EVERYONE loves something for nothing, and getting financing worth thousands of pounds free of charge seems like a good deal.
Well, you could be a lucky winner with Halifax's "loan with a twist" offer, which sees the financial institution wipe customers' balances worth up to a whopping lb50,000.
The promotion, which was first run in 2023, might find 30 new clients picked at random from those who sign up for a loan worth between lb1,000 and lb50,000 before February 7.
They will automatically be entered into a free prize draw, using the winners selected at random.
Last year, the bank wiped lb720,000 worth of unsecured loans for 81 customers with loans ranging from lb1,000 to lb30,000.
Russell Galley, md, said: "I'm delighted that we've cut back Loan with a Twist for the start of this season, which is another innovative way Halifax is constantly on the give our customers extra.
"After this type of fantastic response from last year's winners, and hearing about the wide range of uses customers have experienced for that extra cash, we're really getting excited about having the ability to create a real difference to customers and give them a helping hand with their finances this season."
Is it worth obtaining a loan with Halifax?
Obviously, you shouldn't depend on being one of the 30 lucky winners.
A loan is really a serious expenditure, and also you need to ensure you can afford to satisfy the repayments within the length of the agreement.
And if you are in the market for financing, you can get one much cheaper elsewhere as Halifax doesn't offer the best rates, particularly if you're looking for a smaller loan.
lb3,000 loan over three years
- Halifax: 18.9 per cent APR lb107.61 a month
- Best buy: Metro Bank 5.9 per cent APR lb90.92 a month
- Difference: lb600
lb5,000 loan over three years
- Halifax: 9.9 percent APR lb160.11 a month
- Best Buy: Hitachi 3.4 percent APR lb146.17 a month
- Difference: lb501
lb10,000 loan over five years
- Halifax: 3.5 per cent APR lb181.67 a month
- Best Buy: M&S Bank 2.8 per cent APR lb178.64 a month
- Difference: lb182
Money expert Andrew Hagger said: "As with every personal finance products, don't be swayed by gimmicks – it's easy to shop around via comparison sites to obtain the cheapest loan.
"Opting for the Halifax deal based on the remote chance of getting your loan paid could prove costly – for example on a lb3,000 loan over Three years months, Halifax will cost you lb16.69 monthly more than with Metro Bank – that's an extra lb600 over 3 years."
In November, Lloyds Banking Group, including Halifax, made changes to their overdraft fees.
Now clients are charged a daily fee of 1p per day for every lb7 they're overdrawn, whereas previously they were charged a lb6 fee plus interest.
Those with the biggest arranged overdrafts have been worst hit through the changes, while customers who hardly ever touch their overdraft are better off.