Halifax launches the Clarity Loan

Halifax launches its Clarity Loan. Challenging the ‘norm’ in the personal loans market the Clarity Loan offers customers the ability to make additional payments and repay their loan early at any time without incurring any additional interest.

With the new Clarity Loan, Halifax becomes one of the first major high street banks that allows customers to pay off their loan early for free.
 
The Clarity Loan also benefits from Halifax’s Personal Loan Repayment Promise. The Promise guarantees the maximum amount customers will pay each month when they take out a five year Personal Loan, so customers can easily see how much their loan will cost even before applying.
 
Chris Phillips, Head of Halifax Personal Loans, says: “We understand how important it is for people to be able to feel in control of their finances and we are always looking for ways to give them extra.
 
“We introduced our Repayment Promise because customers were telling us that they were confused when trying to relate APR to monthly payments. We have continued to listen to our customers and, as a result, the Clarity Loan will offer people even more flexibility and allow them to manage their money in a way that best suits them”.
 
The Clarity Loan offers an APR of 5.9% on loan amounts from £7,000 to £15,000 and is currently available to existing Halifax current account customers wanting to borrow between £1,000 and £25,000. The Personal Loan Repayment Promise guarantees a monthly repayment of £199 or less for a loan amount of £7500 over five years.