First Direct personal loans

Does anyone else just think of the beatboxing sparrow and "off-beat" platypus when they think of First Direct? It might be time to think again. Turns out First Direct offers some competitive personal loans – but only to existing customers.

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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.

Key features of First Direct personal loans at a glance

  • Available to First Direct current account holders only.
  • Borrow £1,000-£50,000.
  • 1-7 year loan terms.
  • Fixed monthly repayments. You’ll have a fixed amount debited from your First Direct current account monthly, so budgeting is straightforward, and you’ll know in advance exactly how much the loan will cost overall.
  • Quick decision. Applying online is straightforward, taking less than 10 minutes, and a decision will be made in minutes.
  • Immediate access to funds As soon as you’ve been approved, funds can be “drawn down” to your first direct current account.
  • Repay your loan early at any time. Call First Direct on 03 456 100 199 to request a settlement figure. Depending on how early you repay the loan, there could be a reduction in the amount of interest payable.

After applying, the interest rate you’re offered may be affected by factors like your credit rating and your income and outgoings. It may differ from the advertised “Representative APR”, which lenders are only obliged to give to 51% of those who take out the loan.

How do First Direct personal loans compare against the competition?

Before you take out a personal loan, it’s smart to read up and shop around. If you’ve been on the First Direct site to get a quote on your loan, find out how much you’d be likely to pay for the same loan from some popular lenders:

Want to quickly see which lenders can offer you a loan?

  • Good and bad credit histories accepted
  • 1 fast, simple form to compare multiple lenders
  • Quick loan funding with no hidden costs
Late repayments can cause you serious money problems. See our debt help guides.

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:

  1. Log into your online banking
  2. Fill out the application form (this should take about three minutes)
  3. Get a response in minutes (First Direct may request to call you if any further info is required)
  4. 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.

Frequently asked questions

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.

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