Halifax personal loans
Halifax offers personal loans to both new and existing customers. They are all unsecured loans, which means you do not have to offer up security, such as your home or your car, in order to borrow.
New customers can currently borrow between £1,000 and £25,000. For existing customers, the upper limit is increased to £50,000. Loan terms vary between one and seven years, and the interest rate you are offered will depend on how much you want to borrow and your personal circumstances.
Halifax personal loans are repaid in monthly instalments by direct debit, with a fixed rate of interest added. You will not be penalised for making extra payments on top of these, though you may be charged up to 58 days’ interest if you repay the whole sum early.
» COMPARE: Personal loan rates
Halifax loan rates
The interest rates on Halifax personal loans are fixed over the loan term, which means they won’t go up or down while you repay what you’ve borrowed. The interest rate on your loan is decided using criteria such as how much you are borrowing, how long your repayment term is, and your credit score.
Before you apply to borrow, you’ll be able to see the representative annual percentage rate (APR) that applies to the loan. This includes fees and charges that you may have to pay when borrowing, and tells you how much it might cost to borrow from a particular lender.
The representative APR is based on how much 51% of customers might expect to pay to borrow from a specific provider. It can be useful when comparing loan terms and rates to see which one best suits your circumstances, but should be used only as a guide, not a guarantee. You could be offered a higher rate or different terms once you apply for a loan.
If you are an existing customer, you can find out whether you are likely to be accepted for a loan before you apply, without affecting your credit score. New customers will need to formally apply for a personalised quote, which may not be the same as the representative APR that is advertised by Halifax.
Can I get a secured loan from Halifax?
No, you cannot get a secured loan from Halifax. All Halifax loans are unsecured, so you do not have to secure what you borrow against assets, such as your home or your car.
Other lenders may provide secured loans, so if that matches your needs it is worth comparing a range of lenders to see what is on offer.
» COMPARE: Secured loans