lowest ever rate for personal loans 3.3% at HSBC
357°Expired

lowest ever rate for personal loans 3.3% at HSBC

43
Found 8th Jan 2016
Apply for a personal loan from the 11th of January between 7k to 15k and the interest rate starts from 3.3%APR. Existing interest rate is 3.7%APR. Good occasion to clear the outstanding balances from your credit cards from Christmas shopping.3.3% is not guaranteed because it depends on your credit score.M&S bank offers the same interest rate.
Community Updates
HSBC Deals

Groups

43 Comments
A correction there, its not dependant on your score but your credit history. Your score is figure which only you see so have a score of 999 doesn't mean you will get the best rates. In any case your score will be different with the other 2 reference agencies if they use them.
Naive question, so don't beat me to it - but can I use a personal loan to put for a deposit on a home mortgage - or does that have an impact on my mortgage eligibility?
One of the most notorious bank and would go to any lengths (eg: mexican drug lords) to make money..Avoid
This offer yet to be confirmed and as always advertised rate and won't surprise if they not offer to 51% and still go on advertising.
matwalaboy

Naive question, so don't beat me to it - but can I use a personal loan to … Naive question, so don't beat me to it - but can I use a personal loan to put for a deposit on a home mortgage - or does that have an impact on my mortgage eligibility?



When you borrow personal loan it will have impact on your credit file so when it comes to checks for mortgage it may affect depending on our credit file. Also as I said earlier it is advertised rate so you may not be offered this rate (if it exists) and would you want to start on property ladder with two sets of installments. I would suggest you carefully asses as it is a long terms commitment.
M&S bank are doing the same rate..3.3%
adi0604

One of the most notorious bank and would go to any lengths (eg: mexican … One of the most notorious bank and would go to any lengths (eg: mexican drug lords) to make money..AvoidThis offer yet to be confirmed and as always advertised rate and won't surprise if they not offer to 51% and still go on advertising.


I think you could say that of all banks......the COOP included. But I agree with you. Time for a range of truly "ethical" banks I think.
matwalaboy

Naive question, so don't beat me to it - but can I use a personal loan to … Naive question, so don't beat me to it - but can I use a personal loan to put for a deposit on a home mortgage - or does that have an impact on my mortgage eligibility?



When they look at your eligibility, they look at your ability to pay. Essentially your disposable income. If you have £400 a month tied to paying back the deposit loan, that obviously reduces what you can afford to pay towards a mortgage.
LittleishOne

When they look at your eligibility, they look at your ability to pay. … When they look at your eligibility, they look at your ability to pay. Essentially your disposable income. If you have £400 a month tied to paying back the deposit loan, that obviously reduces what you can afford to pay towards a mortgage.


Thanks - that makes it clear indeed
adi0604

When you borrow personal loan it will have impact on your credit file so … When you borrow personal loan it will have impact on your credit file so when it comes to checks for mortgage it may affect depending on our credit file. Also as I said earlier it is advertised rate so you may not be offered this rate (if it exists) and would you want to start on property ladder with two sets of installments. I would suggest you carefully asses as it is a long terms commitment.


Thanks a lot - that makes a lot of sense.
Been like that for ages. A friend who is a Business Manager told me that the rates are not solely depending on the credit score but on the internal indicative limit.
Age is another factor.
75% of people applying are not getting 3.3%.
Hope this helps.
matwalaboy

Naive question, so don't beat me to it - but can I use a personal loan to … Naive question, so don't beat me to it - but can I use a personal loan to put for a deposit on a home mortgage - or does that have an impact on my mortgage eligibility?



Not recommended.

gocompare.com/mor…it/
A personal loan is an unsecured loan and a mortgage is a loan secured on the value of the property. Typically a secured loan has a lower interest rate but with a 0.5% BOE Base rate the rates on both types of loan are getting quite close but as LittleishOne mentioned its all about affordability.
sam1970

M&S bank are doing the same rate..3.3%



That's because M&S Bank is a trading name of Marks & Spencer Financial Services plc which is a wholly owned subsidiary of HSBC Bank plc.
gave me 8.9% so I said no thank you very much!
I wonder if it would be beneficial to pay off an older loan with this.
mihailaionut

gave me 8.9% so I said no thank you very much!



Must be based on your financial circumstances. My wife applied Saturday and got the 3.3%, I popped in local branch yesterday for the paperwork (rather than wait up to 5 days to receive it), signed and returned into branch today and the money is now sitting in the account.

Great turnaround from HSBC
reckoning

I wonder if it would be beneficial to pay off an older loan with this.



In my mind that would be the equivalent of digging yourself a bigger ditch. The new one will come with fees that are added to the loan amount. Yes you'll get a better rate but at what cost.
IIRC Nationwide promise to beat any quote by .5% if you hold a current account with them.
Max 60 months vs Marks and Sparks 84 month loan max..
fweddy

In my mind that would be the equivalent of digging yourself a bigger … In my mind that would be the equivalent of digging yourself a bigger ditch. The new one will come with fees that are added to the loan amount. Yes you'll get a better rate but at what cost.



That's what I was wondering. Say I had a 7k loan now at 6%, would it be worth the 'transfer'. I didn't think loans had that many hidden fees, then again I've only ever had 1 loan.
fivegoldstars

IIRC Nationwide promise to beat any quote by .5% if you hold a current … IIRC Nationwide promise to beat any quote by .5% if you hold a current account with them.



Yep that is correct, worth considering if you bank with them
Great deal if you can get it. Hot from me will look into further.
You'll never get this loan rate with them. It's just a draw.
Why wouldn't you just BT any credit card debt you are paying interest on? Think u can 23 months with no fee, or 39 months with a fee that'll work out much less than the interest in this...
reckoning

That's what I was wondering. Say I had a 7k loan now at 6%, would it be … That's what I was wondering. Say I had a 7k loan now at 6%, would it be worth the 'transfer'. I didn't think loans had that many hidden fees, then again I've only ever had 1 loan.



If you have relatively good credit score, you should perhaps look at a balance transfer credit card. Say you get an £8k limit, you could easily find a card to pay it off at 0% for x number of months and it'll only cost the transfer fee:
moneysavingexpert.com/cre…rds

Even if you get one for 24 months and pay off £100 / month, once that rate ends simply apply for another balance transfer offer with different bank and do the same thing. It's a bit of work (realistically only takes a few mins), but it's much cheaper than a loan mate. Hope it helps.
If you're a HSBC Advance or Premier customer, you also get 10% cashback on interest payments on personal loans.
Edited by: "dnc316" 19th Jan 2016
Bizness

You'll never get this loan rate with them. It's just a draw.



Can confirm this works as I just got this rate =)

Hot from me..
Kilbers

Can confirm this works as I just got this rate =) Hot from me..



Ha ha
Last year they had 3.4% offer and i needed a loan for house improvement. It took me 10 minutes to fill the online form and another 10 minutes before the funds got transferred upon approval( i am HSBC customer ). To me it was good deal.
cheaperbythe12

If you have relatively good credit score, you should perhaps look at a … If you have relatively good credit score, you should perhaps look at a balance transfer credit card. Say you get an £8k limit, you could easily find a card to pay it off at 0% for x number of months and it'll only cost the transfer fee:http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cardsEven if you get one for 24 months and pay off £100 / month, once that rate ends simply apply for another balance transfer offer with different bank and do the same thing. It's a bit of work (realistically only takes a few mins), but it's much cheaper than a loan mate. Hope it helps.



Very good idea on the 0% balance transfer. Refinance loans are very useful and often people do it, so yes it would be a good idea to repay an existing loan with this loan if it were a lower rate, you'd save yourself a fortune if the late were substantially lower on this loan and the cost of repayment is usually tiny. It's not digging yourself a bigger ditch unless you double your lending and can't afford to pay for example.
Nice thanks
I've had the loan when the offer was at 3.7% can I ask them for the difference ?
flamethrower

I've had the loan when the offer was at 3.7% can I ask them for the … I've had the loan when the offer was at 3.7% can I ask them for the difference ?



You can always ask, whether they give you it or not would be entirely their discretion, I doubt it.
matwalaboy

Naive question, so don't beat me to it - but can I use a personal loan to … Naive question, so don't beat me to it - but can I use a personal loan to put for a deposit on a home mortgage - or does that have an impact on my mortgage eligibility?



​nope, for a mortgage you have to prove deposit through build up of savings/income/gift, if the lender sees you borrowed the money they will not give you the mortgage as the loan lender could have a financial interest in the property.
matwalaboy

Naive question, so don't beat me to it - but can I use a personal loan to … Naive question, so don't beat me to it - but can I use a personal loan to put for a deposit on a home mortgage - or does that have an impact on my mortgage eligibility?


Of course you can but tell em its for a car
flamethrower

I've had the loan when the offer was at 3.7% can I ask them for the … I've had the loan when the offer was at 3.7% can I ask them for the difference ?



Doubtful as that's the terms you signed up for (you wouldn't expect them to ask you for more if the rate had gone up ).

You could pay off the existing loan and sign up for another one at 3.3%, although that'll go against your credit rating.

someguy003

I think you could say that of all banks......the COOP included. But I … I think you could say that of all banks......the COOP included. But I agree with you. Time for a range of truly "ethical" banks I think.


is there such a bank?
flamethrower

I've had the loan when the offer was at 3.7% can I ask them for the … I've had the loan when the offer was at 3.7% can I ask them for the difference ?



Definitely not
nasir_glasgow

is there such a bank?



Bank of mum and dad?
nasir_glasgow

is there such a bank?


No- that's why I suggested it. Islamic Bank of Britain are very oppressive to muslims who want a mortgage and their profit rates are some of the poorest. They are in this game for themselves. "Fair banking" just does not exist.
Post a comment
Avatar
@
    Text