Many borrowers are taking advantage of a loan feature that allows them to reduce their interest rates in exchange for timely payments, officials at HSBC Consumer Finance report. In an interview with Inside B&C Lending, officials at HSBC, formerly known as Household International, said that some 115,000 borrowers had their rates reduced in 2004 through the Pay Right Rewards program. Overall, the company estimates, 94 percent of customers with Pay Right loans will qualify…