first direct has increased the maximum loan amount on its unsecured personal loan to an unusually high limit of £50,000. This boasts the (joint) market-leading rate for the £30,050 to £50,000 tier, earning it a high Moneyfacts rating.
A loan of £30,050 to £50,000 over a term of one to seven years now has an APR of 6.7%. This is the joint-lowest rate available for a loan of this kind.
Example monthly repayments: £30,050 over five years = £588.00.
Applications can be made online or over the phone. Borrowers must be at least 18 years old to apply, and will need to have or open a first direct current account through which to repay the loan. They should always remember that rates are representative and dependent on their credit rating.
For borrowers looking to take out a large unsecured loan at a competitive rate, this added tier provides a great deal. As the market leader at the upper end of the loan spectrum, it deservedly earns its high rating.
Moneyfacts rating: Excellent
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