Digital News Report – There are various methods of consolidating debt including mortgage and personal loans. Debt consolidation loans are a common way to consolidate multiple obligations into one payment.
HSBC offers both secured and unsecured methods of debt consolidation. The monthly payment and interest rate may depend on credit history and loan amount. There may also be fees associated with the loan.
The refinance rate can be as low as 4.813%. On a $30,000 loan the bank will charge fees of $647 with estimated payments of $154.
HSBC also offers a line of credit, but the interest rate can vary. For instance, if the loan amount is $50,000, the borrower can get a rate of 8.19%.
As the loan amount increases the interest rate drops. If the borrower needs $100,000 the rate drops to 8.09 percent.
The bank offers personal loans as well. The rate can vary from 6.99-12.39% on terms of 60 months. The loan rate can be different depending on the term, loan amount and credit history.
By: Tina Brown