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first direct boosts personal loan limit to £50,000

13 Oct 2016

first direct enhances unsecured personal loan offering with new maximum limit and market leading rate

first direct has increased its personal loan limit from £25,000 to £50,000 to meet the total borrowing needs of more customers.

Available to existing customers via telephone or internet banking, first direct now offer loans from £1,000 to £50,000 in increments of £50.

With a headline rate of 3.4% available on loans from £7,000 to £30,000, and from £30,001 to £50,000 the headline rate is 6.7%*.

There is no change to loan terms, the minimum term is 12 months and the maximum is 84 months. Loans can be repaid in full or partially at any time upon full or partial early settlement first direct is entitled to charge an amount equal to one month's plus 28 days interest.

Tracy Garrad, Chief Executive of first direct , commented: “At first direct we always listen to customer feedback and this new maximum limit allows us to meet more of our customers’ borrowing needs in one product. As with all first direct borrowing, careful consideration of a customer’s personal circumstances is undertaken before a loan is approved.”

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