HSBC, one of the leading global lenders, offers a loan providing borrowers personal line of credit of up to $25,000. While the banking giant might not have a personal loan product, it is providing an unsecured line of credit for its savings account customers called Select Credit. This product allows customers to borrow money when needed. Just like regular loan products, it comes with annual interest and fees.

HSBC customers can use the money from Select Credit for different uses like home improvements, debt consolidation, vacations, and emergencies.

This product has three account types — personal, advanced, and premier. Personal and advanced account customers can borrow $1,000 to $10,000 while premier customers can loan $1,000 to $25,000.

The HSBC Select Credit has a 45-day introductory period wherein qualified borrowers will pay a starting interest of 16.24% for personal, 12.24% for advanced and 8.24% for a premier account. Moreover, they are entitled to avail optional overdraft protection with a variable interest of 20.24% and a $10 overdraft fee waived for Premier account holders.

As a privilege, those who avail this product can access their FICO credit score when receiving their monthly statement, enabling them to keep track of their financial condition.


Application Process

HSBC Select Credit is only available to the existing checking or savings account customers. Applicants can apply online using their online banking account. They can also apply by phone or in an HSBC branch. Applicants should be 18 years old or over and US citizens or permanent residents.

For the HSBC Select Credit, the bank provides a credit limit of $500 or above, which will depend on the customer’s accumulated line of credit and financial circumstances.

Fees and Interest Rates

HSBC Select Credit has no annual fee, cash advance fee and check transaction or balance transfer fees. But it has a late payment fee and returned payment fee of up to $35. After the 45-day introductory period, customers must pay an interest rate of 18.24% for personal, 14.24% for advanced and 10.24 for a premier account.


While the HSBC Select Credit can be a good source of emergency funds for existing bank customers, the product’s high starting rates can be burdensome to them, according to the online comparison site The online comparison site also warns applicants of the HSBC Select Credit’s lack of grace period unclear loan terms and lack of grace period.

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A Filipino-Chinese, Maricar Sze is highly educated and well travelled. With a Bachelor of Science in Computer Studies majoring in Information Technology. She is a business owner providing services to small to medium businesses in Australia. In earlier years, Maricar worked for American companies Verizon and MCI in Technical Support activities. Over some 8+ years in the SEO industry, Maricar is also a Google Certified Ads Specialist. With skills and expertise, she is responsible for shaping and implementing website optimisation, content marketing, PPC and quality measures for digital campaigns. Other interests include travelling, watching Netflix, and frequently volunteers at children hospitals or shelters.