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HFC Bank Loan

The HFC Bank loan isn't much of a good deal- irrespective of the amount borrowed, you'll find a better deal elsewhere, which is remarkable for a lender outside the high street. Use their budget planner, and then head somewhere else to buy.

HFC Bank Loan examples (correct at publication date, uninsured):

  Monthly Repayment APR
£3000 across 2 years £143.58 14.6%
£5000 across 5 years £110.92 12.5%
£10000 across 7 years £167.66 10.8%

If you haven't heard of HFC, you might know them better for their "Marbles" credit card. The HFC bank loan is available through HFC's subsidiary, Hamilton Direct Bank. Unfortunately, you cannot apply online, but you can decision over the phone in minutes, and then you'll wait a few days for documentation to arrive. Even if you sign and return them, your legal obligation only begins once the funds have been paid out.

You can borrow as little as £500 (maximum £15,000) across 1-7 years with an HFC bank loan. But rates are very high for a specialist lender without the overhead of a branch network; these rates are on a par with the high street banks, and there don't appear to be any special benefits. The website is complicated and slow, and as we said, you can't apply online anyway. The payment protection insurance policy is absolutely standard.

On the plus side, the HFC bank loan budget planner is excellent, and worth looking at whomever you choose to get your loan from

Incidentally, oddly enough, if you want a secured loan (backed by your house) of £15,000 or more, a separate subsidiary, Sterling Credit, will handle your enquiry. The rates are again uncompetitive (typically 9.7% APR- as against a remortgage at around 6.0% APR), but you can apply online. How odd.