81% of Halifax customers in our 2020 customer satisfaction survey would recommend the brand to a friend.
New customers could wait up to five days for their loan to be funded.Halifax loans review 2020
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.
Updated
81% of Halifax customers in our 2020 customer satisfaction survey would recommend the brand to a friend.New customers could wait up to five days for their loan to be funded.Get personalised loan quotes
Save time by checking whether (or not) you’ll be approved with multiple lenders and get rates based on your credit score.
How do Halifax loans compare against the competition?
Table: sorted by representative APR, promoted deals first
Before you take out a personal loan, it’s important to read up and shop around. You can use the table below to see how much you’d be likely to pay for the loan you have in mind.
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
What is 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.
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 type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £25,000.00 |
| Loan terms | 1 Year to 7 Years |
| Loan rate type | Fixed |
| Product fee | 0% |
| 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 methods | Direct Debit |
Halifax current account holders
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £35,000.00 |
| Loan terms | 1 Year to 7 Years |
| Loan rate type | Fixed |
| Product fee | 0% |
| Same day funding available | |
| Same day funding note | Subject to internet banking log on |
| 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 methods | Direct Debit |
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.
I got a quick decision and the money was transferred to my bank account immediately. The interest rate was reasonable and it was easy to manage the loan online.”
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.
Frequently asked questions
Personal loans ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our customer satisfaction scores (“Customers say”) are based on a survey of 750 customers carried out in December 2019.
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We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though 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, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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