A solid product that also allows some flexibility, this personal loan could be a good option if you’re about to embark on an expensive project or purchase, and need some extra support.
Founded in the 19th century, Nationwide is one of the few building societies left that offer current accounts nationally. A building society is different from a bank in that it doesn’t have any investors – people who register for a current account, a savings account or a mortgage automatically become members, and are the owners of the company. Cutting out the need for paying dividends to shareholders is meant to result in better interest rates on savings accounts for members.
Members who have a main current account, a mortgage or a savings account with Nationwide can apply for this unsecured personal loan. It comes at a competitive interest rate and you can also apply with your spouse or partner.
However, the most-wanted feature of this loan is probably the flexibility – if you suddenly get that long-desired pay rise and want to overpay on some months, Nationwide won’t charge any penalties.
|Loan type||Unsecured Personal Loan|
|Loan amounts||£1,000.00 to £25,000.00|
|Loan terms||1 Year to 7 Years|
|Loan rate type||Fixed|
|Same day funding available|
|Same day funding note||Existing current account customers can receive funds within 2 hours.|
|Instant decisions in most cases|
|Soft-search facility available|
|Overpay without penalty|
|Concurrent loans allowed|
|Topping-up pays off existing loan and initiates a new loan|
|Repayment methods||Direct Debit|
Am I eligible?
|Available to||Existing Customers only|
|Age||18 to 79|
|Acceptance note||Minimum Applicant Income £700 net Per Month.|
How do I apply
You can only apply for this personal loan if you have a mortgage, a savings account or a main current account with Nationwide. In practice, this means that most Nationwide customers could potentially qualify for this product’s discounted rate. Always make sure you check the eligibility criteria carefully before applying.
You can apply online by accessing your Nationwide online banking, and you’ll need both your personal details (including three years of address history) and your financial details (information about your income, employment and expenses).
If instead you only have a regular Nationwide current account, you may not qualify (full information on this can be found on Nationwide’s website) – in which case, you can take a look at our review of Nationwide’s basic personal loan.