First Direct is a UK-based bank known for its excellent customer service and digital-first approach. As a division of HSBC UK Bank plc, it offers financial products tailored to individuals.

Their First Direct Personal Loan provides a flexible borrowing solution, whether you need funds for home improvements, debt consolidation, or a major purchase.

With competitive rates and a straightforward application process, First Direct ensures customers can access funds quickly and conveniently. Keep reading to learn more about the loan’s features and eligibility criteria.

_{Information collected from the official First Direct website.}

The First Direct Personal Loan allows borrowers to access funds between £1,000 and £50,000, with repayment terms ranging from 1 to 8 years. Monthly repayments remain fixed throughout the loan term.

The application process is fast and straightforward, with a decision typically made within minutes. If approved, funds are transferred immediately into your First Direct account.

Additionally, First Direct provides flexibility for overpayments, enabling customers to reduce the total interest paid on their loan. However, settling early may result in an additional interest charge.

Before applying for a First Direct Personal Loan, it’s essential to weigh its advantages and potential drawbacks. Here is a comprehensive analysis of its advantages and drawbacks to assist you in making a well-informed choice.

These pros and cons highlight the strengths and limitations of the First Direct Personal Loan, helping you decide whether it fits your financial situation.

First Direct does not specify a minimum credit score for applicants. However, eligibility requires:

Loan approval and interest rates are determined through credit checks and financial assessments. A good credit history may improve your chances of securing a lower interest rate.

Applying for a First Direct Personal Loan is simple and efficient. Follow the steps below to ensure a smooth process.

You can apply for a First Direct Personal Loan through online banking, the mobile app, or by phone. Each method provides a quick and straightforward process for approval.

The online application is the fastest option. Simply log in to your First Direct account, complete the form, and receive an instant decision. Approved funds are transferred immediately.

Using the First Direct mobile app, you can apply conveniently from your smartphone. The process is similar to the online application, offering quick approvals and immediate fund transfers.

If you prefer, you can apply by phone by calling First Direct’s customer service. A representative will guide you through the process, but funds may take longer to transfer.

When comparing the First Direct Personal Loan with the TSB Personal Loan, it’s important to consider interest rates, eligibility requirements, repayment terms, and additional benefits. Both lenders offer competitive rates, but their features cater to different customer needs.

First Direct offers loans between £1,000 and £50,000, with a representative 5.9% APR for loans between £10,000 and £30,000. On the other hand, TSB provides loans between £1,000 and £50,000, with a 5.9% APR representative for loans between £7,500 and £25,000 for terms of 1 to 5 years.

To help you visualize the differences more easily, we’ve put together a comparison table below. Be sure to check it out:

Both lenders offer fast approval processes and flexible repayment options, but eligibility requirements and early repayment charges vary.

Interested in learning more about TSB Personal Loan? Read our next article for a complete breakdown of its features and benefits.

The content on this page is current as of January 30, 2025, though some promotions may no longer be valid.