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?
Table: sorted by representative APR, promoted deals first
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.
Important information: 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.
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:
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
If your application is approved, you’ll be able to sign up for your loan online. You’ll then be sent a copy of the loan agreements when the funds are issued.
For joint applicants, electronic contracting is still unavailable.
Yes, but both applicants must reside at the same address and one of the applicants must be a member of Nationwide Building Society – this means having a current account, mortgage or savings account with Nationwide.
A soft search allows you to do as many quotes as you like without leaving a footprint on your credit file. This stops you from applying for the wrong products and harming your credit score, which would make it harder to be accepted for the right loan in the future. You can then choose which individual quote is right for you and you can proceed with that application.
All Nationwide personal loan customers can make overpayments of any amount at any time during their loan term.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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