Halifax Personal Loan
The Halifax personal loan stable of products is broader than the competition, especially if you can put your home up as security. You can choose from benefits like exceptionally low rates plus flexibility; and there's an innovative deferral product for car buyers. Halifax is the benchmark against which other products should be measured; at least for higher loan amounts.
Halifax Personal Loan examples (correct at publication date, uninsured):
| |
Monthly Repayment |
APR |
| £3000 across 2 years |
£145.95 |
13.9% |
| £5000 across 5 years |
£109.16 |
10.9% |
| £10000 across 7 years |
£166.13 |
9.9% |
|
The Halifax has one of the broadest ranges of loans on the market- including a special product designed just for consolidating debts (including credit cards). There are other specialist providers for bad debt cases, but if you're in control of your finances and just want a better deal, the balance transfer loan lets you consolidate £2,500 to £15,000 under one low rate. There are many other offers at any one time, so use the "Halifax Personal Loan selector" to get the right product. By the way, that means the right Halifax product- not a guarantee of the best rate on the market.
If you're buying a car, for example, there are no less than three specialist products on offer. You could claim an RAC discount (which probably works out as a 1% interest rate cut for a month or two); or there's also a car loan option- you'll pay 1% more then the interest rate on a standard loan, but you can defer up to 60% of the loan to the end of the initial period, which will allows you to borrow more than you thought you could. If you want your dream car, or would like to bag some insurance too, then this specialist loan (simple… but not available elsewhere) could be just right.
If you're a homeowner, you'd expect Halifax's mortgage pedigree to deliver some good products, and it does. A Halifax Personal Loan for home improvements can cost as little as 6.0% APR, and is either added to your existing mortgage if you have a Halifax mortgage already, or is treated largely like a new one (you can borrow up to 97% of the value of your home- a high loan-to-value ratio). Even a generic secured loan can be as low as 5.9%, available to everyone, a superb rate. And finally, for flexible payments, there's Home Cash Reserve- borrow anything over £25,005 and you'll only pay interest on the amount you borrow; bringing complete flexibility to your finances.
All these products are better than the usual banks can offer, and more flexible than the direct lenders. If you have the will and the value to use your house as security, a Halifax Personal loan should definitely be on your list to investigate.