HSBC personal loan - very, very slow process

dogs_paw

HSBC have a pretty good interest rate (3.3% APR), but it is one of the slowest on the market to send money into your account even when you have been offered the loan. Because their loans involve a lot of paperwork (even if you apply online, they send you a pile of paper - the contract, basically, which you have already signed online, in principle - but you still have to send some part of it back to them signed and then they send another letter to confirm receiving your letter -- and they have a huge backlog so this takes about 3-4 weeks...) And then is can take up to another month to have the money transferred into your account.

So - it can take up to 2 months to have a loan from HSBC paid into your account.

Which is very different from other banks - Barclays loan was paid into my current account (which was with a different bank!) seconds after it has been approved (which was quite surprising!). Then the paperwork arrived in the post for me to sign or not (it wasn't compulsory as I had already provided an electronic signature and if I didn't want the loan any more I would have had to repay it all within the following 30 days).

With Nationwide, a loan approved in branch gets paid into your current account in 24 hrs if you have a current account with them and within 3 days if the current account is with another bank.

It is very easy to get a loan with a decent credit rating - the banks are throwing money at people right now.

jonesMUFCforever

Lloyds put the money in within seconds of you digitally signing the acceptance/CCA agreement.

ChemistDude

As did First Direct, 2 mins digital application and £25,000 was in my 1st Account. Switch banks, pass go, collect £100 and use a bank who makes your life easier.

Mine was taken out in Nov 2015 so mine is at 3.6% but the rate is lower now for new customers.

CFL_2

I got loan from HSBC and paid me in a second. I never had any problem. I applied at the branch.

Azzzaa

My Tesco loan was approved online on a Sunday, by Thursday the paper work i had received was being sent back sign, and by Saturday morning £20,000 was in my account! I'd highly recommend them!

elsnraeh

I have just applied for an HSBC loan without knowing this. Its to finance a car, no way the garage will hold the car for a month!!!
Any advice?:mad:

elsnraeh

ok just did a live chat with hsbc and they claim no backlog. When I asked how long it would take between acceptance and paying out the loan they said 14 days

JReacher1

I've had a HSBC loan. Did it online and got the money instantly.

tidds

elsnraeh wrote: »

I have just applied for an HSBC loan without knowing this. Its to finance a car, no way the garage will hold the car for a month!!!
Any advice?:mad:

Sure they will if you have put a deposit and you close within this sales period (April). I've actually put a deposit down on a car at a main dealer and told them i'm not picking it up or paying until end of the month, and they're fine with it as long as it's SP4.

Just advise them of the delay

Mahsroh

Did my application with HSBC online - took 10mins tops and cash was in my account instantly.

I am a current account customer though so perhaps that makes it simpler.