Going to apply for an HSBC personal Loan - couple of questions.

RickMoney

Hi,

So I need a personal loan to finish of some home renovation work. Was looking at applying for £15k with HSBC.

The mortgage is with them and I have had a current account with them for about 15 years. First question - will this loyalty result in better than advertised rates or is it just they know more on the finances to make a yes/no decision?

2nd Question - if accepted, how long can you delay till you actually get the money?

I have some funds still I can use but am tempted to get the loan sorted now before rates start going up (will actually probably need the money in Late Sept, Oct).

Many thanks,

Rick

dealer_wins

Their advertised rate will obviously be their most competitive rate.

Normally if you are accepted funds will be available within 1 month, and repayments within 30 days of that.

Jamsterthehamster

HSBC have No loyalty ...look elsewhere

forgotmyname

Loyalty may get you the loan if your borderline being rejected elsewhere. But best rates maybe not if your a good credit risk.

RickMoney

Thanks for the replies. The MSE website put the HSBC one at the best rate - would there be another place that can search the rates available?

I consider myself a good credit history.

Thanks

Rick

thebritishbloke

If you're accepted with HSBC, they'll put the funds in your account instantly. You won't get any better than their 3.9%, and you'll only get that if you have no bad credit and you've not had any hiccups with HSBC either. You won't know what you'll get until you apply, usually best to apply to your own bank for this kind of thing anyway

RickMoney

Thanks for the info. When you say apply 'to you own bank' do you mean your specific branch or does it not matter if you apply on phone?

thebritishbloke

RickMoney wrote: »

Thanks for the info. When you say apply 'to you own bank' do you mean your specific branch or does it not matter if you apply on phone?

I just mean the bank itself, if you're an HSBC customer, apply to HSBC, whether that's online, by phone or in branch won't make a difference, it all goes through the same system.

I'd apply online, takes the least amount of time and you don't have to sit on the phone listening to all the T&C's. Up to you though.

worriedindebt

RickMoney wrote: »

Hi,

So I need a personal loan to finish of some home renovation work. Was looking at applying for £15k with HSBC.

The mortgage is with them and I have had a current account with them for about 15 years. First question - will this loyalty result in better than advertised rates or is it just they know more on the finances to make a yes/no decision?
if you have a mortgage and current acc you will be in a good position, assuming affordability is OK. The advertised rate of 3.9% is the best they will give.

2nd Question - if accepted, how long can you delay till you actually get the money?
once you have been offered the loan, you can "delay" signing for 14 days before the app drops off, but once signed the money will be in your account instantly

I have some funds still I can use but am tempted to get the loan sorted now before rates start going up (will actually probably need the money in Late Sept, Oct).
be a good idea to apply now and stick the money into a savings acc or even isa if you can to get something back. If you don't need the money you can repay early or make overpayments if you don't need it all

Many thanks,

Rick

Hope that helps.. Ps be aware that £15k is the max you can have at 3.9% unless you are a Premium customer

RickMoney

Hi, Thanks for the replay and the information. I really appreciate it.

bouncydog1

As you already have a mortgage with HSBC, if there is equity in the property I would enquire about one of their equity release loans. This runs alongside your mortgage and will be linked to the base rate.

It iis secured on your property but as it is to upgrade your property then it's not the same as borrowing for a car and securing against your property.