First Direct Bank Loans
Representative 3.3% APR
Will lend between: £1,000 - £50,000
Over: 12 - 84 Months
First Direct Bank Loans customer reviews.
2.2 out of 5 stars
Our review of First Direct Bank Loans
First Direct are part of the HSBC group and offer reasonable rate unsecured personal loans. To apply you will need to have good credit as well as a First Direct 1st Account, however you can set one up quite easily if you’re not an existing customer. Once your account is live, this will be where the loan is paid out and you’ll need to make standing orders from it each month for your repayment. The Representative APRs are low and affordable if your financial circumstances allow you to get those rates.
Their flexibility offers customers the chance to apply either online or over the phone, however, if you’re looking for a speedier process then online is your best bet. If you complete your application over the phone then you’ll need to wait for them to send out your documentation, sign it and then send it back.
As can be expected, there are both positive and negative reviews across the web. The majority of the negative reviews on TrustPilot, where they have a rating of only 2.1 out of 10, are about the other services they offer rather than the loan side of things specifically. Scrolling through the reviews there are generally positive ones for loan customers who have found the process smooth and encountered great customer service.
Overall verdict: If you have good credit and don’t mind a detailed application process then First Direct could be a good lender, especially considering their low interest rates. It can seem inconvenient to have to open a current account with them, but on the other hand having your finance all in one place can feel comforting.
- Easy online application and loan management
- Approved applicants have funds almost immediately
- Able to overpay and reduce interest over loan term
- Low interest rates
- You must be a First Direct 1st Account customer
- You will need to have good credit history
- Maximum APR 3.3%
- Arrangement fee: £0
- Early repayment fee: £3
- Late payment fee: £0
About First Direct Bank Loans
First Direct, a trading name of HSBC Bank, offer unsecured personal loans between £1,000 and £50,000 that can be repaid over a period of one to seven years in fixed monthly payments. Their advertised Representative APR is 3.0% which is available for loans between £15,050 and £30,000. You will need to have good credit to apply and your personal circumstances may mean that you receive a different APR.
The loan must be repaid via standing order from a First Direct 1st Account, which means that if you’re not an existing customer you will need to set one of these up before you can apply for the loan. However, this does mean that if you are successful in your online application then the funds will show in that account almost immediately. If you are completing the loan application over the phone, then it will take longer as First Direct will need to send over your agreement which you will then need to sign and send back.
First Direct offer some repayment options such as early repayment and customers are allowed to overpay which may reduce the amount of interest over the term of the loan. They do not allow repayment holidays and missed payments will incur interest charges and could harm your credit rating if it persists.
Registration number: 00014259
8 Canada Square, London E14 5HQ
Reference No: 114216
Trading names: HSBC Bank PLC, First Direct
Place of business: 8 Canada Square, London E14 5HQ
Data protection registration
Registration No: Z5734875
Data controller: HSBC BANK PLC
Address: 8 Canada Square, London E14 5HQApply Now