More details

Fixed repayment terms

Spread your repayments equally over 1 to 5 years for HSBC Premier Personal Loans of £15,000 and less, or over 1 to 8 years for loans of over £15,000.

 

The first repayment is due 30 days from drawdown.

 

If you are eligible and choose the deferred start option the first repayment is due 3 months from the date of drawdown. 

 

Repayments will be taken monthly from your HSBC current account.

 

 

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. Personal Loans are available from £1,000 to £50,000 in £10 increments.

 

 

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.

 

 

Debt consolidation considerations

 

  • if you are using any part of this loan to pay off or reduce existing loan(s)/debts (including combining these into a single loan), it is 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

 

 

Apply for additional borrowing

You can apply to borrow more money either via HSBC branches, telephone or Online Banking. 

 

 

Early repayments

  • You can repay your loan in full at any time by giving us notice in writing, 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
  • If you make an early repayment, there may be a reduction in the amount of interest you pay. This will be reflected in the settlement figure
  • The settlement figure includes interest up to the date that’s 28 days from when you tell us you want to repay the loan, plus an additional month

 

Overpayments

If you take out a loan, you'll be able to make overpayments or lump sum repayments to your loan. These payments may reduce the amount of interest you pay over the term of the loan.

 

 

Our credit facilities

You can get full details of our credit facilities, including a written quotation from any of our branches, 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 8am to 10pm every day (except for Christmas Day, Boxing Day and New Year's Day).