Personal Loans
Andrew, London
Always giving you extra
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Enjoy the things you want today...
With a Halifax Personal Loan
Whether you’re looking to ‘tidy up’ your finances, carry out home improvements, buy a new car, or want some extra cash, a Halifax Personal Loan means you can afford what you want today and pay for it later*. Not only could you benefit from a great rate but we could give you a decision in minutes, bringing you and your money together faster.
*Buy now pay later means you spread your repayments over the period of the loan.
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Contents
What to consider when taking out a personal loan Buy Now Pay Later* Not all personal loans are the same Protect the good things in life with Personal Loan Repayments Cover What to do next? Important Information
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What to consider when taking out a personal loan
A personal loan can be a convenient way to borrow a fixed amount and repay it by spreading the repayments over a set period (the Term). With a personal loan, interest is charged on the amount you borrow. You need to pick the amount and term that is affordable to you. As part of our commitment to helping you make an informed decision, here are things to consider when taking out a personal loan.
What kind of features and benefits can I expect?
The main benefit of a personal loan is access to the money you need to pay for the things you want. With a Halifax Personal Loan you can borrow between £1,000 and £25,000 and spread the repayments over 1-7 years. You need to pick the amount and term that is affordable for you. Personal loan interest rates can be either variable or fixed. The interest rate on Halifax Personal Loans is fixed, so you can budget with confidence knowing your repayments won’t go up.
What commitment do I need to make?
The biggest commitment is making your repayments for the term of the loan on time. So think carefully about what you can reasonably afford to repay. But remember, you also pay interest on what you borrow, so you’ll pay back more than the initial amount of your loan. To make life easier, you can choose to pay by Direct Debit at no extra cost. The term you take the loan out for will affect the size of your repayments, so if you want smaller repayments, you should repay your loan over a longer term. Just keep in
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mind, the longer you take to repay your loan, the more interest you’ll be charged overall. You should also consider how you’ll manage to make your repayments if your circumstances change – for example, if you lose your job. We can talk about ways to protect you against the unexpected as we offer Payment Protection Insurance. When you apply for a loan, we’ll usually look into your credit history by consulting a credit reference agency. If you apply for lots of credit, this could have a negative impact on your credit rating.
to settle early you should contact us for a final settlement figure which may include an early repayment fee.
What else should I think about before I commit?
If you have savings, you may consider using this money. The interest you pay on a loan may be higher than the interest you earn on your savings. Don’t forget, there are different types of borrowing for the short to medium term that may suit you better, such as an authorised overdraft or a credit card. If you are a home owner, you may prefer a secured loan which uses your home as security. A secured loan usually offers a lower rate of interest, however if you cannot repay it, we can sell your home to recover the money we lent you.
Hopefully, this brochure will answer any questions you have relating to Halifax Personal Loans. If, after reading it, you’re still unsure, speak to your local branch or visit www.halifax.co.uk/loans for more details. Alternatively, you could book a Customer Review - at one of our branches - winner of Your Money Best National Branch Network for Personal Banking. We'll talk you through your choices stepby-step, ensuring you’re completely happy before you commit to any of our products.
Are there any risks?
As long as you keep up with your repayments, there are no risks. If you breach your loan agreement, we may charge you for our costs in recovering late or missed repayments; share information with credit reference agencies (which could affect your ability to get credit in the future); require you to repay the loan in full immediately and take court action to recover the debt and take any money you owe us from any other accounts you have with us which have a credit balance, including joint accounts, where there are sufficient funds. You can settle your loan agreement at any time by giving us notice in writing and paying off the amount you owe. If you wish
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Buy now pay later *
You can use your loan for almost any purpose, borrow as little or as much as you want from £1,000 to £25,000, and spread your repayments over a loan term that suits you from 1 to 7 years. If you apply in branch we can usually give you a quick decision** and, if you have a Halifax or Bank of Scotland current account, once your loan has been approved you could have the money in your account in just 20 minutes.
Budget with confidence
You don’t even have to worry about budgeting in the future, as your repayments will remain the same during the period of your loan. And you can protect your repayments with our optional Personal Loan Repayments Cover.
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Not all personal loans are the same
We believe it’s the extras that make all the difference when taking out a personal loan. Here are some reasons – besides our great rates – to choose Halifax: Personal and friendly service If you’d like a full review of your finances to help you decide the best way to afford what you want, we can help. It’s easy to make an appointment. You can even have your review out of branch hours if you want. We’ll give you as much help as you need when looking at your options and won’t rush you into making a decision. You can take your quote home with you and think about what you want to do in your own time. You’ll find our staff are friendly and helpful, so if you’re thinking about borrowing some money but are not sure of your options, you can be sure they’ll give you all the information you need to help make up your mind. No hidden costs We’ll be upfront about the costs involved and explain everything clearly and in plain English. Plus, enjoy all of these benefits: • If you are a Halifax or Bank of Scotland current account holder, once your loan has been approved, you could have the money in your account in 20 minutes • You can use your loan for almost any purpose • Borrow as little or as much as you want from £1,000 to £25,000 • Spread your repayments over a loan term that suits you from 1 to 7 years • Your repayments will remain fixed for the term of your loan • Apply in branch and we can give you a quick decision ** • You can protect your repayments with our optional Personal Loan Repayments Cover.
**For loans over £15,000 this may take a little longer.
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Protect the good things in life with our optional Personal Loan Repayments Cover
Our optional Personal Loan Repayments Cover could cover your repayments if you can’t work due to an accident, sickness, involuntary unemployment, if you suffer with a named critical illness, in the event of your death, or if you become a carer for a relative. So for just a little bit more each month, you’ve got the reassurance that your monthly repayments could be taken care of so you can continue to enjoy the good things in life – like going out for a meal, taking your children for a day out, or treating your loved ones. It’s a small price to pay to protect your lifestyle. If you need more information, you’ll find our staff are friendly and understanding. But don’t just take our word for it. Our customer services team recently won Ireland’s Customer Service Contact Centre of the Year award 2007.
Our customers also recognise the excellent service we provide; here’s what some of them have to say: “I have nothing but praise for Halifax insurance – you have made a difficult time so much easier. I would like to thank all staff.” Mr R. Newman “I have been extremely impressed with the service from the start of my claim to the end.” Ms N. North
These awards recognise excellence and innovation in customer service across all industry sectors. At Halifax, we take great pride in delivering excellent customer service. See page 10 for more information about our Payment Protection Insurance.
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What to do next?
Our staff will be happy to discuss your personal loan options. So, to book an appointment, please speak to a member of staff. We need to verify the identity of all of our customers, this means proving who you are and where you live. In the first instance we use a system of electronic identification and if this is successful, that’s all we need to do. The search is performed with a Credit Reference Agency, this is not a credit search and will only record the fact that we have done an ID check. If we are unable to verify your identity electronically, we will ask you to provide documents to prove your name and address. To help your application go smoothly, it’s best to bring the following documents: • Proof of your identity – your passport or driving licence; and • Proof of your address – this can be a bank statement or utility bill dated within the last three months. • It’s also helpful if you bring along a recent payslip and details of any existing credit commitments. For extra convenience, you can also apply online or by phone.
If you’re still not sure what to do, why not come in for a Customer Review? It’s an opportunity to discuss your future plans and review your finances. We’ll look at a range of products and help you choose the right ones for you. Customer Reviews are free, available to everyone and you’re under no obligation whatsoever. Pop into your local branch to book your Customer Review.
You can apply either:
IN BRANCH
You’ll get a decision in minutes** and you could have the money the same day.
BY PHONE 08457 24 34 44†
Lines are open 8am-8pm Monday to Friday, 8am-6pm on Saturday and 10am-4pm on Sunday.
08457 39 49 59† ONLINE
to book a Customer Review.
www.halifax.co.uk/loans
You can apply online at any time of day.
**For loans over £15,000 this may take a little longer.
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Important Information
Key information for our Halifax Unsecured Personal Loan from £1,000 to £25,000 The information contained in this table summarises key product features and is not intended to replace any terms and conditions.
Interest Charging Information Repayment Information Repayment Period Amount of Loan Arrangement Fee Other Fees Default Fees The interest rate is fixed and guaranteed for the life of the loan. Payment is by Direct Debit. The first repayment is due three months after the date the loan has been opened. We charge interest in the period between the start of your loan and your first repayment. You can choose to repay your loan over 1 to 7 years. Loans are available from £1,000 to £25,000. There is no arrangement fee. If you choose the courier service to receive your loan agreement, £50 will be payable one month before your first repayment. The following charges will be made if any of the following actions have to be taken: Failed Direct Debit: up to £25; Letter requesting payment or telephone call to home or business: £10; Pre-default notice: £30; Default expired: £50; Issue of solicitor’s letter; instruction of agency to collect the balance; instruction to solicitor to issue court proceedings or instruction to obtain new address: £50. You can repay your loan at any time during the repayment period. To do this, you need to pay off the amount you owe under this agreement, which may be reduced by a rebate.
Early Settlement
Lending Criteria Applicants must be aged 18 or over and living in the UK. Credit facilities are subject to status. Personal Loans are not available to non-Halifax customers aged 18 or 19. Security If you are in breach of your Halifax loan agreement we may take any money you owe us from any other accounts with us which have a credit balance, including a joint account providing the conditions allow and there are sufficient funds. Loan Updates You can at any time request in writing a statement of account or a copy of your loan agreement. Commission If we arrange Personal Loan Repayments Cover, we (or any member of our Group) will receive commission and we will keep any commission which we (or they) get in connection with the insurance which we (or they) arrange. General We subscribe to the Banking Code; copies of which are available on request. Personal Loan Repayments Cover is underwritten by Halifax Insurance Ireland Limited and Halifax Assurance Ireland Limited. Full details of the terms and conditions of the cover are available on request. We are authorised and regulated by the Financial Services Authority.
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Additional needs
We are committed to meeting the needs of all our customers. If you have a hearing or speech impairment you can use Typetalk whenever you contact us, or contact us using Textphone on 0845 603 1393† (lines open Mon-Fri 8am-10pm, Sat 8:30am-6pm, Sun 9:30am-5:30pm). For visually impaired customers we can provide documents in large print, Braille or on audio cassette. Please speak to a member of staff.
Payment Protection Insurance The information contained in this table summarises key product features and is not intended to replace any terms and conditions.
Product Overview Optional Significant Exclusions Halifax Unsecured Personal Loan Repayments Cover. Unsecured Personal Loan Repayments Cover could provide cover to repay your loan if you die or suffer a specified critical illness. It could also maintain your loan repayments should you become sick, unemployed or if you become a full time carer for a relative. Any pre-existing condition or chronic medical condition. Death resulting from suicide or self-inflicted injuries within 12 months of the start date. Back pain payment beyond 3 months will only be considered if you have been referred to and remain under the care of a back specialist. Psychological illness payment beyond 3 months, unless you have been referred to and remain under the care of an appropriate specialist. Unemployment that is voluntary or results from your misconduct. You are eligible for cover if on the start date: • you are 18 or over but under 70 at the end of the repayment period; and • you are working when you apply and paying the appropriate class of National Insurance contributions; and • you are living in the UK, or are a member of the armed forces/civil service serving abroad; and • you have entered into a loan agreement with Halifax and your name is the first one shown in the loan agreement. Single premium payment added to what you borrow and included in the loan. This incurs interest at the rate fixed and guaranteed for the life of the loan. The cover is not compulsory. You are free to choose another provider. You do not have to choose our insurance products. You are free to cancel your policy at any time. If you do this you may be eligible for a refund of the premium. We currently calculate refunds using an actuarial method, not a strict pro-rata basis to take account of higher risk and cost at the beginning of the policy. Your cover does not attract a surrender value at any time.
Eligibility
Payment Method Optional Availability Refund Methodology
Customer service We aim to please but we know that sometimes things go wrong. If you have a problem or complaint, then ring our Customer Complaints Helpline on 08457 25 35 19†. A copy of our complaints procedure is available on request. Complaints we cannot settle may be referred to the Financial Ombudsman Service.
General consumer information If you’d like more general information then the financial services watchdog – The Financial Services Authority – provides a range of free consumer booklets and factsheets and a Consumer Helpline. Visit their website at www.fsa.gov.uk/consumerhelp or call 0845 606 1234†.
It’s easy to get in touch:
Visit our website www.halifax.co.uk
Personal Loans Banking Bank Accounts Credit Cards Mortgages Insurance Savings Investments Share Dealing Mortgages Secured Loans 08457 24 34 44 08457 20 30 40 08457 28 38 48 08457 27 37 47 08457 27 37 47 08457 23 33 43 08457 26 36 46 08456 00 08 45 08457 22 55 25 Lost/Stolen Cards 08457 20 30 99
Did you know that you can phone your local branch directly? You can find the details of your local branch at www.halifax.co.uk/branchfinder
† Calls from BT landlines to 0845 numbers will cost no more than 2p a minute plus a 7p connection fee. The price of calls through other phone companies and from mobile phones will be different. The call price we have quoted was correct in September 2008.
Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. 1/336800-0 (09/08)