There are comprehensive ways you can use a personal, whether it is home improvement, getting a dream car, need cash for an emergency, or want to consolidate debt into one easy-to-manage monthly payment. Halifax is one of the UK’s best lenders that offer competitive personal loans with different options. So, let’s take a glance at what points you need to know before applying for a personal loan at Halifax.

Who is eligible to borrow money from Halifax?

Suppose you want to get a personal loan from Halifax. In that case, you must be 18 years old or over, be a UK resident (excluding the channels Island and the Isle of Man), have a regular source of income, you’re not a full-time student, and most importantly, you didn’t have a credit request declined in the past months. 

Halifax offers loans to Halifax account holders as well as other bank customers. You can borrow up to a minimum loan sum of £1,000 with a repayment loan term of 1 0 7 years. However, the maximum loan varies based on whether you have a Halifax account or not. A Halifax current account holder can apply for a loan up to £35,000, while a person without a Halifax existing account can borrow up to £25,000. 

Halifax account holders can apply online in just 1 minute and get instant approval. Once the loan is approved, your money will transfer to your account in only one minute. But in the case of a non-Halifax account holder, it takes up to 10 minutes to apply online and get approval. Once your loan is approved, they will get money transferred to your account within 24 hours. But sometimes it may take a bit longer to transfer money but not more than five working days. 

Although the representative APR depends upon the credit score and financial circumstances of the borrower. As a representative example, if you borrow an amount of £10,000 with a loan term of 48 months, your representative APR will be 3.5% based on an annual interest rate of 3.45%. Your total estimated repayable amount for a loan will be £10,719.36, with a monthly repayment of £223.32. There is no arrangement or organization fee for the loan. The rate they offer depends upon the amount you borrow and how long you need to pay back. The maximum APR for Halifax Personal Loan is 29.9%.

Repaying the Loan

Halifax offers a flexible and straightforward way to pay back your loans. To prevent the accidental defaulting of your loan, Halifax offers a simple repayment by direct debit. Also, you can get up to two months’ repayment holiday a year if you want. Although they charge some extra interest for these two months, so your overall interest rate increases from the original. Or if you’re going to repay some extra money, they don’t charge any money for paying more than the agreement. 

As you can see, it is easy and quick to apply for a loan on Halifax Bank. So, get your quote from Halifax Bank and borrow the money for your dreams.