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HSBC offers personal loan @ 4.3%

Found 19th May 2014

buying a new car to simply consolidating finances,Hsbc customers can receive a representative of 4.3% APR for Personal Loans between £7,000 and £15,000.

Eligibility requirements:

1.To be eligible for an HSBC Personal Loan you need to:
be an HSBC current account customer (Premier, Advance, Bank Account, Graduate account)
2.have an annual income/pension before tax of £10,000 or more
3.be a resident of the UK
4.be over 18

I have average credit rating, applied online and accepted and funds are in my a/c with in minute.

give it a go, good luck

Please note that 4.3% is the representative rate not gauranteed. Rate will depend upon on many parameters like your credit histroy etc. But worth giving a try by popping into their branch.
- akodalikar

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45 Comments

19th May 2014

Hot

19th May 2014

If you want to consolidate your finances and have outstanding balances, then an alternative is a 0% balance transfer credit card

For example the Lloyds 0% for 24 months balance transfer credit card has a 1.5% fee
If you transferred a balance of £2k then the one off fee would be £30. You will need to ensure that you keep up the minimum payments so that you dont flip out of your promo rate and ensure that once the 24 months is up you transfer your balance to another lender or have paid the balance off in full so that you dont incur interest payments

lloydsbank.com/cre…asp

Edited by: "Chanchi32" 19th May 2014

19th May 2014

very hot but you'll be lucky to get that rate. I have a 997 experian excellent rating but I still don't get these lowest rates.I usually get about 8%

20th May 2014

The 4.3% is the representative rate so it could actually come back lower or higher than the 4.3%

If you have a decent credit rating and haven't ran your accounts terribly by going overdrawn or having direct debits returned often then there is no reason you won't score for the representative rate.

Also your existing exposure to debt ie how much credit you currently have available to you from all your lenders combined even if your not using it eg your £2000 credit card limot vs your income, age residential status and account conduct

20th May 2014

rhinopaul
very hot but you'll be lucky to get that rate. I have a 997 experian … very hot but you'll be lucky to get that rate. I have a 997 experian excellent rating but I still don't get these lowest rates.I usually get about 8%

By law they have to offer it to two thirds of customers.

I'm thinking the 8% you've been getting offered is due to either a low loan amount £1-£7k enquiry or possibly you may already be close to a lending limit.

20th May 2014

rhinopaul
very hot but you'll be lucky to get that rate. I have a 997 experian … very hot but you'll be lucky to get that rate. I have a 997 experian excellent rating but I still don't get these lowest rates.I usually get about 8%

They can't advertise a rate unless they give it to the majority of applicants AFAIK.

20th May 2014

BTW people if you only need to loan £5k then go for the £7,500 and make over payments to bring it down to £5000, you should then receive a better rate.

I haven't fully read the terms of this loan so please do before doing anything, however it's usually the case.

20th May 2014

Rep APR means they have to give to 51% of accepted applicants. 49% of customers could get a different rate.

20th May 2014

oddballjamie
By law they have to offer it to two thirds of customers. I'm thinking the … By law they have to offer it to two thirds of customers. I'm thinking the 8% you've been getting offered is due to either a low loan amount £1-£7k enquiry or possibly you may already be close to a lending limit.

It's only 51% of successful applications since representative APR was introduced. It used to be 66% when it was typical APR.

20th May 2014

Chanchi32
Rep APR means they have to give to 51% of accepted applicants. 49% of … Rep APR means they have to give to 51% of accepted applicants. 49% of customers could get a different rate.

Jinx.

20th May 2014

oddballjamie
By law they have to offer it to two thirds of customers. I'm thinking the … By law they have to offer it to two thirds of customers. I'm thinking the 8% you've been getting offered is due to either a low loan amount £1-£7k enquiry or possibly you may already be close to a lending limit.

Loan was £12k I have never missed a payment, never had any ccj's totally clean .Excellent history of paid off accounts. Im on a descent wage and only use 20% off my credit cards funds.

20th May 2014

kneale81
It's only 51% of successful applications since representative APR was … It's only 51% of successful applications since representative APR was introduced. It used to be 66% when it was typical APR.

Still a fair chunk then, in my defense it's been a long time since I last had a loan (excluding the mortgage). Much nicer feeling when you pay for something outright you've saved up for.

20th May 2014

rhinopaul
Loan was £12k I have never missed a payment, never had any ccj's totally … Loan was £12k I have never missed a payment, never had any ccj's totally clean .Excellent history of paid off accounts. Im on a descent wage and only use 20% off my credit cards funds.

Try a different bank then, just not too many in the same quarter.

20th May 2014

Yeah you use 20% of your credit card funds. So you have 10000k limit an eg. So your only using 2k at any given tims. You apply for a loan of 12k that now mean you potentially have 22k of avail credit. You COULD go tomorrow and blow it all.

Banks must make sure you could still afford to Make payments if this were the case hence why this is considered to make sure its all affordable.

Edited by: "Kenneth131" 20th May 2014

20th May 2014

oddballjamie
Try a different bank then, just not too many in the same quarter.

I wont bother as Im aware of not applying for too many loans. I was just pointing out that not every one may get the lowest rate which includes myself even though I have excellent rating.

20th May 2014

rhinopaul
I wont bother as Im aware of not applying for too many loans. I was just … I wont bother as Im aware of not applying for too many loans. I was just pointing out that not every one may get the lowest rate which includes myself even though I have excellent rating.

Kenneth makes a good point about access to credit, banks don't like the idea you could get a loan and then max out existing credit cards and do a bunk.

Other than that it could be someone you are financially attached to, either a partner with a shared account or family member living at same address with iffy credit.

20th May 2014

oddballjamie
Kenneth makes a good point about access to credit, banks don't like the … Kenneth makes a good point about access to credit, banks don't like the idea you could get a loan and then max out existing credit cards and do a bunk.Other than that it could be someone you are financially attached to, either a partner with a shared account or family member living at same address with iffy credit.

I understand the access to credit liability but I have 20 years top notch history. All loans paid on time and paid off. No bad/iffy credit with anyone else in household. I don't think its that easy to do a so called bunk these days but if that was your intention then it wouldn't matter what rate you was offered you will still do it anyway.

Even amongst friends and family I have never known them to get the lower rates. Good luck for those that do though.

20th May 2014

I've got 2 credit cards with around 2.5k limit on each, opened them a year ago for the 6 months no interest and ain't used it since should I cancel them?

20th May 2014

rhinopaul
Loan was £12k I have never missed a payment, never had any ccj's totally … Loan was £12k I have never missed a payment, never had any ccj's totally clean .Excellent history of paid off accounts. Im on a descent wage and only use 20% off my credit cards funds.

We're ALL on a "descent" wage at the moment... except the financial sector!!!

20th May 2014

rhinopaul
I understand the access to credit liability but I have 20 years top notch … I understand the access to credit liability but I have 20 years top notch history. All loans paid on time and paid off. No bad/iffy credit with anyone else in household. I don't think its that easy to do a so called bunk these days but if that was your intention then it wouldn't matter what rate you was offered you will still do it anyway.Even amongst friends and family I have never known them to get the lower rates. Good luck for those that do though.

I have a top notch credit rating, and every promotional rate (loan or credit card) I've applied for I get the best rate. I also keep my credit card limits low and close any unused accounts - so I guess you must be doing something wrong

20th May 2014

rhinopaul
very hot but you'll be lucky to get that rate. I have a 997 experian … very hot but you'll be lucky to get that rate. I have a 997 experian excellent rating but I still don't get these lowest rates.I usually get about 8%

If they are advertising 4.3%, 51% of people have to be given that rate!

20th May 2014

Is borrowing money to go towards a deposit frowned upon? Looking to buy my own place but trying to get as much deposit possible for a cheaper rate etc.

Edited by: "Matty1255" 20th May 2014

20th May 2014

oddballjamie
BTW people if you only need to loan £5k then go for the £7,500 and make o … BTW people if you only need to loan £5k then go for the £7,500 and make over payments to bring it down to £5000, you should then receive a better rate.I haven't fully read the terms of this loan so please do before doing anything, however it's usually the case.

It reminds me of something I was told one time by a car salesman: something about if they think you are buying on HP you can get them down more on the price of the car. (Because they are making it back and more on the loan, obv.) Then pay of the HP quickly if the agreement allows for it.

Thanks for this interesting info. I must try to remember it if I ever go for a loan or next time I get a car.

20th May 2014

I just received the same offer but from Santander

santander-products.co.uk/loa…G45

Edit, you need to be Santander 123 customer

Edited by: "wingz" 21st May 2014

20th May 2014

IS this one only for santander customers?

wingz
I just received the same offer but from … I just received the same offer but from Santanderhttp://www.santander-products.co.uk/loans/personal-loans/guaranteed.html?cm_mmc=Rate45-_-lbm-_-eml-_-G45

21st May 2014

rhinopaul
very hot but you'll be lucky to get that rate. I have a 997 experian … very hot but you'll be lucky to get that rate. I have a 997 experian excellent rating but I still don't get these lowest rates.I usually get about 8%

Hmm, I'm with HSBC and have a 978 credit rating. I got the advertised rate.

21st May 2014

No chance of getting that rate. No chance.

21st May 2014

It's a loan! Only debt you should 'need' is fir a mortgage. Get serious about paying off debt if you do choose to consolidate and get a car you can afford to pay cash for. Might involve saving and budgeting properly but we are way too reliant on debt in this country.

21st May 2014

jcluk
It's a loan! Only debt you should 'need' is fir a mortgage. Get serious … It's a loan! Only debt you should 'need' is fir a mortgage. Get serious about paying off debt if you do choose to consolidate and get a car you can afford to pay cash for. Might involve saving and budgeting properly but we are way too reliant on debt in this country.

bit of a **** really aren't you.....

21st May 2014

No clue what my credit score is but I applied in Feb for £14k (hubby wanted a new car) and got the loan at that rate.
So it is possible... Now he has his shiny new car (& making all the repayments I may add) but sadly I don't have a license... though the car is automatic, hmmmm..
The roads aren't ready for me yet

21st May 2014

I love it when people feel they need to share their financial history and describe what a good customer they are.

In reality a lot will be typing it on an ancient PC on dial up in a dank bedsit.

21st May 2014

If you are carrying any balance on your cards it is impossible for other lenders to know how much is monthly spend which is paid off and which is underlying debt from overspending.

I know it makes sense to use interest free and leave the savings in the bank but they don't look at the amount you've got saved, only the amount borrowed and in that regard, anyone with borrowings on cards looks the same as someone who continually lives in la la overdraft land and indebted to the credit cards.

21st May 2014

So, I COULD take out a loan for 15k @ 4.3%, use it to pay down a deposit for a house, the mortgage for which I can take out at a fixed rate of 4%... so I'll buy a house 100% on credit...

21st May 2014

almo
[quote=jcluk]bit of a **** really aren't you.....

No. People need to seriously question the debt they take on. Mortgage is the only debt we should ever 'need'. Everything else can be saved for. Even consolidating existing debt doesn't pay off for most as it doesn't fix the underlying problem of spending more than you have coming in.

You can choose to trade in petty insults but you're going to be worse off in the long run. That's more akin to your description.

21st May 2014

"have an annual income/pension before tax of £10,000 or more", wow, a £7k minimum loan on such a low salary.. that's irresponsible of the banks in my opinion.. this is why you end up with so many repo's

21st May 2014

I actually work for HSBC and this rate is very attainable, I would say that 80% of my customers have been given 4.3 since the rate came into affect...

Can't borrow for a house deposit though, well unless you can convince the bank that's not what it's for!!

21st May 2014

jenny357
I actually work for HSBC and this rate is very attainable, I would say … I actually work for HSBC and this rate is very attainable, I would say that 80% of my customers have been given 4.3 since the rate came into affect...Can't borrow for a house deposit though, well unless you can convince the bank that's not what it's for!!

Best i got was 9.9% for getting a new car, didn't go with it decided to keep the shed i have for now

21st May 2014

airwalkr
"have an annual income/pension before tax of £10,000 or more", wow, a £7k … "have an annual income/pension before tax of £10,000 or more", wow, a £7k minimum loan on such a low salary.. that's irresponsible of the banks in my opinion.. this is why you end up with so many repo's

7000 min to get that rate it would never be advocated that you should take out more than you actually need as a lover amount at a higher interest rate could work out better over the term than taking a higher amount just to obtain a lower rate but paying more on interest over the whole term.

So think about how much you actually need

21st May 2014

hanif248
So, I COULD take out a loan for 15k @ 4.3%, use it to pay down a deposit … So, I COULD take out a loan for 15k @ 4.3%, use it to pay down a deposit for a house, the mortgage for which I can take out at a fixed rate of 4%... so I'll buy a house 100% on credit...

No as mentioned a personal loan can not be used for buying a house.

21st May 2014

best to just rent a cheap place and save, daft to try and pay a deposit using a loan

HSBC offers personal loan @ 4.3%

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