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. Loan amounts between £1,000 and £50,000 starting from 6.6%.
Halifax loans offer competitive rates and flexibility, including the option for repayment holidays and making extra payments without charges. However, you'll need a good or excellent credit score to be eligible, and loans up to £50,000 are exclusive to existing customers. Additionally, early repayment incurs a charge equivalent to 58 days' interest. Despite these limitations, for customers with good credit, Halifax loans remain an appealing choice.
Pros
Competitive rates
Take a repayment holiday
No charge for making extra payments
Cons
You need a good or excellent credit score to be eligible
Only existing customers can apply for up to £50,000
Early loan repayment incurs 58 days’ interest charge
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.6% p.a. (fixed). Representative APR 6.6% and total payable £11,018.52 in monthly repayments of £306.07.
Maximum loan
£50,000
Product fee
N/A
Early redemption fee
Yes
Calculate the cost of a Halifax loan
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.
Late repayments can cause you serious money problems. See our debt help guides.
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.
Quick overview of Halifax personal loans
Loan amounts
From £1,000 to £50,000
Loan terms
From 1 year to 7 years
Age eligibility
18 years and over
Application fee
No application fee
Repayment holiday
Repayment holiday not permitted
Key features of Halifax loans
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 states that existing current account holders could get a quote in as little as ten minutes and could then receive the funds instantly.
Halifax current account holders
Loan type
Unsecured Personal Loan
Loan amounts
£1,000.00 to £50,000.00
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
Halifax states that funds should reach new customers’ accounts within five working days from accepting the loan offer.
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 falls 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.
They have been fantastic and clear in their help. They have been more than happy to assist me in all I have needed.”
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.
What credit score do I need to get a Halifax loan?
Halifax typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that Halifax considers. However, if you don't have a high credit score, you're very unlikely to get approved for a Halifax loan.
A "Good" or "Excellent" credit rating would require a score of 881 or higher if you're referring to Experian's scale, 531 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.
Can I get a second Halifax loan?
Yes, Halifax allows you to have more than one loan running at the same time. Each application for credit will be considered on its own merit. Alternatively, Halifax also allows you to effectively "top up" your loan by closing your current loan and starting a new, larger loan. There's no penalty for repaying ahead of time, but bear in mind that any overpayments may be subject to up to 2 months of interest beyond the date on which you overpay. Because of this, it may work out cheaper to run a second loan alongside the first, rather than consolidating the 2.
Can I make overpayments on a Halifax loan?
Yes, you can make overpayments without incurring any penalty fee. However, Halifax can continue to charge interest for up to 2 months on any sums overpaid. So, although making overpayments stands to save you money in interest, you may not save quite as much as you'd imagined.
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.
Does Halifax offer debt consolidation loans?
Yes, while it doesn’t offer dedicated debt consolidation loans, both new and existing customers can take out a Halifax personal loan to consolidate debt. As with a regular Halifax loan, new customers can borrow up to £25,000 for debt consolidation, while existing Halifax current account customers can borrow up to £35,000.
Can I get a Halifax homeowner loan?
No. Halifax doesn’t offer second charge mortgages, which are also known as “homeowner loans” or “secured loans”. If you’re a homeowner with a mortgage, then a secured loan can let you leverage the equity you’ve built up in your home to access larger loan amounts and/or lower interest rates. These tend not to be offered by high street banks, but by long-standing specialist companies (Pepper Money (formerly Optimum Credit) is one of the best known). You can learn about secured loans and compare your options in our comprehensive guide.
Halifax customer reviews
In our independent 2024 customer satisfaction survey, 90% of Halifax’s users said they’d recommend the brand to a friend. Customers highlighted the bank’s easy application process and competitive rates. Here’s what some of those Halifax customers had to say:
“The whole process from beginning to end was flawless. I was patiently walked through the whole process by the customer service team and I felt extremely confident with them.”
“Great interest rates. Easy to manage and options to pay more, less or even take a break altogether”
“My loan was easily arranged and I’ve had no issues with it since. Its online banking tools allow me to track it too”
Halifax customer support
You can contact customer support on 0345 604 7292. Lines are open from 8am-10pm, 7 days a week.
Frequently asked questions
No. However there are benefits and additional options (listed above) for Halifax current account holders.
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 be 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.
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).
In a majority of cases, Halifax will respond to your application instantly. However, in some cases further information may be required.
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.
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.
Personal loans scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
With a noticeably low rate on purchases, balance transfers and cash advances, this Halifax card could be an option for those looking to keep their interest costs down.
A balance transfer card with a very specific set of skills. Compare this deal against others from Halifax and competing card issuers.
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