Personal loans are a convenient way to access money whatever and whenever applicants need it. Halifax, one of the UK’s lenders has different personal loan options.
Who can Borrow Money from Halifax?
To apply for a loan from Halifax, applicants must be over 18; be a UK resident; have a regular source of income (excluding those in full-time education) and be able to pass a credit check with one or more of the Credit Reference Agencies.
Both Halifax account holders and customers of other banks are eligible for a personal loan. All loans are for terms of 1-7 years with the minimum loan sum of £1,000. However, the upper loan limit varies; pre-existing Halifax customers can borrow up to £50,000 while non-account holders can borrow up to £25,000.
The Representative APR which borrowers pay depends on the size of their loan and their personal circumstances. If they wish to take out a loan of £14,000 over 5 years, their monthly repayments would be £254.34. The APR on this sum would be 3.5% (fixed) so they would have to repay the bank £15,260.40 in total. Halifax charges no arrangement fees for these loans.
Repaying the Loan
Repayments are made by direct debit so that there is no chance of borrowers accidentally defaulting on their loan. Halifax does not charge customers who wish to make additional payments. If customers’ circumstances change, the bank offers them a ‘payment holiday’ facility in certain circumstances, or the option to take out a further loan or refinance their outstanding loan for a larger amount.
Apply for Loan at Halifax
Applications for loans from Halifax can be made by speaking to a banking consultant in-branch, by phone (the bank’s phone lines are open every day 8am-10pm) or online. Halifax customers who registered for online banking can receive a quote online within a minute without a credit search and on approval, have their money paid into their account almost immediately. Although non-account holders can also apply loan online, the decision will take slightly longer, and they might have to wait up to 5 working days for the bank’s approval.