HSBC : money back after your loan is paid? too good to be true??

[tallica]

Hi all,

 

In conversation with a friend, she mentioned she recived a letter from HSBC bank regarding a loan she had with them. In it they state that after her loan comes to an end, she is entitled too recieved a " cash back" amount of around £500....i think this equates to around 10% of the original loan. She rang them asking what it was all about, and the woman on the line informed her it was because of never missing a payment, good customer blah blah.

 

Has anyone else had experience of such a thing? Any views or opinions greatly appreciated. " money for nothing" ??? seems too good to be true

[tallica]

anybody??

[gil_jnr]

What's the APR compared to an 'average' loan they offer for the same amount though?

[tallica]

no this isnt a special loan or deal as such.....its just their normal run of the mill loan at the typical APR.....on further enquiry my brother in law has had a loan with HSBC and he too recieved this money in his account, he queried it and low and behold it was this " cashback".....maybe its genuine, but i cant get my head round it myself lol