If you're already got an HSBC loan and are wondering if you can take out another one, the answer is yes. HSBC does provide the opportunity for you to be able to apply for more than one loan. While taking out a loan can come with an element of risk, it can also be a huge help, especially if you have the capacity to pay back the amount quickly.
Most of the time, people rely on loans to consolidate debts on credit cards, buy a car or improve their home. With an HSBC personal loan, for example, you can get relatively fast access to the cash you need for various expenses. HSBC allows existing customers to apply for further lending through Top Up Loans or an additional loan. Applicants with excellent payment history have a higher chance of getting approved for the new loan.
So what do you need to know before going back to the bank for more cash? For a start, it's important to have knowledge about the product you need so you can better understand the costs involved. Not only that, you should know the process you must take in order to apply again. Here’s how existing customers can apply for another HSBC loan.
What are the Features of an HSBC Loan?
HSBC offers two lending options for people with existing loans. The first is a Top Up Loan and the other is an Additional Loan. If you prefer to increase the total amount payable on your first loan, you can choose the top-up option. This allows you to keep your current APR (if you're happy with it) and it also simplifies your account as you only need to make one single payment per month.
If you choose to get an additional loan, note that the APR could be higher than what you have on the existing loan. Also, the amount you can borrow depends on your credit status. This way allows you to make two separate repayments, if you prefer it that way. For example, the new loan may be for a completely different expense than the first loan, so in order to better manage your finances, you may choose to keep them separate.
The advantage of a HSBC personal loans is, you can get a quick decision and access to funds. This is especially true if you have existing accounts with the bank. Note that the loan amount for a personal loan is between £7,000 to £15,000. For loan amounts higher than £15,000, the request is subject to the approval of HSBC.
What are the Fees for an HSBC Loan?
Loan rates depend on the borrowed amount. HSBC advertises a representative APR of 3.3% for loans between £7,000 to £15,000 but the APR you receive could be higher depending on your credit history.
Personal Loan
- £1,000 to £2,999 — 21.9% APR
- £3,000 to £4,999 — 18.9% APR
- £5,000 to £6,999 — 6.1% APR (15.9% Max. APR)
- £7,000 to £15,000 — 3.3% APR (16.9% Max. APR)
- £15,001 to £25,000 — 6.7% APR (15.9% Max. APR)
Premier Personal Loan
- £1,000 to £2,999 — 21.9% APR
- £3,000 to £4,999 — 18.9% APR
- £5,000 to £6,999 — 6.1% APR (15.9% Max. APR)
- £7,000 to £30,000 — 3.3% APR (16.9% Max. APR)
- £30,001 to £50,000 — 6.7% APR
How to Apply for an HSBC Top-up Loan
For a Top-Up loan, you need to contact HSBC to consolidate existing loans into one monthly payment. Upon application for the additional loan, you must have a bank or active building society account with a Direct Debit facility. Having a minimum income of £10,000 is also required for personal loans, be it a new application or an additional loan.
Note that the personal loan isn’t available for customers with only a Basic Bank Account. HSBC also depends on other factors like credit history, when deciding to give new loans. In addition, the bank doesn’t release funds for purposes such as purchasing a property and gifting funds to support the purchase of the real estate.
What to Take Note Of
Borrowing money to afford personal expenses like buying a new car or improving a home can be made easier with a HSBC personal loan. Not only that, if you already have an existing loan and need extra funds, the bank allows two different options to do so, providing you have a good credit history.
By borrowing a decent amount and being consistent with on-time repayment, you are likely to get access to extra funds from HSBC. For more information about the Top Up loan and additional requirements for adding a new loan, you can reach HSBC’s hotline or visit a branch.
How to contact HSBC
If you have any concerns regarding the loan application, personal information updates, early repayments or others, you can reach HSBC directly. Contact 0800-032-4735 for concerns about personal loans and +44 1442-421-016 for international calls. The customer service hotline is available from 8 am to 10 pm daily.
HSBC's main address is located at 1 Centenary Square, Birmingham B1 1HQ, United Kingdom. All other HSBC branches can be found via the branch finder. Any UK branch will be able to help you with your loan application.
Disclaimer: There are risks involved when applying for loans. Please see the bank’s Terms and Conditions page for more information.
