HSBC has launched a personal lending platform in partnership with Amount, the bank partnership business unit of marketplace loan ABS issuer Avant. The move is the latest example of banks going online, often partnering with fintech firms, to tap into the consumer finance segment.
The HSBC platform will originate loans of up to $30,000 with terms ranging from two to five years. Borrowers are charged a fixed rate, with no origination or pre-payment fees. HSBC plans to focus on prime and super-prime borrowers.
“This platform further enables HSBC to grow our business