First Direct is a relatively new online bank, with a great deal to offer. They have low interest rates, a wide range of loan types, and a phone mortgage advice service. However, there are some notable cons, including unusual travel charges and fees. In general, though, they are a good choice for people with good credit.
First Direct is part of the HSBC group and offers unsecured personal loans at reasonable rates. To qualify for a loan with First Direct, you need to have good credit and a First Direct 1st account, which can be set up easily. This account will be used for the repayments of your loan. The Representative APRs are low, so you can afford to repay the loan, if your circumstances allow.
The First Direct app also gives you control over your account. The app allows you to amend and set up standing orders and transfer money among first direct accounts. The app also uses the Paym service, which allows customers to make easy mobile payments. You can even apply for a new account through the app, without having to leave it. The app also lets you apply for a personal loan, which ranges from PS1,000 to PS50,000. The repayment period is between one and seven years.
The Financial Conduct Authority regulates the financial markets in the UK. First Direct is regulated by this body. The FSA ensures that it protects consumers’ personal data. The company is owned by HSBC and has branches in your area. As such, it has a long history of good service, which is vital for customers.
Managing your accounts is easy. First Direct offers a mobile banking app that allows you to access and manage all your accounts. This app also allows you to view your balance, see transactions and payments, and set up and manage direct debits. The app can help you manage your accounts more efficiently. It is also easy to transfer money from your primary account to your savings account.
First Direct is famous for its high level of customer service. In fact, the company was named Moneywise’s Most Trusted Financial Provider in 2015, and the Which? Best Customer Service survey in 2015. Their online banking platform uses a secure login process with a username and password. To make things even safer, they also allow customers to use Touch ID for mobile banking.
Unlike many other lenders, First Mortgage Direct does not require an origination fee or lender fees. The company is also free of gimmicky promotions or limited-time offers. Its website also features an online preapproval process that can take as little as 48 hours. Its customer service team offers advice and can help borrowers apply for a mortgage. They also have a calculator for home closing costs, which is a convenient feature.