Direct Line was one of the very first direct financial services providers. A Direct Line loan is available for any amount from £2000 - £25000 and you may borrow from Direct Line for any period between 24 months two years and seven years depending on the loan amount.

Direct Line offers personal loans in a number of loan bands typically the interest rate you are likely to be charged for the larger loan amounts will be significantly lower. Loans of £10000 - £25000 may be arranged over periods of up to seven years. Providing you meet the age requirements all of these loans include 2 years discounted Direct Line motor insurance plus 2 years free motor breakdown cover.

As with many lenders Direct Line quotes a typical APR for its unsecured loans but the exact rate that you will pay will depend on your personal circumstances and the loan amount. To be eligible for a Direct Line loan you must be aged over 22 and resident in Scotland England or Wales.

You may not use your Direct Line personal loan for business or investment purposes. Other than that there is only one stipulation as to loan usage which states loans for holidays are repayable over a maximum of 24 months. You may use your Direct Line loan for debt consolidation but those with County Court Judgements against them will not be considered.

The Direct Line loan does not allow you to make lump sum repayments and it does not offer the option of repayment holidays However Direct Line aims to give you a decision on your loan application within 24 hours and does offer optional same day fund transfer for a fee.

Direct Line was launched in April 1985 with a single product - car insurance and just one way for its customers to buy - over the telephone. Now a subsidiary of Royal Bank of Scotland it has more than five million customers and a broad range of products and services available over the phone and on the internet.

Moneyextra.com recommends you take independent financial advice before acting on any article

2009-03-03 09:30:13 © Moneyextra.com

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