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Calculate the cost of a Nationwide loan
How do Nationwide loans compare against the competition?
Before you take out a personal loan, it’s smart to read up and shop around. You can use the table below to see how much you’d be likely to pay for the loan you have in mind.
What's in this review?
- Calculate the cost of a Nationwide loan
- How do Nationwide loans compare against the competition?
- Overview of features
- Am I eligible for a Nationwide personal loan?
- Is there anything I can't use a Nationwide personal loan for?
- Pros and Cons of Nationwide loans
- Our verdict
- How do I apply?
- Frequently asked questions
Nationwide loan rates at a glance
The Nationwide Member Personal Loan charges 2.9% APR representative on loans between £7,500 and £25,000. Nationwide offers the loan with repayment terms between 1 and 7 years and applicants can apply to borrow from £1,000 to £25,000.
Overview of features
The world’s largest building society, Nationwide provides fast and straightforward fixed-rate loans to members (that’s people who hold a current account, mortgage or savings account) only. If you’re an existing customer, you could have funds in your account in as little as two hours.
|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|
All interest rates are fixed for the duration of your repayment period, meaning you’ll pay the same amount each month and you’ll know how much the loan is going to cost you overall. However the rate you’re offered will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”.
APR and Representative APR explained
The Annual Percentage Rate (APR) is a summary of the yearly cost of a loan. It takes into account interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan. Nationwide doesn't charge an application, product or admin fee, so the APR and the interest rate are the same. All lenders must calculate the APR of their products in the same way and must tell you your APR before you sign an agreement.
However, the vast majority of lenders tailor rates to the individual applicant. If they think you're a riskier bet, they'll offset that by offering you a higher APR. For this reason, the Financial Conduct Authority requires that lenders declare their representative APR – which is the rate that at at least 51% of those who take out the loan receive. The other 49% of customers are likely to receive a higher rate. Nationwide advertises a representative APR of 2.9% on loans between £7,500 and £25,000 on the Nationwide Member Personal Loan.
At the top end of the market – where Nationwide fights it out with the high-street banks and supermarkets – you'll need a very good credit score to get approved and bag that representative APR.
Am I eligible for a Nationwide personal loan?
When applying for a personal loan with Nationwide, factors such as your credit history, income and the amount you apply for will be considered. You shouldn’t apply unless you’re certain you can meet the repayment terms. You’ll then also need to meet the following criteria:
However because Nationwide personal loans are only available to Nationwide members, if that includes you, you may not need to jump through so many hoops.
What credit score do I need to get a Nationwide loan?
Nationwide typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that Nationwide will consider, however if you don't have a high credit score, you're very unlikely to get approved for a Nationwide loan.
A "Good" or "Excellent" credit rating would require a score of 881 or higher, if you're referring to Experian's scale, 420 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.
Do Nationwide loans give an instant decision?
Yes, Nationwide offers instant decisions online in most cases (occasionally more info may be required). First, you can use the soft search eligibility checker to find out your chances of getting approved (this won't affect your credit score). Then, if you opt to go ahead and apply, you'll get an instant answer. Nationwide can also offer same-day funding of your loan.
Can I get a second Nationwide loan?
Yes, Nationwide allows you to have more than one loan running at the same time. Each application for credit will be considered on its own merit. Alternatively, Nationwide also allows you to effectively "top up" your loan, by closing your current loan and starting a new, larger loan. There's no penalty for repaying ahead of time, but bear in mind that any overpayments may be subject to up to two months of interest beyond the date on which you overpay. Because of this, it may work out cheaper to run a second loan alongside the first, rather than consolidating the two.
Can I make overpayments on a Nationwide loan?
Yes, you can make overpayments without incurring any penalty fee. However Nationwide can continue to charge interest for up to two months on any sums overpaid, so although making overpayments stands to save you money in interest, you may not save quite as much as you'd imagined.
Is there anything I can’t use a Nationwide personal loan for?
Nationwide states that these loans should not be used for:
Pros and Cons of Nationwide loans
- Loans available from £1,000 up to £25,000
- No charges for making early payments
- Extended loans term of up to 7 years for Nationwide current account holders
- Money into your Nationwide account in hours
- Unsuitable for deposits on mortgages or business payments
- You have a County Court Judgement against your name
- Only available to Nationwide members
In order to apply for a personal loan, you’ll need to have a Nationwide mortgage or be a Nationwide current or savings account holder. However, the online process should be fairly pain free.
Bear in mind that there are certain situations which you won’t be able to use the loan for, and the usual review of your income and credit history will also apply before determining if you’re approved.
Take a look at Nationwide’s competition above to compare deals.
How do I apply?
If you've decided that a personal loan from is right for you, you can head over to 's website to apply. Completing the secure online application form takes usually about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.
Frequently asked questions
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