First Direct Loans Reviews & Information 2022

Are you considering a loan with First Direct Loans? Or perhaps you already have one, and you’re looking for further information about the company. Either way, we’ve compiled the most important, in-depth information about First Direct Loans for you in this loan guide.

About – Who are First Direct Loans?

First Direct Loans is a trading name of HSBC Bank, and offers unsecured loans. They offer repayment periods of up to 7 years as well as fixed monthly payments. They do require that customers have a First Direct 1st account in order to be eligible for a loan.

What are the key features of First Direct loan?

It’s important to analyse the key features of a loan carefully before you commit. Here are the critical details of First Direct Personal Loan:


Minimum APR: 3.30%
Maximum APR: 21.9%

The APR for the loan is advertised at 3.30%. This is a best case scenario. Depending on your individual circumstances, the APR could go up to 21.9%.

Loan Amount and Repayment Period

You can borrow between £7000 and £30,000.

The loan repayment period can be between 12-84 Months.


Here’s the representative example that they give on their website:

If you borrow £7,000, over 60 monthly repayments of £126.68, at an interest rate of 3.3% p.a (fixed), with a representative 3.3% APR, the total amount you’ll repay is £7,601.09.

Information correct as of 01/04/21 (FirstDirect)

How do I apply for a First Direct loan?

You can apply for a First Direct loan online. You will receive an approval decision within minutes.

First Direct Personal Loan Review

Will I be accepted for a First Direct loan? 

First Direct will assess you based on certain criteria. See if you qualify:

  • Age: 18+
  • Residency: Permanent UK resident
  • Income: Minimum annual income of £10,000
  • Credit History: You haven’t been declared bankrupt or registered for an Individual Voluntary Agreement in the last 6 years (or in the process of doing so.)

Information correct as of 01/04/21 (FirstDirect)

First Direct reviews

It’s important to see how other customers have rated their experience with First Direct. Take a look at their up-to-date reviews here.

Trustpilot review

Information correct as of 14/06/21 (Trustpilot)

How to complain about First Direct?

Should you need to make a complaint about First Direct, then you can use the details below to either write to them or call them.

Kerri Mills
1 Centenary Square
West Midlands
B1 1HQB 1 1 H Q
+44 3457404404
[email protected]

If you fail to receive a satisfactory response within 8 weeks, you will be able to follow it up via the Financial Ombudsman by phone on 0800 023 4567 or 0300 123 9123.

Information correct as of 01/04/21 (FCA)

Charges and interest – the government caps

The Financial Conduct Authority had to end up putting price caps, to ensure borrowers were not being faced with extreme charges. These caps included:

  • A 0.8% cost cap per day on the amount of loan you have borrowed – this includes is comprised of both interest and other fees.
  • A £15 default fees cap. The lender may charge interest after a default, but it should never be more than the original daily rate of 0.8 %.
  • A 100% complete cost cap. The lender should never make you repay any more than 100% of the amount you have borrowed.

The caps apply to the credit agreements with an interest rate of 100% or more per year, and that will either be fully or somewhat repaid within just one year.

Other regulations have also been in place since May 2017. According to these regulation, lenders are responsible for ensuring borrowers can access details of their products via price comparison sites. The comparison site should always be FCA authorised. Borrowers should also be given a summary of the total cost of their borrowing.

The new rules on Continuous Payment Authority

In most cases, loan companies will ask you to repay your debt through a Continuous Payment Authority (CPA.) If you are signed up to a CPA, it means that the debt company will be able to take money from your account.

The new regulations have attempted to help rectify the issues being faced by debtors who are paying via a CPA. These include, the debt collection only being about to attempt to take the money of two occasions. It it fails on the second attempt, no further requests can be made.

There are also rules which apply to the amount that can be taken with a CPA. Debt collectors do not have the right to take partial payments to make up the debt, they must only take the full amount. If there are insufficient funds, they are not permitted to take anything. If you would like them to take partial payments, you can make an agreement with them to do so. They cannot just do it off their own backs though.

I’m unable to pay the debt, what can I do?

These are some of the responsibilities of debt collectors:

  • They should provide information on where you can obtain free independent debt advice
  • They should give you a reasonable period of time to devise a suitable repayment plan, and if necessary, this will include using a debt advisor
  • Allow you to have reasonable time to pay the debt, potentially freezing interest if possible, as well as other charges.

Company information:

After researching Companies House and their website, we found the following information about HSBC UK Bank PLC, of which First Direct Loans is a trading name:

Date of incorporation: 23 December 2015
Company status: Active
Company number: 09928412
Company type: Public limited Company
Address: 1 Centenary Square, Birmingham, United Kingdom, B1 1HQ
Opening Hours: Monday – Sunday: 8 A.M – 10 P.M
Phone number: +442079918888

Information correct as of 01/04/21 (Companies House)

FCA registration:

The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the UK. 

FCA regulated: Yes
FCA status: Authorised
FCA reference number: 765112
Trading names: 
HSBC Private Banking
fd bank
first direct bank
HSBC UK Bank Plc
first direct
Place of business: 
1 Centenary Square
West Midlands
B1 1HQ

Information correct as of 01/04/21 (FCA)

Data protection registration:

Data protection registration means that this company is registered with ICO, the UK’s independent authority set up to uphold information rights in the public interest. The privacy of your data will be protected.

Registration No: ZA276331
Data controller: HSBC UK Bank plc
8 Canada Square
E14 5HQ

Information correct as of 01/04/21 (ICO register)

Where are First Direct located?

You may want to speak with the loan company in person. If you do, it’s important to find a company whose offices are near your own address. HSBC owns the trading name First Direct. Take a look at their head office location on a map.

61 High St, Staines TW18 4QW

Where to find debt help

There are a range of organisations who can provide free debt advice. Some of the most well-known organisation who offer this are:


Do you know your debt free date?
Do you know your
debt free date?
  • Affordable repayments with an end date in sight
  • Reduce pressure from people you owe money to
  • Stop interest and charges from soaring