How much do you want to borrow?
£1,000 £14,950Over how many months?
12 months 60 monthsMonthly Repayment
Total Interest paid
Arrangement Fee
Total amount paid
6.2% - 24.9%
6.2%
£1,000 - £14,950
Minimum Term 1 year
Loans £1,000 - £14,950 up to 5 years
Direct Debit
5 working days
No Fee
None Available
Transferred into your bank account
No
10th for APR of 423 loans in the UK (See Lender League Table By APR)
93rd for Customer Satisfaction (See Customer Reviews)
One of the more well known building societies, Nationwide can offer you between £1,000 and £14,950. No arrangement or upfront fees, they can offer you a free no obligation quote before you take the agreement out. You don't have to be a Nationwide customer to apply but it makes the application quicker.
You can apply either online or over the phone. If you apply online, you need to complete the application form on their website, which can take up to 15 minutes and they will give you a preliminary decision straight away. If you are an existing customer, you may not have to provide any documents but if you aren't an existing customer, they may request for you to provide wage slips, bank statements, etc. When they receive your application, they will send you an email and a text message saying that you have been accepted in principle and that the loan agreement will be at your home within 2 working days. Read through this carefully, sign it and send it back. They will transfer the money after the fully review your application and accept it. If you are a Nationwide customer, it can be in your account within 24 hours. If not, the money will be transferred via the BACS payment method meaning it will be in your account in 3 - 5 working days.
One of the cheaper options on the market, with a representative APR lower than a lot of the the other main high street banks. The loan can take a little longer to pay out than some others but not unreasonably so. The consensus of opinion from previous customers on the internet is that it is quite a good product. Most people say the staff are polite and courteous and they help to make sure that they don't lend you more than you can afford.
Current Offers:
6.2% typical APR for loans of £1,000 - £14,950 for up to 5 years for their main FlexAccount customers|
Default Fees |
There are no direct default charges to your loan account but you will be charged by the collections company for their time |
|
Early Settlement Fees |
If your loan term is greater than 12 months you will pay an extra 30 days interest |
|
Other Fees |
Direct Debit fails - Your bank will charge you this fee |
|
Late Payment Fees |
Late Payment Fee - £12 |
Average Customer Review:
(5 customer reviews)
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The most favourable review
The most critical review
Prompt, efficient and a good rate
Linda, Brighton
1 year ago
Advantages:
Good rate, good service, quick decision
Disadvantages:
A £10,000 debt becomes £12,000 in the signing of a signature
I have a Cashbuilder account with Nationwide that I have had since I was about 14 and that I currently keep open mainly because I don't want to miss out on any windfall should they demutualise. As a result, when...
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No loyalty to long time customer
Jason, Colchester
3 weeks ago
I work full time, pay all my bills on time, have a good credit rating, yet trying to get a loan from the building society I've been with for 25-ish years to consolidate some debt that despite the added interest, would reduce my monthly outgoings by around £150, was a pointless exercise. And the online application via the nationwide website was a bad...
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rubbish
Beverley, Chichester
1 year ago
I wanted a loan of £25 000 over 5 years for home inprovements, I have 96% positive report on experian and salary of over £80 000. They would not give the loan, would not explain why and would not allow me to appeal, this from a bank I have been with for the last 25 years, so much for being the 'people's bank'.
I wonder if they are giving anyone loans at the moment, no wonder this countrie's economy is stalling !
Surprising acceptance with a poor credit rating!
Emma, Cumbria
1 year ago
I've been looking for a smallish personal loan (£3k) for weeks and it's been really difficult because my credit rating is currently not good. I have no CCJs, no missed or even late payments on record, but I do have a lot of outstanding credit so my score took a beating. I was turned down by Santander and the Co-op, so had resorted to the usual dubious guarantor type loans and Ocean Finance etc. On the off-chance I did an application online with Nationwide one weekend, thinking 'well, my rating can't get any worse so why not!', and was amazed when I was accepted online. They sent me the papers, I signed, returned, and the payout arrived a few days later. Admittedly, because of my credit score, the APR offered isn't the best, but it's affordable for me and allows me to consolidate my other debts. That aside, I've been really impressed with the service and just grateful for a high street, reputable lender being willing to 'take a chance' on someone with a seemingly poor credit rating. If you think you can't get accepted by one of the big names, try Nationwide first before you resort to the brokers.
benefits
Ryan, West sussex
1 year ago
Nationwide operate a discriminatory selection policy. When I called them to enquire about a loan,
they told me that the minimum income the applicant should have is £700 per month. I told them I
had this income but that it came from benefits. They did not want to know. Why should it matter to them where the money comes from? This is discrimination. They do not say that income must not come from benefits in anything they have printed and I suspect it is because it is illegal.
Nationwide House, 20 Lower Dagnall Street, St Albans, AL3 4RR
0800 302 010
Terms and Conditions of your loan
http://www.nationwide.co.uk/loans/legal.htm
