HSBC Bank USA has launched a digital lending platform powered by US technology platform Amount.
The new platform, which leverages Amount’s digital capabilities, is designed to simplify online personal loan application process. It has been customised to meet HSBC’s specifications including proprietary risk models.
The digital lending platform allows the customers to evaluate their loan options, and fill and submit the application online.
According to HSBC Bank USA, approved customers will receive the amount in their bank account as quickly as the next day.
Initially, the customers can borrow up to $30,000 with terms ranging from two to five years.
HSBC USA Retail Banking and Wealth Management head of cards and unsecured lending Marcos Meneguzzi said: “With the launch of this product we’re addressing a significant customer need and tapping into a rapidly growing segment of the consumer lending marketplace.
“Millions of Americans carry balances at high interest rates, and unfortunately, unexpected expenses pop up every day. We’re providing a safe, transparent, fast and easy way to borrow money online at fixed rates with no origination or pre-payment fees.
“With fixed monthly payments that start 50 days after customers are funded, we’re helping them better manage their financial lives.”
HSBC Bank USA, is the principal subsidiary of HSBC USA, which is itself a subsidiary of HSBC North America Holdings. The American unit offers retail banking, wealth management, commercial banking and private banking services.
Recently, HSBC released its H1 2019 results. Its Retail Banking and Wealth Management division registered a $4.4bn in pretax profit, compared to $3.6bn in the corresponding period a year earlier.