A personal loan offers relief to people in financial distress and in dire need for immediate assistance. Some take out these loans to buy or repair a car, pay for a wedding, go on a holiday, while others use them to make home improvement. How much someone can borrow depends on their circumstances. NatWest is one of many providers in the UK that offer personal loans. NatWest personal loans are not only flexible but have attractive interest rates.
How NatWest Personal Loans Works
The institution offers loans between £1,000 and £50,000 with a repayment period of 2 to 10 years. The Annual Percentage Rate (APR) differs based on the amount you borrow. Let’s say you borrow £7,500 over five years; the APR starts at 3.9%. If you borrow £25,000 for the same repayment period, you’ll receive an APR of 4.9%. The 3.9% APR only applies to loans between £7,500 and £19,950.
If, on the other hand, you borrow a lower amount, that is £1,000 to £2,950, you could receive a higher APR, even up to 24.9%. But the APR can never exceed 29.9%, no matter the loan size. You can use a NatWest personal loan calculator to help you estimate the total cost of your loan.
If you borrow £12,000 over five years with an APR of 3.9%, your monthly repayment would be £220.08. By the end of the loan, you’d have paid back £13,204.80.
How to Apply for NatWest Loan
Applying for a NatWest personal loan is pretty straightforward. You first need to meet specific requirements to be considered. To apply, you must;
- Be over 18 years old
- Have a NatWest current account for 3 or more months
- Be a UK resident
- Not been declared bankrupt in the last 6 years
- Not have applied a personal with NatWest within the last 28 days
You can apply online, by phone or by visiting a branch. Applying online is very quick and simple. And once approved, funds can be released to your account the same day you applied. But if more documentation is needed, it might take a little bit longer.