First Direct Personal Loan comes with a headline interest rate of 5.7% APR for loans from £10,000 to £30,000, making it an attractive proposition for those needing a substantial sum. With flexible borrowing terms ranging from 1 to 8 years and the ability to borrow any amount between £1,000 and £50,000, this product is designed to accommodate a wide range of needs, from home improvements to managing unexpected expenses.

One of the key benefits is the fixed monthly repayment, giving borrowers clear visibility over their finances throughout the loan term. Approval is usually instant with online and app applications, and if you’re accepted, funds can be in your account almost immediately. First Direct also offers overpayment flexibility, potentially reducing your total interest paid.

Step-by-step Application Guide

1. Check eligibility: Be at least 18, a UK resident, with a minimum annual income of £10,000 before tax, and hold a First Direct current account.
2. Decide on the loan amount and repayment period – from £1,000 to £50,000 over 1 to 8 years.
3. Choose your application method – via First Direct’s app, online banking, or by phone.
4. Submit the application form. Most applicants receive a decision in minutes.
5. If approved, read and sign the loan agreement. Funds are usually transferred the same day.

Key Pros of the First Direct Loan

Borrowers benefit from a competitive 5.7% APR for mid-sized loan amounts, fixed interest, and the ability to make overpayments without penalty. The quick online application and fast funding are other significant advantages.

Flexibility is a highlight—customise your loan duration and repayments based on your needs. The no-fuss digital process supports speedy decisions.

Potential Cons to Consider

The most attractive rate applies only to loans between £10,000 and £30,000. Smaller or larger loans may attract higher interest rates, depending on personal circumstances and credit checks.

Applicants must already have a First Direct current account, so it’s not ideal for everyone seeking a personal loan. The eligibility could limit accessible options for some.

Verdict

First Direct’s Personal Loan stands out when you need reliable, straightforward borrowing with a strong fixed APR, particularly if you’re already a First Direct customer. Its speed, flexibility, and competitive rate for the right loan size make it a compelling option for those who qualify.