DG in Canada says: “HSBC has failed to keep my credit rating secure…I made arrangements to make a late payment and after making the arrangements they reported to the credit bureau of a late payment. this has tarnished my credit rating. They have also missed payments that have been made. I pay online and had confirmation numbers, I was charged interest on late payments even after I proved they were made.
This is a bad company to deal with, they are very quick to lend you money, but fail to tell you about how the interest rate sustem works, they charge daily interest and ding you 3 days per month on the balance outstanding, which in turn makes the minimum payment interest only. If you deal with them, make sure you can make at least double and triple payments all the time, other wise you will pay thousands in interest charges.
If you ever have to phone their customer service, expect it to be a very lengthy wait with no results…i will never ever do business with them or anyone affiliated with HSBC ever ever again. There should be a law in place to protect people from this level of lending and interest charges. They make it sound like a sweet deal when in fact you end up hurting your credit rating because they do not post all your payments on time.”
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