Halifax personal loans are available to anyone, but they have specific perks if you’re an existing Halifax current account customer.
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. It’s quick and easy to apply online at the Halifax website.
How do Halifax loans hold up against the competition?
Before you take out a personal loan, it’s smart to read up and shop around. You can use the tool below to check the actual rates you’d be likely to be offered from a range of popular lenders, and the monthly/overall costs.
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Key features of Halifax personal 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.
Halifax current account holders
- Loan amounts from £1,000-£50,000.
- Loan terms from 1-7 years.
- Fixed interest rate. Your monthly payments will remain the same for the term of your loan.
- Get a quote in as little as 1 minute. With no credit searches.
- You could receive the funds in minutes. Subject to approval.
- Option to apply for a “Clarity” loan. Benefit from preferential early repayment terms.
Non- Halifax current account holders
- Loan amounts from £1,000-£25,000.
- Loan terms from 1-7 years.
- Fixed interest rate. Your monthly payments will remain the same for the term of your loan.
- Get a quote in as little as 10 minutes.
- You could receive the funds within 5 working days. Subject to approval.
Joint loans are also available through Halifax, but you must apply by phone or at a branch.
Halifax also offers “Clarity” loans which are exclusive to existing customers (provided you hold either a current account, mortgage, credit card or loan with Halifax). With a Clarity loan you can pay off some or all of your loan early and save money in interest.
What is APR?
If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
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.
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 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.
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
- Your rate will depend on the amount, term and your personal circumstances.
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.
Frequently asked questions
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