First Direct
Good:
Loans are paid out extremely quickly but you must have good credit to apply
Bad:
Completely online bank so there are no branches to visit - must bank with them to apply
Verdict:
This bank is known as one of the best and most efficient in the UK and comes highly recommended
First Direct offer unsecured loans ranging from £1,000 to £25,000. You must have a First Direct 1st Account to apply. If you are looking to open one up they will give you £100 cash straight into your new account just for transferring to them. First Direct are a completely online/telephone based company so you have 24 hours a day access to your account.
You can apply online or over the phone. Once you have applied, they can give you an instant decision. As it is all done online, you will need to electronically sign your loan agreement. You can receive a same day payout but be prepared to fax or email documentation to them should they ask for it. They are definitely one of the quickest lenders to payout.
They are extremely easy to apply with and have one of the fastest payout times if you are a customer with them already. Internet reviews on the whole are good with special praise being directed towards its ease of use. However, one of the downsides is that there are no branches for you to visit should you feel the need to speak to them face to face. They have an excellent APR range on the loans they offer and compete well with other lenders on the market. They do require you to have an account with them first so if you open one with a view to taking a loan out, make sure you are fully aware of the terms and conditions for the account as well as the loan.
Loan Calculator (Representative 6.8%APR)
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Speedy payment
I just hoped they could help me in my hour of need
I've banked with these jokers for FOURTEEN YEARS! 13 of these years I've been an exemplary customer. I set up my own business recently and informed them my account would be in difficulties until I could organise a biz loan or finance to assist me. Despite constant calls to inform them of my financial status, keeping them updated, being responsible about my debt and only ever being late by a few days (worst was one payment which was 2 weeks), they have been PATRONISING,UNHELPFUL, RUDE and downright threatening! I clearly don't fit in to their little tick boxes any more so they feel they have every right to tell me off and drown me in ever increasing late payment charges. Its a JOKE. Go to a bank where you can deal with a local manager and staff who actually give a rats, have a brain and can think outside the box and not try to put you in one...permanently!!!!!!!!!!!!
it is ok
almost to good to be true
mint!!!!!
cant belive how easy it was im happy
fantantastic customer support and easy to talk with.
It's a real struggle to look for a loan but with First Direct it is so easy!!! I am confident that my loan will be accepted. I think it's the best choice I've made!!!
I have been with First Direct for 19 years now and I have had a couple of loans with them and also a credit card. When I called once to ask about joining my loans together to get a lower interest I was spoken to by a rude and unhelpful member of staff. I was made to feel stupid and to this day I still have both loans active.
Recently I saw a PC I wanted to buy on a Saturday and I wanted to arrange a loan quickly. I phoned First Direct and a personal loan was approved within 5 minutes. An extended free overdraft was given to me immediately so I could make the purchase before I signed the loan papers. The loan was in my account the following Friday. It was for £500 at an APR of just 12.9%... amazing.
My personal loan with First Direct has been going solid for 6 years now. I set up the loan over the phone, it was so easy and I can organise money matters at times that suit me. The loan was agreed instantly and the money was in my account on the Tuesday. The agent was pleasant, knowledgeable and did not try and sell me extra insurance.
I have been a customer for First Direct ever since they started and I honestly can't fault them. I needed an extra £14,000 for my mortgage deposit and I looked at loads of other loan companies and I just wasn't happy. I checked out First Direct's loan site and I requested £14,000 over 7 years... the money was in my account the next day! After this, some documents arrived that I had to sign and sign back but that was it.
After looking at applying for another loan with First Direct, I feel very confident and safe in the fact that my loan will be accepted and it will be in my account within 24 hours. I have seen rates decrease from 12.9% to 7.9%! Brilliant financial company.
Loans up to £25,000 - 7 years
- You will need: Proof of ID, bank statement, utility bill, 3 months banking history
- You must have been a UK resident for 3 years or longer
- You must have a First Direct 1st account to apply
- You must be in full-time, part-time or self-employment earning at least £700 per month
- You must have a good credit history
- You must be 18 years of age or older to apply
- Late Payment Fee - £12
- Missed Direct Debit (if a first direct account) - £5
- Default Fee - £12.00
- Over-limit fee - £12.00
- Equal to one additional month's interest, calculated in the outstanding balance is payable
