Nationwide Bank Loans

445 reviews

3% Representative

Will lend between: £1,000 - £25,000

Over: 12 - 60 Months

Representative example: Representative Example: If you borrow £10,000 over 60 months at a representative rate of 3.0% APR and an annual interest rate of 3.0% (fixed), you would pay 60 monthly instalments of £179.51. The total charge for credit will be £874.40 and the total amount payable will be £10,770.60.

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Nationwide Bank Loans customer reviews.

445 reviews

2.0 out of 5 stars

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.

Written by: Alex

Highlights

  • 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

Minimum criteria

  • 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

Fees

  • 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.

Company information

Registration number: 04397736

www.nationwide.co.uk

08457302010

Nationwide Building Society, Nationwide House, Swindon, SN38 1NW

FCA registration

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 1NW

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