Nationwide offers various low-cost personal loans to help you compete with your financial problems. You can use a Nationwide loan to renovate your house, get a new car or consolidate your debt. We are going to discuss application requirements and some other important features of Nationwide personal loans in this article.
Nationwide Personal Loan Amounts and APR Range
You can apply for a personal loan with Nationwide ranging from £1,000 to £25,000. You can also get a personalized quote from Nationwide for a loan of more than £25,000. Your credit history and current financial situation decide how much money you can borrow from Nationwide.
Nationwide offers a fixed, 2.9% representative APR on unsecured loans from £7,500 to £25,000. However, you could get a different interest rate, based on your financial circumstances. They will charge interest on your loan from the day they will deposit funds into your account.
Repayment Term Options
Nationwide allows you to spread your payback period from 1 to 5 years for loans between £1,000 and £25,000. You can also spread your repayment term up to 7 years by getting a personalized quote from Nationwide. Remember, the longer you will spread your repayment term, the more interest you will pay on the loan. Nationwide allows you to settle your loan early without charging any settlement fee.
Loan Application Requirements
You must be a UK resident, aged 18 to 79 to apply for a personal loan with Nationwide. They will not accept loan applications from Channel Island and the Isle of Men. Nationwide do not lend money to the people who are not members of their building society. You are a Nationwide member if you are holding a current account, mortgage or savings account with them.
Nationwide charges no fee from its members to set up a personal loan. They will not accept your personal loan application unless you have a net monthly income of above £700. You will need to prove a minimum of 1 year’s income if you are a self-employed person. You can prove your income through an accountant’s certificate. SA302 form or HMRC online tax calculation.
They will reject your loan application straight away if you have missed 3 or more credit commitments in the last 12 months. Likewise, you cannot borrow money from Nationwide if you have been declared bankrupt. They also do not lend money to the people who have a CCJ against their name or be subject to an IVA.
Joint Personal Loans
You and your family members can apply for a joint personal loan with Nationwide. One of the applicants must be a member of Nationwide Building Society to get a joint personal loan with them. Nationwide lend money to only those joint applicants who are living at the same address and have a combined net monthly income of above £700.
Loan Usage Restrictions
Nationwide restricts its members to utilize a personal loan for only the purposes specified in the loan agreement. You cannot use a personal loan with Nationwide for business, investment or speculative purposes. Likewise, you cannot use a Nationwide personal loan purchase or retain an interest in land, as a bridging loan or a mortgage deposit.