Halifax Personal Loan: What You Need to Know2 min read

Personal loans are fast and convenient, making them increasingly among consumers in the UK. A few financial institutions like Halifax offer such loans. Let’s discuss the requirements of getting Halifax Personal Loan:

Who Can Apply For a Halifax Personal Loan?

Anyone who has a regular source of income, not a full-time student, is over 18 years, and a UK resident can apply for a loan. You also need to pass a credit check from one of the three Credit Reference Agencies. So if you have a bad credit history, you may not qualify for a loan.

Keep in mind, Halifax personal loans are not limited to only its account holders. Anyone who meets the above requirements can qualify for a loan.

When it comes to loan amounts, the minimum you can borrow is £1,000. However, the maximum loan amount depends on whether you have an account with Halifax or not. Existing customers can borrow up to £35,000 while the limit for non-account holders is £25,000.

Like any other bank or financial institution, Halifax Representative APR depends on the loan amount and your financial circumstances.

Let’s say you want a loan of £10,000 over 4 years; your monthly repayments would be roughly £223. Halifax offers a reasonable APR of 3.5%. So this means you’ll repay the bank about £10,719. While the rate varies depending on the terms and loan amount, APR will not exceed 29.9%.

It’s also important to note, Halifax does not charge arrangement fees for these loans.

Repaying the Loan

Repayments are made by direct debit, so there’s little to no chance of forgetting to repay your loan. Perhaps the biggest benefit of Halifax personal loan is that they won’t charge you for making additional payments.

If your financial situation changes, the bank will either offer you a payment holiday or give you another loan to refinance your outstanding loan. If you ever need a break, you can always request for a repayment holiday.

How to Apply For a Halifax Personal Loan

You can apply for Halifax personal loan by visiting a branch, online or by phone ( the phone lines are open M-F, 8 am-10 pm). Halifax online banking customers can receive a quote within a minute without a credit search. If approved, the money shows up in their accounts almost instantly.

Even though non-account holders can also apply online, approval is not quick. It might take up to up to 5 working days.

If you have Halifax online banking, you can get a quote in just I minute!

Let Halifax make your dreams come true today!