NatWest Bank Loans

Choose Wisely

I recently applied for loan loan approved and had a bit of difficulty sending the supporting documents via the branch, which I felt was really poor from natwest PoV, the branch staff do not seem to know the process of loan application, had 3 trips to the branch wasting time, eventually posting supporting directly seemed to resolve But the biggest issue was he early repayment charge, where all the big lenders like Barclays, Santander, lloyds seemed to have standard set of rules of 1. No early repayment charges for partial payment.2. The early repayment charge of final settlement is 1 month interest Natwest is outrageous on this, they have early repayment charges of 2 months both on partial and full early payments. I see them a small scam lenders like wonga, just try to take customers for a ride for their money. There ethical standards are poor.Please don't proceed with natwest.I will file the case against natwest with financial ombudsman and fcs, to see if there is any luck with it

Shelly

Choose Wisely

I applied for a graduate loan of £4k which was for paying off my overdraft and buying a new computer. I am self employed. I completed online and a few days later I phoned in regards to my application. I was flatly turned down based on that I am self employed. The girl (who was still in training and had to ask her supervisor) said it was due to that as a freelance artist I have to be in a year contract to meet criteria. Anyone who is a freelance artist in the creative industry can tell you that a year contract is unheard of. Further more I ended to have 2 years worth of self assessment tax returns (so been in business 3 years?). I'm sorry , as a graduate loan I felt that this was just simply complete rubbish. How can I possibly produce such documentation when I'd been barely 18 3 years ago and just starting university. I have banked with Natwest for nearly 5 years now and felt the service and bank had been great. I hope that Natwest reconsider their terms and conditions or face alienation of a large percentage of graduates in the creative industry.

Activatethe

Choose Wisely

I think it is incredible that banks will not give out small loans up to £1000 at levels of about 19% to those that are unemployed or elderly or those on low incomes who have so called bad credit ratings as a result of this lower income - yet it is ok for those individuals to seek loans from Payday Loan Companies charging thousands of percent APR (Such as 1750% to as high as 10000%) why is this?

Michael

Choose Wisely

Utter disgrace of a bank. I have banked with them for over 20 years. They are eager eager eager to give out expensive credit. They would recommend a cheaper rate overdraft of 8% or so, get changed to a high rate credit card. They will try and sell you a credit card; even when you say no use pushy sales.Then when you genuinely approach them; will accept you for a loan then with out telling you refuse at payment stage. Im leaving them after so many years of custom. Im appalled by how theyve treated me- the loan the quoted me came out more expensive when we went through the application. It came out about £30 per month more expensive. be wise and leave this hole of a bank

boo

Choose Wisely

I applied for a graduate loan which they boast are easy and quick to arrange and they would lend me up to £10,000.00. I didn't want that much. I just needed some to buy a car and the interest rate was lower than the finance rate offered by the garage. The quick and simple wasn't quite so. I accepted that they would want wage slips and provided them, but this wasn't enough. They ummed and ahhed over it for days unable to give me an answer, tried to force me into signing up for loan insurance, which believe me wasn't worth the paper it was written on and was outrageously priced, said that they could not see any justification for lending me the amount of money I wanted based on my salary (bearing in mind in mind that my account had been in credit, never bounced any payments etc). Eventually they relented when I announced that I would be closing my account and moving elsewhere - this took over a week to sort out - oh and the interest rate was around 2% higher than elsewhere ... I wanted the loan with them because I figured it would be easier as I banked with them - how wrong could I have been?

sukeysukey

Choose Wisely

I applied for a graduate loan which they boast are easy and quick to arrange and they would lend me up to £10,000.00. I didn't want that much. I just needed some to buy a car and the interest rate was lower than the finance rate offered by the garage. The quick and simple wasn't quite so. I accepted that they would want wage slips and provided them, but this wasn't enough. They ummed and ahhed over it for days unable to give me an answer, tried to force me into signing up for loan insurance, which believe me wasn't worth the paper it was written on and was outrageously priced, said that they could not see any justification for lending me the amount of money I wanted based on my salary (bearing in mind in mind that my account had been in credit, never bounced any payments etc). Eventually they relented when I announced that I would be closing my account and moving elsewhere - this took over a week to sort out - oh and the interest rate was around 2% higher than elsewhere ... I wanted the loan with them because I figured it would be easier as I banked with them - how wrong could I have been?

sukeysukey

Choose Wisely

When I started my small business some 13 years ago, I took a current account and a small loan with the Nat West to cover some equipment costs. Over the ten years my business was up and running, this bank, which advertises itself as some sort of 'saviour' to the small business, took me for a small fortune. The charges were reassessed and increased enormously with each passing year, and within 4 years my friendly local branch dealings had been transferred to a faceless call centre where no-one was interested in me and my business any more - just the balance and overdraft limit of my account. The only way i could stop my charges running totally out of control at times of poor cashflow was to literally telephone the call centre every morning to check there weren't any problem transactions. The initial friendly face of the local branch staff have been replaced by something resembling Big Brother. I don't care if they make more money that way. They lose a lot of friends as well. After the demise of my business (due in part to the escalated bank charges) I have vowed never to bank with them again. Thinking of starting a small business - I recommend it to anyone - I learned more in those 10 years than any other time in my life. Thinking of banking with Nat West? Forget it, I say.

Benny

Choose Wisely

Good Points Money to your account quickly. Bad Points See below... General Comments I took a loan over 3.5 years ago for £15000 from Natwest for a term of 5 years. I went to see customer services, but none of them were willing to help when I asked about the Loan repayment. Every body were avoiding me until the bank closed. At last, I have been told that, even though I have paid off 12000 so far, out of £3500 interest I would pay in years I have already pad £3200, and if I pay the whole amount, I get no benefit. If I would have paid a year or earlier, my 2 months early repayment charge would have been £200 + per month, effectively paying a £500/- fine. If you go to Natwest customer services will not help you at all. If you try to cancel your Advantage Gold card, which is next to useless and costs £10 you will be on hold for at least 1 hour. (I would recommend you give that money to some charity). You have to visit the bank 3 to 4 times if you need to make changes to your address. Not recommended at all!

Amanda

Choose Wisely

I originally applied for the loan with Natwest just out of curiosity as I have such terrible credit history and lo and behold I was accepted! I didnt really take it seriously as I didnt think with I'd ever get a loan and when I got sent the forms and took them into the branch with some ID they asked me if I'd like the money put into my account now! Of course I said yes and within 2 hours I had £1000 sitting in my account.

Peter

Choose Wisely

The good points are that it is fast and easy money but there are massive penalties and earlyredemption charges- example £20,000 pound loan over 3 yrs - if redeemed at 10 months - end uppaying almost £10,000

Lubomir