halifax existing customer loans

mrstiggywinkle_3

Hi, Just wondered if anyone can answer this for me?

Halifax advertise personal loans for existing customers from 8.8%. I know this means the actual apr you are offered will vary depending on your circumstances, credit report etc. When I am logged in to halifax and look at the loan calculator, it shows me a range of loan amounts and repayment periods with loan rates of around 19-22%. Does this mean these would be the actual rates they would offer me, based on my circumstances? I presume they must be? I haven't actually gone through and applied as it wouldn't be worth it at these rates but just wanted to ask if anyone knew for definite?

opinions4u

Higher rates usually apply to loans below £7,500.

Lower rates above this.

mrstiggywinkle_3

Thanks, I tried various loan amounts in the calculator but the lowest rates were still around 19%. I guess the fact that they varied must mean they are the actual rates offered to me, not an illustration as that would presumably show their best rates...

sam2009_2

The interest rate goes up if the number of repayments goes over 7years in some cases 5 years. Try the calculator for less term.
I'm a halifax mortgage customer but they refuse to give me a loan at 8.8%.

mrstiggywinkle_3

I didn't expect to get the 8.8% as I'm working on my credit after a bad patch, but 19-22% isn't good is it?! Was hoping for 10-12% maybe. Oh well, will give it a couple of months and see if it improves a bit.

InsertWittyName

The other poster's are correct.

From your post I went and checked out this offer, as I have most of my accounts with Halifax and have for a long time. The rates varied massively - but seemed to be linked more to the repayment period than to the amount borrowed.

I picked £10k over 36 months which came to 8.8% and thought I might as well apply anyway - I've been declined for credit cards a few months ago as I have a high borrowing vs. available credit vs. my salary.

To my surprise I was accepted straight away at 8.8%! After a few more clicks the £10k went straight into my current account!

Whole process took about 2 minutes and I was very happy with the whole thing - I never had to enter any income/expenditure/address details etc. as they had them all already from being signed into Halifax online banking.

I would advise anyway to apply via Halifax if they've been with Halifax and have existing credit accounts with them (although I've never missed a payment with them and been with them 14 years - current account, mortgage, personal loan, credit card, savings etc. so bear this in mind).

Many thanks for the heads up mrstiggywinkle.

PS. As I'm a DFW I paid most of it straight out to ~30% APR credit cards. Feels good!

mrstiggywinkle_3

InsertWittyName wrote: »

The other poster's are correct.

From your post I went and checked out this offer, as I have most of my accounts with Halifax and have for a long time. The rates varied massively - but seemed to be linked more to the repayment period than to the amount borrowed.

I picked £10k over 36 months which came to 8.8% and thought I might as well apply anyway - I've been declined for credit cards a few months ago as I have a high borrowing vs. available credit vs. my salary.

To my surprise I was accepted straight away at 8.8%! After a few more clicks the £10k went straight into my current account!

Whole process took about 2 minutes and I was very happy with the whole thing - I never had to enter any income/expenditure/address details etc. as they had them all already from being signed into Halifax online banking.

I would advise anyway to apply via Halifax if they've been with Halifax and have existing credit accounts with them (although I've never missed a payment with them and been with them 14 years - current account, mortgage, personal loan, credit card, savings etc. so bear this in mind).

Many thanks for the heads up mrstiggywinkle.

PS. As I'm a DFW I paid most of it straight out to ~30% APR credit cards. Feels good!

Hi there, I looked at the same loan amount over the same period and it showed as 19ish% for me! Must be down to credit rating, hopefully will improve as I continue working on it.

InsertWittyName

Thanks for the follow up - wasn't sure if the rates were targeted or not!

Cash_Flow

mrstiggywinkle wrote: »

Hi there, I looked at the same loan amount over the same period and it showed as 19ish% for me! Must be down to credit rating, hopefully will improve as I continue working on it.

When you are logged in how do you access the loan calculator?

mrstiggywinkle_3

Cash_Flow wrote: »

When you are logged in how do you access the loan calculator?

Just via the link on the right hand side of the screen, under "apply online". I haven't actually applied obviously, just gone on to the calculator for quotes.

nikkipea

Hi,

I have just taken out a Personal Loan with Halifax, I'm not sure why it is coming up with such a high percentage because when I used the calculator, it showed my repayments based on the 8.8% advertised APR. When I actually rang up to apply, the repayments were lower than the 8.8% and it works out at around 7.5%, I was well chuffed!
So it might be worth ringing them, although if you are turned down or decide not to take the loan offered, it will mark your credit file. I am an exisiting customer and have been paying quite large chunks off my credit card recently so I'm not sure if this is the reason for the lower APR %.