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Nationwide loans calculator and 2020 review
See what you'd pay back on an unsecured loan from the world's largest building society, run for the benefit of members. Its fixed-rate personal loans are available to existing current account holders only.
Calculate the cost of a Nationwide loan
Table: sorted by representative APR, promoted deals first
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
How do Nationwide loans compare against the competition?
Table: sorted by representative APR, promoted deals first
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.
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
What's in this guide?
What is Nationwide?
The world’s largest building society, Nationwide provides fast and straightforward fixed-rate loans to members only. If you’re an existing customer, you could have funds in your account in as little as two hours.
Dating back to 1846, Nationwide has grown to be the second largest provider of household savings and mortgages in the UK. Due to it being a mutual, Nationwide is run by and for the benefit of its members, re-investing half a billion pounds last year into improving its products and services.
Whether you’re looking for a way to tidy up your finances, replace your car or make some home improvements, Nationwide can provide a personalised, no-obligation quote today and an instant online decision.
Key features of Nationwide personal loans at a glance
Nationwide personal loans are only available to Nationwide “members” – that’s people who hold a current account, mortgage or savings account.
It provides “unsecured” loans meaning they’re be based on creditworthiness, rather than the use of property or other assets as collateral.
- Loan terms from 1-5 years.
- Loan amounts from £1,000-£25,000.
- Fixed monthly repayments. The interest rate is fixed, meaning you’ll pay the same amount each month and you’ll know how much the loan is going to cost you overall.
- Instant online decision. The application process takes minutes to complete, usually with an instant decision.
- Funds transferred quickly. Once approved, your loan can be paid into your current account within 2 hours.
- No hidden payments. No charge for setting up your personal loan, or for settling it early.
Nationwide also offers additional perks to “main current account holders”, such as preferential rates, a price beating service and extended loan terms of up to 7 years. Check the site to see if you qualify.
All interest rates are fixed for the duration of your repayment period, 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”.
What is APR?
The Annual Percentage Rate (APR) is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan. All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award their advertised representative APR rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s referred to as representative. 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 for a Nationwide loan and secure that advertised 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:
- Hold a Nationwide current or savings account.
- Aged 18 or above.
- UK resident.
- Have a net monthly income of above £700.
- Haven’t missed 3 or more credit commitments in the last 12 months.
- You’re not currently being declared bankrupt, have a CCJ (County Court Judgement) against your name or be subject to an IVA (Individual Voluntary Arrangement).
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.
Is there anything I can’t use a Nationwide personal loan for?
Nationwide states that these loans should not be used for:
- Business reasons.
- Bridging loans.
- Mortgage deposits.
- Speculative resons.
- Purchasing or retaining an interest in land.
How do I apply?
If you’ve decided that a Nationwide personal loan is right for you, then you can apply online by logging in to your existing Nationwide bank account and following the loans application process.
Pros and Cons of Nationwide loans
Pros
- 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
Cons
- Unsuitable for deposits on mortgages or business payments
- You have a County Court Judgement against your name
- Only available to Nationwide members
Our verdict
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.
Frequently asked questions
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We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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