Halifax personal loans: At a glance
Halifax Personal Loan
1 to 7 years
£1,000 to £50,000
6.7%
Yes
Representative APR 6.7%. Based on a loan of £10,000 over 48 months at an interest of 6.5% p.a. (fixed). Monthly repayments of £237.16. Total amount payable £11,383.68. Maximum APR 29.9%.
- Must be aged 18 or over.
- Must live in the UK (excluding the Channel Islands and the Isle of Man).
- Must be in paid employment or have a regular income.
- Must not have a history of bad credit, such as bankruptcy or CCJs.
- Must have a Halifax current account to apply for up to £50,000, if not, the maximum amount is £25,000.
Halifax is a major high-street bank with its roots stretching back to 1852. Now owned by Lloyds Banking Group, Halifax offers current accounts, savings accounts, credit cards, mortgages, insurance and other products, as well as personal loans.
Unlike some banks, you don’t need to have a current account with Halifax to be eligible to apply for a loan. Although existing customers can apply for a larger loan, non-customers can still apply for between £1,000 and £25,000 and could get the money in their account within a couple of hours.
» MORE: Best personal loans and rates
Halifax loans pros & cons
Pros
- You could get the money in your account within two hours.
- Halifax current account holders could be able to borrow more.
- You can apply for up to two payment holidays a year.
Cons
- Halifax applies interest charges to settle your loan early.
- Only Halifax customers can apply for a joint loan.
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
Am I eligible for a Halifax loan?
You can apply for a loan from Halifax whether you have a current account with the bank or not. But, to be considered for a loan, you need to meet the basic eligibility criteria below:
- You are aged 18 or over.
- You need to be a UK resident (excludes Isle of Man and Channel Islands residents).
- You must have a regular income.
- You need to have a decent credit history, with no county court judgments (CCJs) or bankruptcies.
- You must not have had any credit applications declined in the last month.
- You can’t be a full-time student.
Even if you meet these criteria, you are not guaranteed to be approved for a loan. When you apply for a loan, Halifax will run credit and affordability checks to make sure that you can afford to repay the loan in full.
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Other loans may be available in the UK loans market that are not included in this service.
Halifax frequently asked questions
Yes, Halifax loans have a fixed interest rate. This means your repayments will stay the same during your loan term.
You can pay a Halifax loan back early. You will need to contact the bank to get a settlement figure, which could include up to 58 days’ interest.
If your loan is going into a Halifax current account, you should get the funds instantly. If the money is going into a current account of another provider, you should get your funds within two hours. In some cases, it may take longer for funds to clear.