Halifax Personal Loan Things to Know

Halifax Personal Loan

A Personal loan is a type of loan of a certain fixed amount that is borrowed by a customer at a fixed rate and it has a fixed amount of repayment time. Personal loans can be obtained from banks or credit unions. This is an article about Halifax personal loan and how one can apply for loan.

Who Can Apply for a Loan?

Whether a person is looking to get a new car, settle a debt, refurbish their kitchen or even go for a holiday, a Halifax loan will cater for all these. Halifax offers very competitive and flexible loans. Anyone can apply for Halifax personal loan but existing customers with a current account enjoy some added advantage.

Features of Halifax Personal Loan

Halifax can give loans ranging from £1,000 to £25,000 but they are subject to approval. However, to existing customers they can offer a loan of up to £50,000. These are unsecured personal loans and it makes it much easier to get since there are a few steps involved in the processing. The repayment period for these loans ranges from 1 to 7 years depending on the amount customer borrow. Another advantage of Halifax personal loans is that there is no arrangement fees required.

The Annual Percentage Rate (APR) is favorable and any lender should calculate the APR before they sign any agreement. For instance, Halifax applies a 3.5% APR on loans between £7,500 and £25,000 over 1 to 5 years. So if one apply for a loan of £7,500 and the repayment period is 5 years, the total amount repayable will be £8,175.

Requirements for Halifax Personal Loan

People can apply for a loan if they meet the following requirements:
• Applicants should be aged 18 and above
• Applicants should be a UK resident
• Applicants shouldn’t be in full-time education
• Must be in a paid employment or have a specific regular income
• Applicants should not have known history of bad credit
• No loan declined within the past one month

Reasons for Borrowing

There are various reasons why a person would apply for loan and here are some of the major reasons:
• Buying a car
• Refurbishing own home
• Debt consolidation
• Lifetime events such as a wedding or burials
• Note that Halifax cannot approve a loan meant for property deposits or gambling.

How to Apply for the Halifax Personal Loan

One of the advantages of getting a loan at Halifax is that the application process is very simple and the loan gets processed within a few minutes. Here is the process of applying for the personal loan:
• Address details for the past 3 years
• Current employment information (for those who are employed)
• Monthly income details and expenditure
• The bank account details
• Confirmation of the identity online
• A valid UK passport or driving license

Some other things that applicants will need are a smartphone with a camera, a pen and paper. With these things applicants will be able to apply for the loan and wait for it to be processed.