HSBC Canada Personal Loans and Lines of Credit

The Hong Kong and Shanghai Banking Corporation, Canada’s leading international bank, offers unsecured loans, personal loans, lines of credit and creditor insurance to meet the financial needs of all its customers. HSBC of Canada is also part of the giant HSBC Group, which is among the largest banking establishments in the world.

Personal Loans Products

Personal loans allow borrowers to obtain a fixed amount of money from the bank with an agreement to repay the full-dollar amount plus acquired interest. Personal loans help individuals make major purchases, investments or consolidate debt. When considering a personal loan the Financial Consumer Agency of Canada recommends:

  • Investigating all lending options
  • Determining how payment amount will affect your budget
  • Learning about additional fees or late charges
  • Determining total amount paid after all principal and interest
  • Knowing when payment is due each month
  • Determining the term, or length of time the loan agreement remains in effect
  • Inquiring about the cost of optional services such as loan insurance
  • Determining the annual interest rate: the interest rate charged on the loan

HSBC Bank Canada offers several personal loan options:

  • Payment on a monthly, weekly or bi-weekly basis
  • Choice of a fixed or variable interest rate
  • Optional payback term of one-to-five years

Personal Line of Credit

Hong Kong and Shanghai Banking Corporation in Canada allows consumers to gain access to a personal line of credit to use for:

  • Vacations
  • Home renovations
  • Home repairs
  • Unexpected expenses
  • Education

HSBC Bank of Canada offers:

  • A variable interest rate on each line of credit
  • Payments of $50 per month or the greater of 3 percent of the outstanding balance on the personal line of credit

HSBC Premier Products

Through its Premier Products, HSBC offers a $25,000 personal line of credit.

Requirements:

  • Maintain an active Premier chequing account
  • Maintain a balance of $100,000

HSBC Advance Products

Customers can obtain a $5,000 personal line of credit though the HSBC Advance package.

Benefits:
  • Preferential loan rates
  • Quick and convenient access to line-of-credit funds at ATMs, The Exchange and at branches.
  • Ease of transfer of funds from one account to another through use of the phone, internet, at any HSBC ATM or at any HSBC branch
  • Access funds through writing cheques

HSBC Loan Insurance

HSBC Bank Canada offers instant consumer insurance coverage of up to $500,000 for:

  • Personal lines of credit
  • Personal loans

HSBC Canada Personal Loans and Lines of Credit Rates

Premier customers at HSBC Bank Canada enjoy lower rates than Advance customers. On August 8, 2011, Premier customers, for example, received a one-year-fixed-closed loan at 3.05 percent, whilst Advance customers received an identical loan for 3.15 percent.