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Excellent loan for existing Halifax customers

Excellent loan for existing Halifax customers

Category: Loans
Date: 21/09/2016

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Halifax has reduced selected APRs on its Existing Customer Online Personal Loan by 0.1%, earning it a high Moneyfacts rating and offering an appealing choice for existing customers.

The basics…

A personal loan of £7,500 to £15,000 over a term of one to seven years now has an APR of 3.3%, while amounts between £15,001 and £25,000 over the same term now come with a rate of 3.8% APR.

The finer details…

Example monthly repayments: £7,500 over five years = £135.60.

Applications must be made online or via smartphone app, but additional information can also be requested in branch or over the phone. Borrowers must be at least 18 years old and need to have held a Halifax bank account for at least a month in order to be eligible. They must also be registered with online banking, and should remember that rates are representative and dependent on their credit rating.

For some welcome flexibility, borrowers can take payment holidays after their first monthly repayment has been made, as long as they only take two one-month repayment holidays per year, in non-consecutive months.

Why we like it…

This personal loan has increased its competitiveness with this latest rate reduction. This, combined with its flexible terms, provides a decent deal for mid-tier borrowers with an established Halifax bank account, comfortably earning its high rating.

Moneyfacts rating: Excellent

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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