HSBC 25K Loan

£highflyer

Does anyone seem to know criteria of obtaining the max 25k loan. I have read through the terms etc and fit everything but are they llikely to offer the 3% rate they have advertiseed. Apologies if it is a silly question, but don't want to go through credit check and find they offer 7-8%.

Anyone who has had expereince and can relate?

Foxy-Stoat_3

Only HSBC will be able to offer you the answers you seek.

As a minimum your credit history needs to be spotless for a number of years, you need to have no debt and be earning £50,000 +

Oh if you have no savings and you are on £50,000+ then I wouldn't bother applying.

Tixy

The representative rate for a £25k loan with HSBC is 6.7%.

I'd be surprised if any commercial lender has a representative rate on a £25k loan of around 3%.

henm2

You could get a representative rate with HSBC of 3.9% APR if the borrowing was between £7K and £15K.

nyermen

As others have said, the low rate is for smaller loans.

I'm in the last year of a loan from them for 20k, and they were clear that if it was just below15k, the rate dropped massively (special offer), but above that amount, it jumped. I think my rate was 7%.

Also worth noting that the rate will depend on the length of the agreement, mine was 4 years / £500 a month repayment.

Peter.

£highflyer

nyermen wrote: »

As others have said, the low rate is for smaller loans.

I'm in the last year of a loan from them for 20k, and they were clear that if it was just below15k, the rate dropped massively (special offer), but above that amount, it jumped. I think my rate was 7%.

Also worth noting that the rate will depend on the length of the agreement, mine was 4 years / £500 a month repayment.

Peter.

Thank you everyone, just joined the forum and I must say I'm impressed by the responses. This has been helpful

Paul_Downward

Unfortunately, banks hold all the strings, when you have disposable income, they offer you money at stupidly low interest rates, but when you actually need it they rape you, bit like giving you an umbrella and taking it off you as soon as it starts to rain.