Loans are always very helpful, especially during an emergency. A lot of people take advantage of personal loans to borrow funds for situations like personal expenses, travel, or simply buying a new car.
When it comes to personal loans, the Halifax Personal Loan is here to help cover your emergencies and other personal matters. This loan is all you need to easily get you back up on your feet.
If you’re interested in getting a Halifax Personal Loan, read the article below to find out how you can apply for one today.
Understanding What a Halifax Personal Loan Is All About
The Halifax Personal Loan is a loan where you can borrow a certain amount of money over a fixed term. The terms you agree upon are the fixed monthly amounts that you are required to pay off your loan.
Together with a fixed interest rate, the Halifax Personal Loan offers a varied amount of personal loans that you can pay back from several months to years. You can even negotiate the terms of your loan depending on how much you borrow as well as your income and expenses.
With the Halifax Personal Loan, you can borrow as much as you want, but certain factors affect your ability to borrow and the amount. For example, Halifax uses your credit score to determine the amount that will be loaned to you.
The best part about having this loan is that you can apply for up to two repayment holidays per day in case you are having a tough time repaying your loan.
What Are the Personal Loan Fees and Other Charges?
While you can always loan a specific amount for your Halifax Personal Loan, you should also know that there are other fees and charges that go along with it. For example, you’ll incur a 5.8% representative APR on personal loans ranging from £7,500 and £25,000 that are payable within 1 to 5 years.
There will be a separate interest rate and terms for amounts outside of this range. You will not be charged for any additional payments outside of the agreed monthly amount that you want to pay. This means that if your agreed payment is £300 per month and you choose to pay an extra £100, you won’t be charged for it.
Additionally, other charges will only be disclosed to interested applicants during the application process.
What You Can Do With a Halifax Personal Loan
There are a lot of ways for you to use your Halifax Personal Loan, including for personal expenses or emergencies.
If you need some extra cash for your next holiday trip, or you simply want a little boost in your budget to finally get the car downpayment that you need, a personal loan can be a good way to help manage your finances.
And while Halifax does not require you to divulge the complete purpose of the loan, they will not lend you money through a personal loan for speculative purchases like gambling or any other illegal purposes.
They also won’t be lend to you if the loan is business-related since this can be a very volatile venture. Another limit includes borrowing money to help a struggling family member who wants to pay a property deposit.
Find Out How Much You Can Borrow
The Halifax Personal Loan is open for everyone to apply, but there are limitations to the amount that you can loan.
For those who already have a Halifax current account, you can borrow up to £50,000. Those who do not have a Halifax account can only borrow up to £25,000.
This is why it is highly recommended that you become a Halifax member first to enjoy the perks of getting a higher Halifax Personal Loan amount.
Who Can Apply for a Halifax Personal Loan?
Before you can get your Halifax Personal Loan, you will be asked questions regarding what the loan is for and how much you want to borrow.
Anyone can apply for the loan as long as you are 18 years old and above and you live in the UK. You should also have a job that pays a regular income and that you are not a full-time student.
Current applicants must not have any previous requests or were not declined a loan in the past 30 days. They also must not have filed for bankruptcy and must not have any bad credit.
If you have further inquiries, you can contact Halifax Bank at 0345 724 3444 or visit their main office at 6 Trinity Rd, Halifax HX1 2RG, UK.
The Application Process
To apply, you will need to prepare several documents that will prove your claim. After that, you can head over to the Halifax website to apply for the Halifax Personal Loan.
Make sure that you enter all the necessary details from the required fields. Review the details as well as the terms and conditions before submitting your application.
There are a lot of factors to consider such as extra details that will delay the approval of your loan so make sure that you have all the details right. Those who already have a Halifax account will immediately receive their personal loans once they are approved. For those who do not have a Halifax account, it can take up to several hours before you can receive your money.
Setting Up Repayments
Halifax will ask you to set the date when you’ll be making your monthly repayments.
Make sure that you choose a date that you’re comfortable paying your loan so you won’t run into problems.
Your first repayment should be within a month of the date that you received the loan, but if you chose a date that is within 9 days after the approval, your next repayment will be a month after.
Making Additional Payments
For those who want to make additional payments or early repayments, you can do so with your Halifax bank account. Just select the loan then follow the instructions for the payment.
There are no additional charges for doing so and it is even highly recommended.
Those who do not have a Halifax account can call the number 0345 604 7292 for assistance.
You can finally reach your financial goals when you apply for the Halifax Personal Loan. The rates are very competitive and generous repayment periods to give you enough time to pay back your loan.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.