@Anonymous wrote:For those who may be rebuilding credit like me, I wanted to share my recent experience with HSBC personal loan now available in the US.
A few years ago, I went through a divorce, we had to settle quite a lot of debt acquired through failed businesses. Due to this, I am ineligible for loans through Prosper, Lending Club, etc., where we had to charge off and settle our debt.
My credit scores were 662 EQ, 680 TU and 666 EX when I applied. I have late payment records from 2 years ago. My income is $190K per year. I wanted to finance my high interest credit cards into a new loan. DTI was not an issue.
I applied for $15K and was eligible for up to $20K at 13.99%. Considering that my credit profile does not look great due to multiple charge offs from 2 years ago, and the rate is much better than the credit card rate I have now. I did not need a HSBC bank account or any other banking relationships for this loan. I applied on Friday at 4 pm ET, and I was approved at 4:30 pm ET. They pulled EQ (score was listed as 683 so not sure if it's the same score as the one I see on Myfico.com), and did not request any documents. The only thing they requested was to verify my bank account to deposit the loan proceeds to (US Bank account required.) I agreed to auto payment, signed my promissory note, and money was in my account on Monday morning.
It sounds like HSBC is just starting out in the US for personal loans with online technology partnership with Avant or Amount. So they may be a bit more relaxed in terms of requirements and credit scores for now just like how some other online lenders were when they first started.
I wanted to share this experience for those who may be going through similar challenges as me looking to refinance high interest personal loans or credit cards to make payments more affordable to become debt free quicker.
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Congrats on your personal loan and your great experience with HSBC
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Big congrats im gonna go out on a limb and say your high income played a bigger role in getting a personal loan. Were you not making much and had issues with report i doubt banks would be so giving.
im gonna go out on a limb and say your high income played a bigger role in getting a personal loan. Were you not making much and had issues with report i doubt banks would be so giving.