HSBC Bank USA announced that it will utilize Amount, the end-to-end technology platform online lender Avant, to meet the borrowing needs of its customers. The new digital lending platform will provide U.S. consumers, including existing HSBC’s customers, a simple way to apply for personal loans online according to a press release.
“The U.S. unsecured personal loan market is growing at 20% annually and has surpassed $125 billion in balances,” said Pablo Sanchez, Regional Head of Retail Banking and Wealth Management for HSBC in the U.S. and Canada. “Every year millions of consumers take out a loan to pay for unexpected expenses, consolidate debt or for needed home improvements, among other things. By adding personal loans to our expanding product suite, we’re meeting the needs of today’s consumers who want a safe, fast and easy way to borrow money online.” HSBC’s new online lending platform will be available to customers in the first half of 2019.
The launch of HSBC’s personal lending product follows last year’s debut of its new online credit card onboarding platform, as well as a refreshed set of credit card offerings.