Use our First Direct loan calculator to evaluate how much you'd pay back on a fixed-rate, unsecured First Direct personal loan as an existing customer (which you'll need to be, in order to apply). Loan amounts between £1,000 and £50,000 with rates starting from 5.7%.
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Our calculator lets you pick how much you want to borrow over a time frame that suits you, so you can estimate how much you would pay back each month and pay back overall. We base our calculations on First Direct’s representative APR, but it’s important to note that your circumstances can affect the rate you’re offered.
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
How do First Direct loans compare against the competition?
See today's rates from across the personal loan market.
The First Direct Personal Loan charges 5.7%APR representative on loans between £15,010 and £30,000. First Direct offers the unsecured personal loan with repayment terms between 1year and 8years, and applicants can apply to borrow from £1,000 to £50,000.
Key features of First Direct loans
Loan type
Unsecured Personal Loan
Loan amounts
£1,000 to £50,000
Loan terms
1 year to 8 years
Loan rate type
fixed
Fee
0%
Same-day funding available
Same-day funding note
Apply online or in app for same day funds
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methods
Direct debit
APR and Representative APR explained
The Annual Percentage Rate (APR) is a summary of the yearly cost of a loan. It takes into account both interest and any unavoidable charges you'll need to pay (for example an arrangement/product fee) over the duration of a loan. Because First Direct doesn't charge an arrangement fee, its APR comprises just the interest rate – and so they're one and the same.
However, the vast majority of lenders tailor rates (and therefore APRs) to the individual applicant. If they think you're a riskier bet, they'll offset that by offering you a higher APR. The "representative APR" (as defined by the Financial Conduct Authority) is what First Direct gives to at least 51% of those who take out the loan. The other 49% could pay more. First Direct must calculate APR in the same way as other lenders, and must tell you your personal APR before you sign a loan agreement.
First Direct advertises a representative APR of 5.7% on loans between £15,010 and £30,000 on the First Direct Personal Loan.
Who is First Direct?
Originally part of Midland Bank, First Direct is an internet and telephone banking service which has been part of the HSBC group since 1992.
First Direct was first brought into being in 1989 with a “broadcast from the future” advert, purportedly from the distant, and First-Direct-filled future (2010!). The vision of holograms and time travel might have missed the mark, but First Direct is definitely still going strong, and winning awards both as a trusted financial provider and for its customer service.
The First Direct website has some quite odd suggestions for spending your loan, including building your own robot dog, but whether it’s for a hair-brained scheme or simply a nice holiday, First Direct rates are competitive and it’s very quick to apply. Unfortunately for some however, the loans are available exclusively to existing First Direct customers.
>Am I eligible for a First Direct personal loan?
If you’re applying for a First Direct loan, you already hold a First Direct account, meaning you are UK resident with no bankruptcies or Individual Voluntary Agreements in the last 6 years. You should only apply for a First Direct personal loan, however, if you are sure you can make the repayments and are not borrowing for any of the following reasons:
For the purchase of property or land (both UK & Overseas) including holiday homes and apartments.
For purchasing a joint stake in a property or buying out a joint owner.
For a mortgage deposit (regardless of lender or country).
For gifting funds to third parties to support the purchase of a property, including mortgage deposit, stamp duty and solicitors fees.
For gambling.
For business purposes.
For share dealing.
How can I apply?
First Direct loans are super-simple to apply for online, partly because they’re only available to existing customers. All you have to do is:
Log into your online banking
Fill out the application form (this should take about three minutes)
Get a response in minutes (First Direct may request to call you if any further info is required)
The money will arrive immediately if you’re accepted
Alternatively, don’t forget that First Direct is known for having better customer service than we’ve come to expect from our banks, and can take you through the whole process from its UK support centres if you call 03 456 100 100.
Customer reviews
First Direct has an ‘excellent’ rating on Trustpilot with a score of 4.3 based on over 22,600 reviews (updated May 2024). Customers praised First Direct’s fast service and 24 hour customer service.
On the App Store, First Direct is rated 4.8 based on over 412,000 reviews and on Google Play, it’s rated 3.5 based on over 17,500 reviews (updated May 2024).
Customer support
You can call First Direct on 0345 610 0100 for loans queries. Lines are open from 8am to 10pm Monday to Thursday, 8am to 9pm Friday, 8am to 8pm Saturday and 9am to 8pm Sunday. Or, you can use the chat box in the app.
What credit score do I need to get a First Direct loan?
First Direct typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that First Direct considers. However, if you don't have a high credit score, you're very unlikely to get approved for a First Direct loan.
A "Good" or "Excellent" credit rating would require a score of 881 or higher if you're referring to Experian's scale, 531 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.
Do First Direct loans give an instant decision?
Yes, First Direct offers instant decisions online in most cases. (Occasionally, more information may be required.) First Direct can also offer same-day funding of your loan (Apply online or in app for same day funds).
Can I get a second First Direct loan?
First Direct doesn't allow you to run multiple loans at the same time.
Can I make overpayments on a First Direct loan?
Yes, you can make overpayments without incurring any penalty fee. However, First Direct can continue to charge interest for up to 2 months on any sums overpaid. So, although making overpayments stands to save you money in interest, you may not save quite as much as you'd imagined.
Late repayments can cause you serious money problems. See our debt help guides.
Frequently asked questions
That depends on your existing loan and your personal circumstances. First Direct only deal with requests for further finance from its UK call centres on a case-by-case basis. Call 03 456 100 100.
No, First Direct does not offer repayment holidays on its personal loans.
No, interest rates for personal loans with First Direct are fixed at the time the loan is agreed.
If your financial circumstances change, it’s vitally important that you contact First Direct. If any payments are made late, you may be charged interest on the overdue amount until it is paid off in full.
No, First Direct don’t currently offer any secured, flexible or business loans.
Yes, you can use your First Direct loan to consolidate debt as long as it’s legal and not business-related. However, before doing this it’s a good idea to consider factors such as interest rates and monthly repayments, your existing commitments and any early repayment charges that may be incurred for settling other loans early.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
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