The first direct Personal Loan is positioned as a flexible finance solution for residents in Germany, featuring an attractive 5.7% APR. Borrowers can apply for amounts between €1,000 and €50,000, with repayment terms ranging from 1 to 8 years. Monthly repayments are fixed, providing easy budgeting and predictability throughout the life of the loan. What’s particularly notable is the quick approval process—applicants can see funds deposited almost immediately after approval, minimizing stress during emergencies or major life upgrades.

The loan is only available to individuals over 18, resident in the UK with a stable income and an active first direct current account. Credit assessment applies, and the rate could be higher depending on personal circumstances. Still, the representative 5.7% APR is competitive, especially for loans between €10,000 and €30,000, making it a solid option for those with stable financial backgrounds.

Step-by-Step Application Process

• Log into your online banking with first direct or open the App.
• Navigate to ‘Products’ and select ‘Personal Loan’.
• Enter your desired amount and loan term to view your estimated repayments.
• Fill out the application form with your personal and financial details.
• Submit your application for a decision—funds are released quickly if approved.

Pros of the first direct Personal Loan

One key benefit is the speed of approval and payout. This ensures borrowers do not have to endure long waits, which can be vital in urgent situations. Flexibility in overpayments is also a major upside, allowing customers to save on interest if finances improve over the loan term.

Another advantage is the ability to tailor both the amount borrowed and the repayment duration, which sets this product apart. Transparent, fixed rates mean no hidden surprises, offering further peace of mind. The application process can be initiated quickly via app or online, making it very accessible.

Cons of the first direct Personal Loan

However, only existing first direct current account holders are eligible, which could exclude interested residents without this relationship. Those with weaker credit histories may also find the actual APR offered higher than the advertised representative rate.

There are early settlement fees and interest charges if you wish to pay off your loan ahead of schedule, which could affect overall loan costs. The loan also cannot be used for property purchases or certain business activities.

Verdict

first direct’s Personal Loan stands out for its combination of low representative APR, quick approval, and repayment flexibility. It is an excellent choice for eligible customers with an existing current account who value service speed, clear conditions, and tailored terms. Those seeking transparent, fixed-rate personal loans will find this a compelling offering.