Building society Nationwide offers its members a flexible personal loan option with competitive rates.
Being a building society and not a bank, Nationwide works a little bit differently than your average high-street bank – it doesn’t issue any shares and is owned by its members. If you have a current account, a savings account or a mortgage with Nationwide, you automatically become a member, and that gives you access to a series of services including this personal loan.
If you scroll down the page to take a look at the specs, you’ll see this loan ticks quite a lot of boxes, for example, allowing joint applications and quick access to the funds. There are no extra fees and you’re entitled to some flexibility if your financial situation changes and you want to pay off your loan more quickly, as Nationwide won’t charge any penalties for overpaying.
However, it won’t be possible for you to apply without becoming a Nationwide member.
|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 apply if you’re a Nationwide member and you meet the eligibility criteria – don’t forget to check them, so that you don’t waste time with a pointless application.
You can apply online by logging in to your online banking. The application will start with a “soft” credit check that won’t impact your credit score and will tell you how likely you are to be accepted. You’ll need the following:
Nationwide offers a better rate to members that have a mortgage, a savings account or a main current account, which means if you use Nationwide regularly, you have a good chance of being eligible for this discounted Nationwide personal loan.