Halifax loans review 2019

Halifax personal loans are available to anyone, but have specific perks if you're an existing current account customer. Check out the lender's current rates and see how they compare.

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Halifax

Named after the West Yorkshire town where it was founded as a building society in 1853, Halifax is now part of the Lloyds Banking Group, and a major player in the UK banking market. It’s also known for briefly making a cult star of Howard Brown, the former face of its TV advertising campaigns.

Whether you’re looking to buy a new car, consolidate debt, refurbish the kitchen, or take that desperately needed holiday, Halifax offers competitive and flexible fixed-rate loans.

Table: sorted by representative APR, promoted deals first
Name Product Total Payable Monthly Repayment Representative APR
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.5% p.a. (fixed). Representative APR 3.5% and total payable £10,539.72 in monthly repayments of £292.77.
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.5% p.a. (fixed). Representative APR 3.5% and total payable £10,539.72 in monthly repayments of £292.77.

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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

Warning: late repayments can cause you serious money problems. See our debt help guides.

Key features of Halifax loans at a glance

You don’t necessarily have to have your current account with Halifax to apply for a Halifax personal loan, but there are some potential benefits if you do.

New customers

Loan typeUnsecured Personal Loan
Loan amounts£200.00 to £15,000.00
Loan terms2 Years to 5 Years
Loan rate typeFixed
Fee0%
Same day funding available
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methodsDirect Debit
Halifax states that existing current account holders could get a quote in as little as ten minutes and could receive the funds in five working days (subject to approval).

Halifax current account holders

Loan typeUnsecured Personal Loan
Loan amounts£1,000.00 to £25,000.00
Loan terms1 Year to 7 Years
Loan rate typeFixed
Fee0%
Same day funding available
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methodsDirect Debit
Halifax states that existing current account holders could get a quote in as little as one minute and could receive the funds in minutes (subject to approval).

Joint loans are also available through Halifax, but you must apply by phone or at a branch.

You can choose the day of the month on which repayments are taken (most people arrange this for on or just after their payday). If your first loan repayment would fall within nine days of the funds being drawn down, the first repayment will be due on that date the following month.

What is APR?

The Annual Percentage Rate (APR) is designed to provide an annual summary of the cost of a loan, taking into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan. Because Halifax doesn’t charge an arrangement/product fee, the interest rate and the APR are the same.

All lenders calculate the APR of their products in the same way and must tell you the APR before you sign an agreement.

Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR. If Halifax looks at your circumstances and credit history and decides that you’re a higher risk, it may offer you a loan at a higher rate of interest.

Am I eligible for a Halifax personal loan?

You should only apply for a Halifax personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:

  • You must be aged 18 or over.
  • You must be a UK resident (excluding the Channel Islands and the Isle of Man).
  • You must be in paid employment, or have a regular income.
  • You must not be in full time education.
  • You must not have been declined for credit in the last month.
  • You must not have a history of bad credit.

How do I apply?

Make sure you have the following information handy for your application:

  • Your address details for the past three years.
  • Your current employment details, if in employment.
  • Your monthly income and monthly outgoings.
  • Your UK bank or building society account details.

And to confirm your identity online (if you’re not an existing customer) you’ll need:

  • Valid UK passport or UK driving licence (including provisional driving licence) with photo.
  • Smartphone or tablet with camera.
  • A pen and paper.

Post Office Money® Personal Loan

Fast, flexible loans from Post Office Money

  • Borrow from £1,000 to £25,000
  • Instant decision in most cases
  • Fixed rate and fixed monthly payments over the whole term
  • Applications from self-employed considered

Representative example: Borrow £15,001.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £15,718.32 in monthly repayments of £436.62.

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Frequently asked questions

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When you make major financial decisions, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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