Nationwide is the world’s largest building society, which is run for the benefit of its members. It provides fixed-rate personal loans to existing current account holders.
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.
Fast, flexible loans from Post Office Money
- Borrow from £1,000 to £25,000
- Instant decision in most cases
- Fixed rate and fixed monthly payments over the whole term
- Applications from self-employed considered
Representative example: Borrow £15,001.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £15,718.32 in monthly repayments of £436.62.
How do Nationwide loans hold up against the competition?
If you’ve been to the Nationwide site and had a quote on a loan, it’s a smart idea to shop around before you sign on the line. Use the table below to compare costs for the loan that you have in mind.
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Warning: late repayments can cause you serious money problems. See our debt help guides.
Key features of Nationwide personal loans at a glance
Nationwide personal loans are only available to Nationwide “members” (people who hold a current account, mortgage or savings account).
Nationwide 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?
If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure 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 this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the 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 current account holders, 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.
Frequently asked questions
*Disclaimer: The offers compared on this page are chosen from a range of products whose details Finder has access to track; they don't represent all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The terms "best", "top", "cheap" (and variations) are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.