17.9%
£500 - £5,000
This is a revolving credit loan so there is no maximum loan term - providing you make repayments between 4% and 10% of the limit required (minimum repayment of £20 per month)
Direct Debit from your HSBC current account
2 hours
No Fee
Approved before 5:00pm - 2 hours
Approved after 5:00pm - next working day
Transferred into your HSBC current account
Yes
182nd for APR of 423 loans in the UK (See Lender League Table By APR)
113th for Customer Satisfaction (See Customer Reviews)
If you hold a current account with HSBC, you can apply for their FlexiLoan. This revolving credit facility is available between £500 and £5,000. A revolving credit facility is a loan where you can make lump sum payments with no penalties, you can pay interest only (must pay between 4% and 10% of your limit), the interest is calculated daily on the outstanding balance, only small monthly repayments are required (min. £20) and you do not need to worry about paying off the bulk of the loan - only the interest. The only thing is it is charged at a higher interest rate.
You can apply online, or you can apply via telephone. If you apply online, they will give you a provisional decision within a few minutes and they will also send you an email with this decision. If accepted, you will need to sign an electronic loan agreement and they'll transfer the money directly into your HSBC account. They can get the money in your account today, as long as you don't apply after 5:00pm. If you apply after 5:00pm, the money will go into your account the next working day.
HSBC are a big, well-known, high-street bank. They have a reputation for getting the money into your account quickly as it is transferred to you directly. The online application is simple, but can be quite lengthy if you're not used to filling out forms. If you enter your bank details, it will fill in your personal details so you don't have to do it again. They will however look at your credit history, so may not be a suitable option if your history is particularly poor (i.e. have made late payments, have CCJs or defaults). Be aware of any changes made to your monthly repayments - they have been known to change the repayments of your loan. If your circumstances change and for some reason you lose your job, they may be very insensitive and may be uncooperative in changing your repayments.
Average Customer Review:
(2 customer reviews)
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Don't get a small loan here
Leahslad, Stafford
1 year ago
I recently got a Flexiloan from HSBC for £1000 and boy do I regret it now. The idea was great, a payment of £40 a month, the ability to withdraw money back out again without needing to renew the loan and if you pay it back earlier, you pay less interest.
Great I thought, the rate was 16.9%, but I only wanted a small(ish) loan so I decided to put...
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hsbc make money from your mis-fortune
Dimarco, Clapham
1 year ago
I became redundant at the end of last year and owed @ £850 on a flexiloan with HSBC.
As I had to claim benefits, I politely asked them to waive the re-payments until I able to pay them, hope-fully within a few months.
I had banked with them for over 25 years and never, ever went overdrawn or made a late re-payment, however, they refused to show any...
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HSBC Bank plc, Arlington Business Centre, Millshaw Park Lane, LS11 0PP
0800 032 4735
