HSBC To Give Rejected Loan Applicants Second Chance?
People who've been rejected by HSBC for unsecured loans may be referred to a subsidiary
6th April 2004
The HSBC banking group has announced that some unsecured loan applicants who fail to pass the credit scoring process may be referred to a subsidiary of the group, HFC, which may be more likely to approve the loan.
The new plan covers unsecured loans of up to £25,000 and is aimed at people whose credit scores are not high enough to qualify for a standard bank loan.
These potential customers will be referred to HFC who operate a more flexible lending criteria, possibly approving the loan albeit at a higher interest rate.
Not all rejections will benefit though - HSBC say they are not aiming for people on low income with sub-prime credit ratings, but those who narrowly fail the credit scoring process.
Read More: Financial Times
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