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Personal loan eligibility
Thinking of getting a personal loan? Use our quick and easy eligibility checker.
Our frequently asked questions will help you know more about eligibility and how you can improve yours, before you check.
Get started now
Before you apply, check your eligibility or see if we can pre-approve you for a Halifax loan.
Answer a couple of questions so we can find the right options for you.
Do you have a current account with Halifax?
Let’s take a closer look
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Before Halifax approve loan applications, we do checks to make sure you are eligible. Our eligibility checker allows us to do a soft credit check without impacting your credit score.
We’ll tell you if you’re likely to get approval for a loan before you apply.
Your credit score helps us evaluate how likely you are to repay anything you borrow. This is based on your track record of using credit and managing your finances.
If you're applying for a personal loan, we’ll usually check your credit file to:
- Evaluate your personal circumstances.
- Highlight any potential risks related with offering you credit.
- Decide on the interest rate we’ll offer you.
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If you have a Halifax Personal Current Account, you can log into your Online Banking to see how much you could borrow and if you're likely to get approval.
If you’re a new customer, you can get an idea of how much you could borrow and how much your loan might cost. Use our loan calculator to get an illustration. To find out your personal interest rate, please get a quote.
Lending and interest rates are based on our assessment of your personal circumstances.
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How long you have to pay a loan back, known as the ‘term’ – differs. We offer terms between 1-7 years.
You get to choose how long you want to pay the loan back over. Generally, the shorter the term, the higher your monthly repayments will be. If you choose a longer term, your monthly repayments may be lower, but you could pay more interest overall.
You’ll need to decide whether a shorter term with less interest or a longer term with more interest is best for your personal circumstances. Using our budget calculator could help you decide.
You can pay your loan back early if you want to, but we may charge you up to 58 days’ interest to do so.
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Here are some ways you can improve your eligibility for a loan.
Registering on the electoral roll.
This helps to improve your credibility and allows lenders to confirm your name and address. You can do this on the Gov.uk website.
Pay any bills on time.
This shows you are good at managing your finances. Missing payments could have a negative impact on your credit score. This could affect the interest rate you get offered or your application’s success.
Reduce any debts you may have.
Having too much debt can negatively affect your credit score. Where possible, try to pay off as much debt as you can. Get help with your finances, check out our Money Worries page for useful tips and advice.
Consider closing unused credit and store cards.
If you have access to a large amount of credit, even if you don’t use it, it can hurt your application. Long-standing accounts with good credit history could be worth leaving these ones open.
Limit your credit applications.
Lots of credit applications in a short space of time might be a sign you’re reliant on credit and may have problems repaying it. All credit applications will get added to your credit history and can impact your credit score negatively.
Check your credit history for mistakes.
Being linked to a partner or flat mate with a poor credit score or fraudulent activity can affect your own credit score.
You have the right to ask for a free copy of your credit report. You can make a request online or in writing from credit reference agencies such as Experian, TransUnion and Equifax. There will be some overlap in the information they hold about you, it’s worth getting a report from all three to check the details.
Loans are provided by Halifax.
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