First Direct Bank Loans

1601 reviews

3% Representative

Will lend between: £1,000 - £50,000

Over: 12 - 84 Months

Representative example: Representative Example: If you borrow £16,000 over 60 months at a representative rate of 3.3% APR and an annual interest rate of 3.3% (fixed), you would pay 60 monthly installments of £289.29. The total charge for credit will be £1,357.28 and the total amount payable will be £17,249.28.

If you work at First Direct Bank Loans

Contact First Direct Bank Loans

Are you eligible for First Direct Bank Loans?

Check your eligibility before you apply.

  • Quick 40 second form.
  • No impact on your credit file.
  • Free personalised eligibility score.
Check Eligibility

First Direct Bank Loans customer reviews.

1601 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.

Written by: Alex

Highlights

  • Easy online application and loan management
  • Approved applicants have funds almost immediately
  • Able to overpay and reduce interest over loan term
  • Low interest rates

Minimum criteria

  • You must be a First Direct 1st Account customer
  • You will need to have good credit history

Fees

  • Maximum APR 18.9%
  • 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.

Company information

Registration number: 00014259

www1.firstdirect.com

08456040626

8 Canada Square, London E14 5HQ

FCA registration

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 5HQ

Apply Now