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.
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.
Maximum loan
£50,000
Product fee
N/A
Early redemption fee
Yes
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.
The first direct Existing Customer Personal Loan charges 6.4% APR representative on loans between £10,000 and £30,000. First Direct offers the loan with repayment terms between 1 and 8 years, and applicants can apply to borrow from £1,000 to £50,000.
| Loan amounts | From £1,000 to £50,000 |
|---|---|
| Loan terms | From 1 year to 8 years |
| Age eligibility | 18 years and over |
| Application fee | No application fee |
| Repayment holiday | Repayment holiday not permitted |
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £50,000.00 |
| Loan terms | 1 Year to 8 Years |
| Loan rate type | Fixed |
| Product 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 | Standing Order |
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.
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:
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:
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.
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).
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.
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.
Yes, First Direct offers instant decisions online in most cases. (Occasionally, more information may be required.) First, you can use the soft-search eligibility checker to find out your chances of getting approved. (This won't affect your credit score.) Then, if you opt to go ahead and apply, you'll get an instant answer. First Direct can also offer same-day funding of your loan (Apply online or in app for same day funds).
First Direct doesn't allow you to run multiple loans at the same time.
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.
Existing first direct current account holders can spread the cost of an upcoming expenditure with this 0% interest on purchases deal.
Everything you need to know about the First Direct Balance Transfers Credit Card. Fast and simple overview of rates, fees, credit limits and eligibility requirements. Compare this card against similar products from a range of lenders.