Nationwide Loans Review
Nationwide Loans of £1000-£25000 are available over one to seven years. Interest charged is typically 15% APR.
Nationwide is not a bank; it is a building society which exists for the benefit of its members. Its loans are only available to its members. It charges a lower rate of interest to members whose main current account is with Nationwide. Loan applications can be made on line and a decision should be available immediately in most cases
Purpose of personal loan
This can be for home improvements, car purchase, debt consolidation or any other credit commitments. It for business or investment purposes, bridging loans, mortgage deposits, speculative reasons, or purchasing or retaining an interest in land
Amount of borrowing available
Loans of £1000-£25000 are available over one to seven years. Interest charged is typically 15% APR for loans up to £2000 dropping on a sliding scale to 5.1% for loans of £20001-£25000. However, the amount of interest charged does depend on the applicant’s circumstances and can go up to 19.9%.
The interest rates quoted by Nationwide are fixed which means that the rate you pay will stay the same over the period you have borrowed money for, unlike variable rate which can increase.
Customers whose main current account is with Nationwide are charged at least 1% APR less. In fact main account customers can borrow for as little as 3% interest over a period of five years. To take advantage of this rate borrowers must have their main current account with Nationwide.
To qualify as a main current account member with Nationwide client must either: hold a FlexOne, FlexStudent, FlexGraduate, FlexDirect or FlexPlus account,or Hold a FlexAccount and: have been paying in £750+ a month for the last 3 months (excluding transfers from any Nationwide account); or switched to Nationwide from elswhere in the last three months