Fixed repayment terms

• Spread your repayments over 1 to 5 years for HSBC Premier Personal Loans of £15,000 and less
• Spread your repayments over 1 to 8 years for HSBC Premier Personal Loans of over £15,000
• The first repayment is due 30 days from drawdown
• Repayments will be taken monthly from your nominated current account

Debt consolidation considerations

• If you're using any part of this loan to pay off or reduce existing loan(s)/debts (including combining these into a single loan), it's important to consider not just the interest rate and monthly repayments, but also the term of this loan compared to the remaining term of your existing loans/debts
• Spreading your payments over a longer term means you could end up paying more overall than under your existing arrangements, even if the interest rate on this new loan is less than the rates you are currently paying
• You should also consider if any early repayment charges apply and if this form of borrowing is appropriate for your circumstances

Interest

• At the start of the loan, we calculate the total amount of interest payable (total cost of credit) and spread it out over the loan term. We calculate the interest due from each monthly repayment based on the number of days between repayments and the outstanding capital balance. This means we collect a higher proportion of the total interest at the start of the loan, when the capital balance is bigger, and a lower amount towards the end
• If there are delays between repayments, then more interest will accrue during that period. For example, this can happen if the payment date you choose is more than one month after the date you sign your agreement, or if you take a payment holiday that isn’t shown in your credit agreement. Although we will never charge more total interest than shown on your credit agreement, this could mean that the rebate you get for settling your loan early is lower, or can go down to zero

Early repayments

You can repay your loan in full at any time by giving us notice in writing, through the mobile app, by visiting a branch or by calling us on 03457 404 404.

Once you’ve given us notice, we’ll give you a settlement figure. You must pay all the amounts owed if you want to close the loan.

Repaying your loan in full early

At the start of your loan, we will work out the amount of interest we can charge. Regulations set out the formula we need to use to work this out.

The formula allows us to charge daily interest from the date we gave you the loan up until 28 days after we receive your notice that you want to repay all of the loan early. It also allows us to charge an additional month of interest if your loan agreement said that your loan was repayable over a period of more than 12 months.

Usually, the amount of interest we can charge will be reduced as a result. In these cases, we’ll refund you the difference between the interest included in the total amount payable and this reduced amount of interest.  We will refer to this refund as a ‘rebate’ in our communications with you.

Impacts of a past delayed repayment

Sometimes we might not reduce the amount of interest we can charge. This could happen where your loan lasts longer than we state in your loan agreement. For example, where you have selected a repayment date that is later than one month after we give you the loan, and as a result your first repayment is delayed, or you have been late making your monthly payments.

If this happens, your monthly repayments towards the start of the loan will pay off more of the interest amount compared to if your loan lasted as long as we state in your loan agreement. But we’ll never actually charge you more interest than is included in the total amount payable. So once you’ve paid the amount of interest included in the total amount payable, your remaining monthly repayments will just pay off the loan amount.  

This is why we might not reduce the amount of interest we can charge. Because even though you’re repaying your loan early, the full amount of interest will have already been paid or become payable.

Responsible lending

As a responsible lender, we work with you to try to ensure that you do not borrow more than you can afford to repay. HSBC Premier Personal Loans are available from £1,000 to £50,000 in £10 increments.

If you think there might be a change in your circumstances that could increase your outgoings or reduce your disposable income, please contact us by phone or in branch for further guidance. Changes to consider are:

• Employment changes such as imminent retirement, maternity, paternity or extended leave
• Reduction in working hours, fixed contract end dates or zero hour contracts
• An increase in living costs such as rent or mortgage repayments

Apply for additional borrowing

• You can apply to borrow more money using online, telephone or branch banking

Our credit facilities

You can get full details of our credit facilities, including a written quotation from any of our branches, or by writing to:

Customer Information, HSBC Bank plc, PO Box 757, Hemel Hempstead, Herts HP2 4SS.

Or call us on: 0800 032 4735 (textphone 18001 0800 028 0126).

Lines are open from 08:00 to 22:00 every day (except for Christmas Day, Boxing Day and New Year's Day).