Car Loans

A Personal Loan to suit you

How much can I borrow?

You can borrow between £1,000 and £50,000 in £10 increments.

Because we only lend responsibly, we'll work with you to make sure you can afford your borrowing over the whole term of the loan. If you can see any changes in your circumstances coming up that could increase your outgoings or reduce your disposable income, please give us a call on 03 456 100 199**.

Changes you should think about include:

• your employment situation - will you retire or take maternity, paternity or extended leave during the term?
• any reduction in working hours - are fixed contract end dates approaching? Do you have a zero hour contract?
• increases in your living costs, rent or mortgage repayments.

Please note - it's important that the information you give us is accurate as it may affect our lending decision.

What will my monthly repayments be?

Your repayments depend on how much you want to borrow, how long for and your personal circumstances.

How long can I take a loan out for?

Our minimum loan term is 12 months the maximum will be dependant on the amount you wish to borrow.

How much interest will I pay?

It depends - the rate you receive depends on the amount you want to borrow, and we'll also take into account your individual financial circumstances. We start charging interest from the day the money is available in your account. The maximum APR you could be offered is 18.9% APR.

For more information about our interest rates, have a look at our Loan rates page.

How long will it take for you to make a decision?

If you apply in our App or online, it takes about 3 minutes to complete the application form, you hit submit and, if you're accepted, the money is transferred to your account immediately. In about the time it takes to boil an egg, you could be approved and could access the loan money.

If you apply by phone, we still make an instant decision, but it will take longer to access the money if you're accepted as you'll need to return some signed documents - see below, 'How quickly will I get the money?'

Sometimes we’ll need to review your application further before agreeing to the loan. If that is the case, we’ll advise you of this and ask you to get in touch if you haven’t heard from us within 24 hours.

How quickly will I get the money?

If you apply in our App or online and it's also approved online, your loan will be transferred into your first direct 1st Account immediately, so you can put your plans into action straight away. If you apply for your loan over the phone and it's approved, it takes a little longer. We'll post a loan agreement form for you to sign and send back to us. As soon as we receive this signed form, we'll transfer the money into your 1st Account.

Is there anything that I can't use my loan for?

You can use our loan for lots of things - if you do build a robot dog we'd love to see it. There are some things we don't offer loans for including the purchase of property or land (both UK & Overseas) including holiday homes and apartments, purchasing a joint stake in a property or buying out a joint owner, mortgage Deposit (regardless of lender or country) or gifting funds to third parties to support the purchase of a property, including mortgage deposit, stamp duty and solicitors fees. In addition, a Personal Loan should not be provided for gambling, business purposes or sharedealing. This list isn't exclusive but you can give us a call if you'd like clarification on 03 456 100 199** from 8am to 10pm, seven days a week.

Can I use my loan to consolidate debt?

Yes, as long as it's legal and not for business use, but if you're using some or all of the money to pay off, reduce or combine other borrowing, you should make sure it's right for your circumstances before going ahead. Some things to think about:

• interest rate and monthly repayments - are you getting the best deal and can you still afford the monthly repayment?
• the term of a new first direct Personal Loan compared to your existing commitments - if you spread your repayments over a longer term, you could end up paying more overall than you are right now, even if the interest rate on your new loan is lower than the rates you're currently paying
• early repayment charges - will you be penalised for settling other loans early?

Can I repay the loan early?

Of course. You can repay your loan in full at any time by giving us notice - either by calling us on 03 456 100 199**, sending a message from the Mobile Banking App or Online Banking, or in writing. We'll give you a settlement figure, and as long as you pay this in full, we can close your loan account. If you choose to repay your loan early, there could be a reduction in the amount of interest you have to pay, and this will be reflected in your settlement figure.

Are there any charges for settling early?

Yes, we charge 1 months' interest on the settlement figure if you close a Personal Loan account early.

How can I find out what my outstanding balance is?

For your current balance and/or a settlement figure, just call us on 03 456 100 199** or send us a message via Online Banking or the Mobile Banking App.

Can I make overpayments?

Yes, you can make overpayments and these could reduce the amount of interest you pay over the term of the loan.

Can I take a repayment holiday?

No, sorry - we don't offer repayment holidays with this loan.

What happens if I miss a payment?

If you're worried about your financial situation, it's better to let us know before you miss the payment - call us on 03 456 100 199**. As a responsible lender, we'll work with you to make sure you can stay on top of any money problems you have, whether they're short or long-term.

If you're late paying any amount due under your agreement, we may charge you interest on the overdue amount at the interest rate specified in the agreement. This interest will be charged from when the payment was due until we receive that payment in full.

Persistent late or missed payments could affect your credit rating, which can make getting credit more difficult, and in the worst case it may lead to legal action to recover a debt. Please don't let things get that far, for your own sake - call us on 03 456 100 199** if you're having difficulties.

Do I have to be a first direct customer to take out this loan?

Yes, our Personal Loan is only available to first direct Current Account customers and payments are taken by direct debit from your 1st Account. You can find out more about opening a current account here.

Do you offer any other types of loan? Secured, flexible or business loans?

Not right now, no. The first direct Personal Loan is an unsecured loan account with fixed monthly repayments.