Halifax Loans
  • Diverse loan options
  • Flexible repayment terms
  • Halifax Account Holder benefits
  • Payment holidays
  • Joint loan option
  • Fixed monthly payments
  • Option to pay extra to reduce interest
  • Online application benefits
  • High criteria for loan approval
  • High APR for smaller loans
  • Restrictions for Non-Account Holders
  • No specific products for bad credit
  • Joint loans limited to current customers

Halifax, a prominent member of the Lloyds Banking Group, has been a fixture in the UK financial scene since 1852. Known for its wide array of services, Halifax extends its expertise into the realm of personal loans, offering flexible options to meet diverse financial needs.

Halifax's personal loans are tailored for various purposes, such as major purchases or consolidating debts, without the requirement of collateral. They further accommodate customers with options for joint loans and allow for up to two payment holidays per year, without extra charges for additional payments.

Halifax's personal loan offerings are diverse, including:

  • Car Loan
  • Debt Consolidation Loan
  • Home Improvement Loan
  • Holiday Loan
  • Wedding Loan

Terms and Conditions Tailored to Your Credit

Halifax's personal loan products offer borrowing amounts ranging from £1,000 to £50,000, with repayment terms extending from 12 to 84 months. The terms and rates are as follows:

Personal Loan Rates

Loan amount
Terms (months)
Illustrative APR
12-60 (Online apply 12-84)
12-60 (Online apply 12-84)
12-60 (Online apply 12-84)
12-60 (Online apply 12-84)
12-60 (Online apply 12-84)
12-60 (Online apply 12-84)

The rates offered by Halifax Bank are subject to individual circumstances, with the highest APR for any loan capped at 29.9%. All information is current as of January 1, 2024.

Car Loan

When considering financing options for purchasing a car, Halifax offers two distinct choices: Personal Car Loans and Car Finance options, including Personal Contract Purchase (PCP) and Hire Purchase (HP).

The following table provides a side-by-side comparison of these financial services, highlighting key aspects:

Personal Car Loan from Halifax
Car Finance from Halifax (PCP & HP)
Loan Type
Unsecured personal loan
Personal Contract Purchase (PCP) or Hire Purchase (HP)
Immediate ownership of the car
Ownership transferred at the end of the term (or upon final payment for PCP)
Loan Amount
Based on borrower's requirements
Based on car's price, future value (PCP), or full value (HP)
Repayment Structure
Regular monthly payments with interest
Monthly payments, plus final 'balloon' payment for PCP; regular payments for HP
Flexibility in Purchase
Freedom to buy from any dealer
Restricted to purchasing from approved dealers
Not necessarily required
Required for both PCP and HP
End of Term Options
Loan fully paid off
Options to return, trade-in, or own the car (PCP); Ownership transfer (HP)
Based on creditworthiness and other factors
Specific requirements, including Halifax account history for some options

The Car Loan, a type of personal loan for buying vehicles, makes it easier to purchase both new and used cars, leading you smoothly to car ownership.

Halifax provides Car Loans ranging from £1,000 to £50,000 (£1,000 to £25,000 for non-Halifax current account holders) at competitive rates, including a representative APR of 6.6% for loans between £7,500 and £25,000, with repayment terms from 1 to 5 years.

Debt Consolidation  Loan

A Halifax Debt Consolidation Loan lets you combine various debts, e.g., loans, credit card balances, or store card debts. They offer competitive terms, like a 6.6% APR for loans of £7,500-£25,000 (for non-Halifax current account holders), with a 1–5-year repayment period. 

Home Improvement Loan

A Home Improvement Loan from Halifax allows current account holders to apply for amounts ranging from £1,000 to £50,000 (£1,000 to £25,000 for non-Halifax current account holders) at a competitive representative APR of 6.6% for loans between £7,500 and £25,000, with repayment terms spanning 1 to 5 years. This loan is designed for financing home improvement projects like extensions.

Holiday Loan

A Halifax Holiday Loan makes your dream vacation possible. Borrow £1,000 to £50,000 (£1,000 to £25,000 for non-Halifax current account holders) with a 6.6% APR (for £7,500-£25,000 loans) and repay in 1 to 5 years. Enjoy fixed monthly payments, turning your travel dreams into reality.

Wedding  Loan

Halifax Wedding Loans make budgeting for your special day easier. Borrow £1,000 - £50,000 (£1,000 - £25,000 for non-account holders) at 6.6% APR (for £7,500-£25,000 loans) with fixed monthly payments. Spread wedding costs conveniently.

Usage Restrictions:

  • Speculative purchases, for example: gambling, investments and share purchases
  • Any illegal purposes
  • Business related purposes
  • Purchase/Lease of land or property, either full or part purchase (including deposit)
  • Timeshares/Holiday Clubs

Lending Criteria

Applicants must be over 18, UK residents (excluding certain regions), in stable employment or with regular income, and free from serious credit issues. For larger loans, a Halifax current account is necessary.

In conclusion, Halifax personal loans stand out for their rapid funding and flexibility, particularly for existing customers. However, they may not be the ideal choice for individuals with problematic credit histories or those seeking joint loans without a Halifax account. Potential borrowers are encouraged to assess their financial needs and eligibility thoroughly before proceeding.

Please Note: This content is based on information as of January 2024. For the latest updates and specific terms, we recommend contacting Halifax directly by visiting their website.