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HSBC excessive loan rate


DEEJAYEMM
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A friend of mine asked me to check his Loan Statement on a loan he took out from HSBC 13 months ago .

I was shocked to see that the interest rate applied on the account was 15.9% !! The loan was for the amount of £7650 over a 61 month period with a monthly repayment of £181.39. As the loan was over £7500 I feel that this is excessive. He has a good credit score. Does he have any right to say he was sold a loan at an excessive interest rate. What was the interest rate on a HSBC loan of £7500 in Sept 2010.

 

Any help appreciated.

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