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.
Maximum loan
£50,000
Product fee
N/A
Early redemption fee
Yes
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.
| 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 |
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.
| 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 |
| 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 |
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.
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.”
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:
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.
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.
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.
Make sure you have the following information handy for your application:
And to confirm your identity online (if you’re not an existing customer) you’ll need:
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.
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.
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”
You can contact customer support on 0345 604 7292. Lines are open from 8am-10pm, 7 days a week.
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.
To find out more, read our full methodology.
With no annual fee, the Halifax Cashback Credit Card could be a good option for those looking to earn something back on their spending.
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A card that offers more than just a break from interest on existing credit card debt.
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