Halifax Debt Consolidation Loans

Taking out forms of credit can be helpful for a range of emergency payments or large purchases, but when those debts start to mount, it can be useful to know of different ways to pay them off in an efficient way. One of these methods is a debt consolidation loan and there are a number of lenders available who could offer the cash you need to cover your repayments. Debt Consolidation Loans are a broker service with a large panel of lenders, but we believe in offering you as much financial information as possible to help you find the best solutions for your needs. On this page, we will be discussing debt consolidation with Halifax, how their loans work, and their interest rates. That way, you will be able to see whether you should approach Halifax to consolidate debts and whether they are a good fit for your circumstances.

  • DCL have years of experience in the finance industry
  • Large panel of consolidation loans lenders
  • Personal approach to application reviews
  • Easy online application process
  • Bad credit applications considered
  • FCA authorised, responsible broker service
A young man calls the bank about debt consolidation with Halifax

With our service, we take the time to personally check each application for affordability, then select one of our trusted lenders who offer the best solutions for you. This means that can take all of the hard work off your hands, finding and comparing the best deals as quickly as we can. Once we have found the best consolidation solution to suit your requirements, the lender will contact you to finalise your application.

If you are ready to start your application, simply apply online and our team will begin reviewing your affordability to reach a lending decision.

Why debt consolidation?

  • Improve your monthly budget
    A debt consolidation loan will enable you to group all your existing borrowing and the monthly repayments are easier to manage.
  • Reduced overall repayments
    A debt consolidation loan could even save you money each month if the interest rate is less than the combined total interest of the previous loans.
  • Improved credit rating
    The simplicity of repaying a debt consolidation loan means that you are more likely to repay the debt on time every month. This will prove you to be a responsible borrower, which will have a positive effect on your credit score.

 

What Are Halifax Debt Consolidation Loans?

Halifax have been a trusted bank since the mid-1800s, so they have truly stood the test of time and are committed to providing a selection of financial products to their customers. This includes their personal loans for debt consolidation, which are used to cover your existing debt repayments. You simply take out the amount you need to cover the total of your collective debts, which means that you could possibly pay them off quicker and have peace of mind about the future of your finances.

The bank may also offer a Halifax mortgage for debt consolidation, which is a form of secured loan. With a debt consolidation remortgage, you could use the equity in your home to pay off your debts. You will typically be offered a larger sum that covers both your existing mortgage and any debts that you would like to consolidate. Money that you have already paid towards your home will be released, which could reduce the amount of debt you owe all together, possibly allowing for easier budgeting and removing some of the pressure. However, as the name may suggest, a Halifax mortgage for debt consolidation can only be used by homeowners.

Debt Consolidation From Halifax Rates & Terms

Barclays offer a rate of 3.5% APR representative on consolidation loans from £7,500 to £25,000 for terms between 12 to 60 months, but they may provide other amounts, depending on your circumstances. However, their rate will depend on the amount you want to borrow and the repayment term you choose. The maximum APR is 29.9% and the bank provide clarification on the rate in a personalised quote. If you want to see how much you could repay with a loan from Halifax to consolidate debt, we recommend using their online loan calculator.

The Halifax debt consolidation loans are available to UK residents aged 18 and over, and you do not need to have an existing account with Halifax. If you already bank with them, you could borrow up to £35,000, and if you do not have an account, the maximum amount to borrow is capped at £25,000. However, they do not provide consolidation for those with bad credit, so if you need a more flexible solution, you may need to search elsewhere. At Debt Consolidation Loans, we offer our bad credit debt consolidation broker services to people aged 21 and over, as we want to protect those who are too young, and with our personal approach to checking applications, we can cater to people in a wide range of circumstances.

Why debt consolidation?

  • Improve your monthly budget
    A debt consolidation loan will enable you to group all your existing borrowing and the monthly repayments are easier to manage.
  • Reduced overall repayments
    A debt consolidation loan could even save you money each month if the interest rate is less than the combined total interest of the previous loans.
  • Improved credit rating
    The simplicity of repaying a debt consolidation loan means that you are more likely to repay the debt on time every month. This will prove you to be a responsible borrower, which will have a positive effect on your credit score.

 

How Do You Apply For A Loan From Halifax To Consolidate Debt?

Applying for debt consolidation with Halifax is fairly quick as you can access the application form through their website. This means that no matter where you are, you should be able to apply, as long as you have access to the web. However, this bank uses automated responses to give you an instant lending decision, which could result in you receiving the money you need fairly quickly, but it means that any applications with evidence of poor credit could be automatically declined.

While an instant lending decision may save time and result in you having access to money quicker, it could mean that an application with evidence of bad credit could damage your credit score. We take a personal approach when checking applications, which may take a little longer, but it allows us to consider people from a range of circumstances. This means that we may be able to help people with a low credit rating, past arrears, or CCJs, as well as spot any mistakes on your application that could have possibly prevented an instant decision lender from taking your application forward.

Choose DCL For Your Consolidation

If you need help with covering your existing debts, such as credit card debts, we may be able to help. At Debt Consolidation Loans, we hold our applicants’ best interests at heart, so we take the time to personally check each application, rather than use an automated programme. We are able to check for affordability and understand your needs on a human level, which means we can consider all applications from people in all circumstances. We understand that securing finances can be an urgent task, so we will do everything we can to ensure you can make repayments. However, if we felt that you would struggle to make repayments, we would need to decline your application for your own wellbeing.

We are completely transparent, so we guarantee that our soft search will not damage your credit rating, and there are no hidden fees for using our service. We also aim to offer flexibility in our repayment plans, so you will be able to make payments on a pre-agreed date each month. This can help you to manage your finances, possibly pay off your debts quicker, and give you peace of mind about your future.

If you would like any more information, you may be able to find the answers in our FAQs, or don’t hesitate to contact us to speak to a member of our friendly team. When you are ready, it’s quick and easy to apply on our website.