Direct Line are famous for their car insurance service, but now they also provide many other services including personal loans.
Their products are supported through their parent company, Royal Bank of Scotland. They offer personal loans up to £25,000 which are repayable over periods between 2 and 7 years. Interest rates are competitive, but acceptance criteria are likely to be quite strict. Applicants must be aged 22 or over, reside in England, Scotland or Wales and have a clean credit record. You must also have a bank account with direct debit facilities.
Direct Line Loans currently claim a low typical APR of 6.1%, but some of their lower value loans work out at almost 15% APR.
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