HSBC Bank USA, a unit of HSBC Group, has selected online lender Avant’s Amount platform to provide unsecured loans to customers.
In a bid to meet the bank’s unique requirements, Avant has tailored the Amount platform as per HSBC’s specifications, including its proprietary risk models.
After the loan is approved, the applicant can receive funds the next day. Initially, the bank has set a $30,000 cap on loan amounts with terms of up to five years.
The bank noted that the HSBC digital lending platform will enable its customers to assess their loan options and complete online loan applications quickly and easily.
The new platform is expected to be launched in the first half of next year.
HSBC US and Canada regional head of retail banking and wealth management Pablo Sanchez said: “The US unsecured personal loan market is growing at 20% annually and has surpassed $125bn in balances.
“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.”