Halifax loans
Thinking of taking out a Halifax loan? Read our guide to find out what loans are available and how to apply for them.
Thinking of taking out a Halifax loan? Read our guide to find out what loans are available and how to apply for them.
Who is Halifax?
Named after the town in West Yorkshire where it was founded, Halifax provides a range of banking and financial services including loans, credit cards, mortgages and more. It first started as a building society in 1853 and is now part of Lloyds Banking Group.
Which is the best Halifax loan for me?
Halifax offers loans to both new and existing customers. Whether one is right for you will depend on your individual circumstances, how much you want to borrow and for how long.
Personal loans
Borrow money over an agreed fixed term (between one and seven years) at a fixed rate of interest.
Personal loans can be helpful if you have home improvements that need to be carried out, unexpected home emergencies or wedding costs to cover.
A personal loan may also be suitable if you’re looking to consolidate your existing debts into one easy-to-manage monthly payment.
Joint loans
A joint loan is for those who want to share the responsibility of paying it back. Whether you’re a couple, friends or family members, you’ll each agree to pay off the whole debt if the other person doesn't, and your credit files will be linked.
6.6% APR representative (correct as of March 2024).
Available on loans between £7,500 and £25,000 over one to five years. Other loan amounts and terms are available at different rates.
This rate is representative – the rate you’re offered will depend on your financial situation, how much you want to borrow and your credit history.
Why choose Halifax?
Pause repayments
You can ask for up to two repayment holidays a year (subject to approval). This means you can pause repayments if needed. Interest is charged for the months you don’t make any payments, so you’ll pay more interest overall and your original loan term will be extended.
Quick access to your loan
You can have the money in your account in minutes if you have a Halifax bank account. If not, the money will be in your account (if approved) in just two hours. Sometimes it may take a little longer, but no more than three working days.
Eligibility
To be eligible for a Halifax personal loan, you must:
- Be aged 18 or over and live in the UK (excluding the Channel Islands and the Isle of Man)
- Be in paid employment or have a regular income
- Not be a full-time student
- Not have had a request for credit declined in the past month
- Not have a history of bad credit, such as bankruptcy or CCJs.
You won’t be eligible for a personal loan if you intend to use the money for gambling, investments and share purchases, any illegal purposes, business-related purposes, purchase or lease of land or property (either full or part purchase, including a deposit) and timeshares or holiday clubs.
The same eligibility criteria applies for joint loans but with one extra condition – both of you must be Halifax current account customers of at least one month.
Are there any charges?
If you miss any loan payments, you’ll be charged a default fee of £25.
Why compare loans with Compare the Market?
Takes just 4[1] minutes to see which loans you could be eligible for
Compare loans from 35 different providers[1]
Rated 4.8/5 on Trustpilot[2]
[1] Correct as of September 2024.
[2] As of October 1st 2024, Compare the Market had an average rating of 4.8 out of 5 from 52,401 people who left a review on Trustpilot. The score 4.8 corresponds to the Star Label ‘Excellent’.
Compare the Market Limited acts as a credit broker, not a lender. To apply you must be a UK resident and aged 18 or over. Credit is subject to status and eligibility.
How well is Halifax reviewed on Trustpilot?
In March 2024, Halifax was rated 1.5 on Trustpilot.
Frequently asked questions
How much can I borrow from Halifax?
If you have a Halifax current account you can borrow up to £50,000. If you don’t bank with Halifax, you can borrow up to £25,000.
Can I get a Halifax loan with bad credit?
You can’t get a Halifax loan if you have a history of bad credit, but there may be bad credit loans from other providers that you might be eligible for.
How to contact Halifax
Call Halifax on 0345 604 7292. Lines are open 8am-10pm, seven days a week.
How do I apply for a Halifax loan?
You can apply for a personal loan online. But before you do, why not check to see which loans you’re most likely to be accepted for? It only takes a few minutes using our loan eligibility checker and won’t impact your credit score.
You can apply for a joint loan over the phone by calling 0345 604 7292. Lines are open 8am-10pm seven days a week.
Can I pay off a Halifax loan early?
Yes, you can pay off a Halifax loan early but you may be charged up to 58 days’ interest.