Halifax Loan Calculator
If you are thinking about taking out a personal loan with Halifax because you want to purchase a big ticket item or to consolidate other debt, you might want to use the Halifax Loan Calculator to find out a rough idea of how much your repayments would be. Using the Halifax Loan Calculator can only give you an impression of what you would be expected to repay however, this is because lenders take into consideration more than just the loan amount and repayment term, the exact APR they can offer you would be dependent on credit checks and assessment of your financial circumstances.
Taking out a loan is usually a long term commitment and can take years to pay off. Because of this you should try and find the best deal you can to suit your individual needs.
As with other financial products like current accounts or credit cards, the interest rates and terms and conditions on loans vary from plan to plan. The best option for one person is not necessarily the best option for everyone else.
You can use the calculator on this website to compare over 200 different loans from over 20 different providers, to help you see what the different options for you are and assess what you think is best for you.
Alternatives to personal loans
If you own your own home and want to borrow a large sum a homeowner loan might be good for you. As you put up your home as security on these types of loan lenders are normally willing to lend more, usually up to £250,000. The actual amount you can borrow would be dependent on the value of your home and how much equity you have if you have a mortgage as well as your own financial circumstances.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. If you are at all unsure of the suitability of a particular product for your circumstances you should seek independent financial advice.
Things to think about
Taking out a loan can be a big decision so you should think if you have any other options before committing to a plan. If you have any savings it might be beneficial to use these instead. The interest rates you pay on a loan may be higher than any interest you are earning through your savings.
There are other types of borrowing than personal and home owner loans such as authorised overdrafts and credit cards you might wish to use.
It is also important to consider if you are thinking of taking out any sort of loan to consolidate existing debt, that spreading your payments over a longer term might mean you ultimately end up paying more than you would with your existing arrangements, even if the interest rate on this new loan is less than the rates you currently have.