First Direct personal loan review – 6.4% rates, same-day funding and practical tips for existing UK customers
Practical no-nonsense advice for existing First Direct customers on locking in 6.4% rates, same-day funding and manageable repayments
Quick summary
The First Direct personal loan is a straightforward, fixed-rate unsecured loan for existing UK customers, with amounts from £1,000 up to £50,000 and rates starting at 6.4% APR. If you bank with First Direct and want predictable monthly repayments plus fast access to cash, this product is designed for that need.
Key selling points are the competitive 6.4% starting rate, fixed monthly payments that make budgeting easier, and the capability for same-day funding in many cases. For example, borrowing £10,000 over 3 years at 6.4% representative APR works out at roughly £305.21 per month, total repayable around £10,987.56.
Eligibility, rates and fees
First Direct personal loan offers are available only to existing customers, so account status is the first eligibility gate. Acceptance and the exact rate you’re offered depend on your credit profile and affordability checks, so the advertised 6.4% is a starting point for well-qualified applicants.
It’s an unsecured, fixed-rate product, which means no collateral but steady payments. Be mindful of fees: there can be early repayment charges and standard lender fees, so check the small print before committing. Comparing representative APRs across lenders helps you confirm whether First Direct’s 6.4% deal is best for your situation.
How to apply and same-day funding
Applying for a First Direct personal loan is done through your First Direct online banking or mobile app, where your details are pre-filled to speed things up. The bank is known for quick assessments, and many existing customers receive same-day approval and disbursement if there are no complications.
To increase the odds of same-day funding, have recent payslips and ID to hand, ensure your account details are correct and clear any outstanding issues on your profile beforehand. Remember that transfers to other banks can still depend on payment rails and cut-off times, even if First Direct releases funds the same day.
Practical tips and final verdict
If you’re an existing First Direct customer considering a personal loan, use the fixed payments to plan cashflows and set up a direct debit to avoid missed payments. Compare the First Direct personal loan to alternatives like balance transfers or peer-to-peer offers if you need more flexibility or lower early repayment costs.
Overall, for UK customers already with First Direct who value a clean online process, transparent fixed repayments and potential same-day funding, this loan is a solid choice. If you’re not yet a customer, weigh the effort of switching accounts against other lenders who accept new applicants directly.