate

Apply in three ways:

  • Apply online for an HSBC Personal Loan. The status of your application will be communicated to you within 2 business days
  • Apply by phone: 1-888-310-4722
  • Visit a branch near you to apply

If you are eligible for the loan, you will be asked to provide personal details and annual income (pre-tax).

Can I get a HSBC personal loan with bad credit?

Personal loans are available to many borrowers with a bad credit score. You will have to check with HSBC because everyone's situation is different. They will review your financial statements, your employment history and your credit score. Having a co-signer or guarantor with a better credit score increases the chances of a successful loan application.

Good to know

Some lenders exist to help borrows with poor credit scores, so even if HSBC rejects your application, you have options for a personal loan.

Before signing with HSBC, compare current personal loan interest rates and offers.

HSBC personal loans - contact information, phone number and client space

Toll-free line: 1-888-310-4722.

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Alexandre Desoutter

Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a as a contributor to several publications.