Since its inception in 1846, Nationwide has grown to become the world’s largest building society. Today, this financial powerhouse is the largest and second-largest provider of saving and mortgage loans in the UK, respectively. What’s more, it plays a significant role in the country’s banking, insurance, credit cards and bank accounts sector. Nationwide personal loans, for instance, are popular because the rates and fees are better than most lenders. However, the loans are only available to its members.
Nationwide Personal Loans Qualifications
While it’s only available to members, you need to have a good credit score to enjoy low rates and fees. If your score is low, you might still get a loan but be subjected to higher fees and rates.
Besides being a member and having a good credit history, you must;
- Be a UK resident
- Be between 18 and 79 years old
- Have a monthly net income of at least £700
- Not be bankrupt, be under an IVA or have CCJs
- Not have failed to honour credit commitments in the last three months
- Have proof of a steady, reliable self-employment income for the past 1 year
- Live in the same address if you have a joint account
Why Choose Nationwide?
As mentioned earlier, Nationwide offers very competitive rates, unlike typical banks and traditional lenders. Their representative APR starts from as low as 2.9% for current account holders. Besides, it doesn’t charge origination or early settlement fees.
There’s also a risk-free personalized quote. This means it won’t leave a footprint on your credit report. The application process is fast -you can either apply online or by phone. If approved, you can receive funds in your account in just 2 hours. If you don’t have a Nationwide current account, however, it can take a bit longer.
Keep in mind all these benefits are available to members who have a current mortgage or savings account with the institution. If you’re applying for a joint loan, one of you has to be a member.
How Personal Loans Work
Nationwide personal loans rates differ based on your individual circumstance. The loan amount, repayment period, credit score, and income are factors the institution considers. Here’s a representative example;
If you borrow £10,000 over 5 years, you’ll receive an APR of 2.9%. Hence, your monthly repayment will be £179.07. At the end of the loan term, you would have paid a total of £10,744.20.
Please note that the 2.9% APR is fixed on loans from £7,500 – £25,000 over 12 to 60 months. An online calculation tool is available to estimate your loan payments.
If you have any questions regarding Nationwide personal loans or the application process, simply call 03457 30 20 11.