Nationwide Bank Loans
Will lend between: £1,000 - £25,000
Over: 12 - 60 Months
Nationwide Bank Loans customer reviews.
1.9 out of 5 stars
I am a customer and needed a loan to rid myself of an expensive credit card. Applied for a loan not really expecting to be successful judging on previous reviews but my loan was agreed and although not at the highlighted rate still not much approve it! I am so happy that I can now sort out my finances and get rid of the credit card. Thank you Nationwide!!!
I have a mortgage with Nationwide so I thought going with trying for a loan to poay for fitting a new kitchen and bathroom before we sell the house would be a good idea - especially at 3% or whatever it is. Was a bit p***d [ED - profanity removed] off that I got the loan at 6.6% instead but still, it was pretty quick and painless considering I don't have the best credit rating out there. Thanks
Really annoyed with Nationwide, my bank for the last 15 years. I wanted a loan to consolidate my debts and by getting the loan it would reduce my monthly outgoings by around £350 a month. I was turned down due to having 3 dependents basically as they deemed i could not afford the repayments which is bull!! So much for Nationwide on your side!! So i have written them a complaint letter considering i want the money to pay off my credit card with them and my overdraft you would think they would be happy to help. They did not even do a credit check on me as i checked and when i spoke to them they said try applying for a joint loan that will help.... so i did and still a big fat NO!! Its beyond a joke i am one dissatisfied customer that's for sure!!!!
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 experience due to their website crashing three times whilst trying to apply. Furthermore it took two emails and a phone call to even find out whether I'd been granted a loan or not. Not happy, and wouldn't recomend
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 !
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.
Applied for a loan online, easy application process and recieved the money four days after applying.Wasn't too impressed with the rate that they offered, it was far above the quoted 'Representative APR' but my credit rating isn't perfect and the loan was for a relatively small amount over a short period.Another good point about this loan is that if your loan period is less than 12 months there are no early repayment fees!In all a good, efficient service.
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.
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 I was looking around for a £10,000 loan at the beginning of the year to buy a car. At first I applied for a Northern Rock loan because it, once again, had the best rate available, but was turned down. Probably because I had only just started in a new job. After that I applied to Nationwide over the internet and had my application accepted preliminarily via a phone call and then, fairly soon after, via a letter (which officially accepted it). So what about the technicalities? The rate is very competetive, 9.8%, payment protection is optional, and the rate is fixed for 7 years. By my calculations I could have paid the loan off at £250 a month for four years - not too bad. This would have meant that I would have paid out a total of 12 grand. In terms of efficiency, I was very impressed. Most banks are fairly difficult when it comes to giving out large, unsecured sums to people in a new job but Nationwide were great and have convinced me to look more closely at giving my custom to them - especially now they do internet banking. Obviously the fact that I was already a member was a tick against my name as far as they were concerned but even bearing this in mind the experience was surprisingly painless. The result was that, in the end I pulled out at the last minute. With the uncertainty over new car prices I didn't think that it would be particularly astute to shell out a substantial portion of my wages on a car and so didn't take up the offer.
Our review of Nationwide Bank Loans
As with most other high street banks and building societies, Nationwide offer a variety of loan amounts with repayment periods spanning one to seven years and the rates offered are on par with the other banks and supermarkets. However, beware the lowest rates are reserved for Nationwide customers only. It’s also worth noting that rates will differ depending on how much you borrow, so don’t take it for granted you’ll receive the rate advertised. If you are a Nationwide current account customer it’s worth making the most of their Loyalty Price Promise which promises to beat any like-for-like offer from another UK loan provider by 0.5% APR.
As you would expect from a financial powerhouse, they provide online and mobile account management. Also the bonus of being able to pop into a branch to sort out any concerns can be an attractive feature for a lot of customers. Nationwide do offer phone support Monday to Friday, 8am to 6pm but having to sift through a bunch of automated options before you speak to a human can become quite tedious.
In terms of customer feedback Nationwide have received a fair bit of negative feedback across the internet. This is to be expected with a company of their size, and after carrying out some deeper research, general feedback by borrowers is on the whole positive. At time of writing this Nationwide loans were scored 3.1 out of 5 by Choose Wisely customers with customers praising their affordable rates, easy application and prompt payout.
Overall verdict: If you have good credit and are looking for a personal loan, it’s worth considering Nationwide as they offer competitive rates, especially if you’re an existing customer. But beware, dependent on how much you borrow you may not get the rate that’s advertised.
- Low representative APR
- Beat any like-for-like rate by 0.5% APR for main current account customers
- Online quote doesn’t leave a credit footprint
- Online management portal for making payments and checking balance
- Must be aged between 18 and 79
- Must have a net monthly income of at least £700
- Must have the right to live and work in the UK
- Can’t have missed 3 credit commitments in the last year
- Must not be currently bankrupt, have CCJs or be under an IVA
- Self-employed customers must prove 1 year’s income
- Joint applicants must live at the same address
- Maximum APR 13.9%
- Arrangement fee: £0
- Early repayment fee: £0
- Late payment fee: £0
About Nationwide Bank Loans
Nationwide, one of the UK’s largest building societies, offering loans between £1,000 and £25,000 to be repaid over one to seven years. Their advertised representative APR is 3.0%, one of the cheapest options on Choose Wisely. However, they do take into account how much you are looking to borrow, and your personal circumstances when deciding the final interest rate.
To apply with Nationwide you must be aged between 18 and 79 and have a net monthly income of at least £700. You must also have a good credit history, missing no more than three credit payments in the last year. Nationwide won’t accept any applications from anyone that has been declared bankrupt or has a CCJ or IVA against their name. If you are self-employed you must be a homeowner and be able to prove a minimum of one year’s income through either an accountant or SA302 form.
Nationwide do not charge any arrangement or upfront fees and offer a free no obligation quote before you take the agreement out. Applications can be completed either over the phone or via their online application. This can take up to 15 minutes but will provide you with a preliminary decision straight away. If you’re an existing Nationwide customer, you may not have to provide any documents but if you aren't, then expect to provide proof of income and more comprehensive personal details.
Once Nationwide have received your application you will receive an email and a text message saying that you have been accepted in principle. The loan agreement will then be sent to you within two working days. Read through this carefully, sign it and send it back. If you’re a Nationwide customer, the funds can then be in your account within 24 hours of them receiving your returned documentation. If not, then It can take three to five working days.
Registration number: 04397736
Nationwide Building Society, Nationwide House, Swindon, SN38 1NW
Reference No: 106078
Trading names: Nationwide Building Society , Nationwide Financial Solutions , Cheshire Building Society, Derbyshire Building Society, Dunfermline Building Society, Salt Commercial
Place of business: Nationwide Building Society, Head Office, Nationwide House, Pipers Way, Swindon SN38 1NW
Data protection registration
Registration No: Z7074586
Data controller: NATIONWIDE BUILDING SOCIETY
Address: Nationwide Building Society, Head Office, Nationwide House, Pipers Way, Swindon SN38 1NWApply Now