Halifax loans review 2020

How do Halifax loans compare against the competition?

How much do you need to borrow? £

15000

How long do you need to borrow for?

3

years

Sort by:

Name	Product	Total Payable	Monthly Repayment	Representative APR	Link
Hitachi Personal Finance Hitachi Personal Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 3.2% p.a. (fixed). Representative APR 3.2% and total payable £10,493.64 in monthly repayments of £291.49.	Compare	loading Fetching your data...
Halifax Personal Loan					View details	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.	Compare	loading Fetching your data...
NatWest Existing Customer Personal Loan (specific eligibility criteria apply)					Go to site View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.	Compare	loading Fetching your data...
Post Office Money® Personal Loan					Check eligibility View details	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.	Compare	loading Fetching your data...
Royal Bank of Scotland Existing Customer Personal Loan (specific eligibility criteria apply)					Go to site View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.	Compare	loading Fetching your data...
AA Member Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 3.0% p.a. (fixed). Representative APR 3.0% and total payable £10,462.68 in monthly repayments of £290.63.	Compare	loading Fetching your data...
Halifax Existing Customer Personal Loan					View details	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.	Compare	loading Fetching your data...
Zopa Personal Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 5 years at a rate of 8.8% p.a. (fixed) with an application fee of £240.00. Representative APR 9.9% and total payable £12,602.87 in monthly repayments of £210.05.	Compare	loading Fetching your data...
Lloyds Bank Existing Customer Personal Loan					View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 3.9% p.a. (fixed). Representative APR 3.9% and total payable £10,601.64 in monthly repayments of £294.49.	Compare	loading Fetching your data...
Lending Works Personal Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 5.8% p.a. (fixed) with an application fee of £0.00. Representative APR 10.0% and total payable £11,543.40 in monthly repayments of £320.65.	Compare	loading Fetching your data...
M&S Bank Personal Loan					Go to site View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.	Compare	loading Fetching your data...

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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.

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.

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

• Do I need to be a Halifax customer to take out a personal loan?

  No. However there are benefits and additional options (listed above) for Halifax current account holders.

• Can I pay back the loan early?

  Yes. If you repay part of your loan early, your monthly repayment amount will stay the same but you can potentially repay the loan more quickly. Bear in mind that if you request to pay off your loan early, although you won’t incur a penalty, you may charged interest equivalent to two months beyond the day on which you request to settle the loan – you’ll be given a final settlement figure and a timeframe in which to pay the specified amount.

  It’s important to check the early repayment terms before applying for any personal loan. If there’s a likelihood that you’ll be able to clear a loan early, then good early-repayment terms should be an important factor in deciding which lender to use.

• Can I top up my Halifax personal loan?

  You can apply to borrow more money at any time, by either taking out an additional loan that you repay separately to your existing loan, or closing and replacing your existing loan with a new larger one (meaning you’ll have just one monthly repayment).

• When will I receive a decision about my loan application?

  In a majority of cases, Halifax will respond to your application instantly. However, in some cases further information may be required.

• When will I receive the money?

  If your loan is being paid into your Halifax account, you can expect to receive your loan instantly. In other cases, loans may take up to 3 days from when the loan documents are signed to be paid. If your loan is being deposited into an account with another bank or building society, you should receive the money within 5 working days from when the documents are signed.

• What should I do if I can't repay my loan?

  In the event that your financial circumstances change, it’s important that you contact Halifax (0808 145 0379) so you can agree what to do next. If you don’t and a payment is missed, this can’t be “caught up” with the following month – your case will be transferred to the Halifax collections team. Missed payments result in a £25 fee and will damage your credit score, and therefore your ability to secure credit in the future. Halifax’s Money Management team can offer advice and work with you to find a solution.