Loan with First Direct

user2020_2

Hi,

I have recently opened a bank account with First Direct, with the intention to take out a loan (they only offer loans to existing customers).

As I have only recently opened my account, do you think it would be better for me to wait a while before I apply (to increase my chance of approval), or that it shouldn't really make any difference on my success anyway, as it is based around my credit score?

Many thanks

[Deleted User]

I'd phone them up. They're very helpful and should give you a better steer than you will get here.

Caladan

I'd imagine they'd prefer to see at least 3 months salary paid in. They might approve it based on your old bank statements but it could be at a higher rate than the 'Representative.'

You might want to wait, but I don't think you have to.

PDF

From previous experience with FD, they like to see salary paid into account on a regular basis. They refused me a loan without checking the CRA's as I use my FD account as a 'personal allowance' account, I don't pay any bills from it and only one small payment into it monthly. (Got the loan approved by another bank once FD advised me of above)

Try TESCO, they've got a low rate at the moment I believe.