How much do you want to borrow?
£7,000 £25,000Over how many months?
12 months 84 monthsMonthly Repayment
Total Interest paid
Arrangement Fee
Total amount paid
8.8% - 15.4%
18.6%
£7,000 - £25,000
Minimum Term 1 Year
Loans up to £25,000 - 7 years
Direct Debit
7 working days with courier service
14 working days without courier service
No Fee
They offer a 3 month payment deferral at the beginning of your loan.
Transferred into your bank account
No
51st for APR of 423 loans in the UK (See Lender League Table By APR)
31st for Customer Satisfaction (See Customer Reviews)
Only available to Halifax customers, their unsecured personal loans range between £7,000 to £25,000 repayable over 1 - 7 years. The APR range is not great, so you will be paying towards the higher end of what other mainstream banks charge, however if you bank with Halifax the convenience could make up for it.
Complete their online application form and you should get a same day decision. If you are accepted, your credit agreement will be sent to your home, which you will have to sign and send back. An optional courier service could speed up this process, but there is a £70 fee for this. Once they have received your signed documents, they will usually release the funds between 1 - 2 weeks. They will perform a credit check on you so if you have bad credit this is not be the option for you.
They offer up to a 3 month repayment deferral at the beginning of the loan but the interest still accumulates during this period. Halifax state they have no early settlement charges which is not entirely true. If you were to pay it off early you could end up having to pay up to 58 days interest.
Halifax are fairly slow at paying out, so probably not a good option if you need money quickly. They are quite rigid with upholding the agreement with you which means if you do fall into financial difficulty, they may not be quite as sympathetic as you would want them to be. This is only a good option providing you don't fall behind with your payments as you can expect some extra charges. See the charges listed below. Halifax can only accept people with good credit (i.e. you haven't made any late payments, have any CCJs or defaults).
|
Default Fees |
Pre-default notice - £30.00 Default expired - £50.00 |
|
Early Settlement Fees |
58 days interest |
|
Other Fees |
Issue of instruction to solicitor - £50.00 Receive your documents by courier quicker - £70.00 |
|
Late Payment Fees |
Failed direct debit - £25.00 Letter requesting payment - £10.00 |
Average Customer Review:
(8 customer reviews)
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Everything was so easy
Fay, Harrow
1 year ago
I asked for a loan from Halifax Loans of $5000. The internet application was easy to use and quick to do. I was accepted in principle on the net, and had an immediate phone call to agree terms. I got a good rate, and the people were very helpful. I would recommend this loan service.
They trick you with the rate!!
Shane, York
6 months ago
Just taken a loan with Halifax as it is where I have my current account. I applied online as the rate was 8.8% they called me back and said I can have the loan but it is over 14% interest! That's an extra £50 a month on the repayments! I have a perfect risk score with Halifax, no debts and a perfect credit rating. It's just simply greed and taking...
Read full review >
Jon
J@j.com, North west
1 year ago
I was accepted for a loan immediately over the internet using their online application service. This was straight forward and not too invasive. A quick phone call later to confirm the terms, paperwork received in the post the next day (Free Service) and loan in account within 5 days. Great service and very reasonable payments over a 4 year term.
Really Happy
Adam, Bexleyheath
1 year ago
The Halifax website is an easy way to apply for a personal loan. It is simple and straightforward and you are accepted or rejected in principle a few hours later. The rate was competitive and you could pay over 5 years. They were not very pushy with their loan protection policies but obviously they were offered to you. Once you said no, they pretty much didn't ask you again.
The person that I spoke to over the phone was very polite and helpful. He checked over the phone that I was happy with the terms.
The courier that was sent to my house with the forms gave me twenty minutes to read the t&c's and sign the forms before taking them back to me. There was nothing for me to post. The couriers gave me a 2 hour window of when they would come and Halifax rang me back up to check that the courier had been in touch.
Overall they left me with a positive experience. I would definitely borrow from Halifax again.
I was new to the loan market
Spencer, Swansea
1 year ago
I was looking for a new flat and needed the cash for a deposit. I was browsing the market and I came across Halifax. They were straight to the point and I was happy with the no repayments for the first 3 months. They are good for the fact that the monthly repayments are fixed so you don't get caught further down the line.
Halifax Loans Debt Help
http://www.debt-line.org.uk/Halifax
