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A secured loan is protected by an asset or collateral until the loan has been paid in full. If you do not repay your secured loan, the Bank may repossess the asset you used to secure the loan. Your secured loan can be secured against a car, property, cash or another asset of value. Whereas an unsecured loan is money that you borrow without having to use something of value that you own as collateral.

You will be required to provide documentation to your Personal Banker or Relationship Manager to support income and expense verification.

Your monthly loan payment will be debited from your HSBC Bank account or Everyday Savings account on a date of your choosing. Each month you must ensure that the funds are in the account on the date your payment is due.

You can make additional payments on your loan to help pay off the loan sooner and ultimately reduce the overall cost. There is also no charge if you pay off the entire loan at one time. To make additional payments or pay off the loan, you must write a letter for the request, indicate what account the payment is coming from with your signature and drop it off at any Customer Service desk in any local HSBC branch.