Halifax Loans

Whatever reason you’re considering borrowing money a Halifax loan might be the right option for you. Halifax loans are known as personal loans or ‘unsecured loans’ which means you do not have to be a homeowner to apply for one.

Halifax Low Interest Loans

Key facts about Halifax loans:

• Only available to existing customers

• No arrangement fees to set up 

• Borrow between £1,000 and £25,000

• Cannot be used for business purposes

• Interest rate is fixed for whole loan period

You can choose your loan repayment period between 12 and 84 months

Although the maximum amount Halifax offer to lend with a personal loan is £25,000 the actual amount they will be willing to offer you will be dependent on a review of your financial status this will also affect your APR.

To Be eligible for a Halifax person loan you must

• Be a UK resident with a Permanent UK address (not including the Isle of Man or Channel Islands)

• Be over 18 years old

• Be in paid employment and not be in full time education

• Not have an adverse credit history such as having county court judgements (CCJS) or arrears.

Taking out a loan is a long term commitment normally taking years to be repaid. You should therefore absolutely make sure you are getting the best deal you can. Halifax is just one lender of many you can use the calculator on this website to compare over 200 different loans from over 20 different providers to help you find the most appropriate plan for you.

Alternatives to a personal loan

If you want to borrow a larger amount of money and are a homeowner a homeowner loan might be better for you. As you have placed an asset (such as your home or other property) as security banks are willing to lend more, usually up to £250,000. The actual amount you can borrow is dependent on the value of your home and how much equity you have if you have a mortgage.

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.

You should also think if you have any other options before taking out a loan of any description. If you have any savings it might be beneficial to use these instead, because the interest you pay on a loan might well be higher than any interest you earn from your savings.

There are also other types of borrowing than personal and home owner loans such as authorised overdrafts and credit cards you might wish to consider.

If you are thinking of taking out alone to consolidate debt consider that spreading your payments over a longer term means you may ultimately be paying more overall than with your existing arrangements, even if the interest rate on this new loan is less than the rates you have at the moment.