What are The Different Types of Household Bank Personal Loan

Household Bank is part of the HSBC which is one the biggest financial institutions in the world. There are many types of Household Bank personal loans available at its two branches i.e. HFC and Beneficial. You can make a selection based on your personal needs and credit score. Personal loans are  for people who want to borrow money for a short term to pay for a personal expense.

Different Types of Household Bank Personal Loan

About the Bank

HSBC was founded in 1865 to begin trade between Europe and China. Today however, it has grown into one of the most prominent companies worldwide and has more than 9,500 branches across 85 countries across the world.

Branches

The two branches of HSBC are different because of their functions. Household Financial is aimed to serve individuals who need quick cash while Beneficial is to provide loans for people with bad credit histories.

Types of Household Bank Personal Loans

There are two types of personal loans you can apply for at Household Bank which is either the personal installment line of credit or the personal installment loan. The personal installment loan is where the entire amount is disbursed to the borrower at once while the personal line of credit because you can take out the money as the need arises using checks. It is an open-ended Household Bank personal loan.

Different Types of Household Bank Personal Loan

Function of a Loan

The Household Bank personal loan is for people who need a specific amount of money for the time being and can pay it back in the near future. It is unsecured which means there is no collateral required. The loans have minimal paperwork and applications are processed quickly.

The Loan Procedure

After the online application for the Household Bank personal loan has been submitted you will hear back from them within two business days. The representative will call to discuss the options you can avail and also schedule a personal meeting. Once the loan is approved the amount will either be deposited in your bank or disbursed in the form of a check.

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