If you are planning to make some improvements to your home, NatWest personal loan could provide you with the helping hand you need. You can also borrow money from NatWest to plan your marriage or get a new car. Likewise, a NatWest loan might prove very handy when you are thinking about tidying up your finance by consolidating your debt.
In this article, we will discuss some key factors that may influence the efficiency of a NatWest loan.
Loan Amounts and APR Range
NatWest offers an exciting array of personal loans ranging from £1,000 to £50,000. They offer a representative 3.9% APR on loans between £7,500 and £19,950. Alternative annual percentage rates are available as well from NatWest on other loan amounts. The exact amount of interest on a NatWest personal loan depends on the loan amount and your financial circumstances.
You can spread your payback period from 2 to 5 years for all the personal loans between £1,000 and £7,450. NatWest allows you to expand your repayment term from 2 to 8 years or 2 to 10 years for the loans between £7,500 and £50,000.
The type of personal loan decides the length of time over which your loan agreement is in place. For example, you can spread your payback period from 2 to 10 years for home improvement loans of more than £7,500. On the contrary, you can expand your repayment term from 2 to 8 years for all other personal loans of the same amount.
Eligibility Criteria for NatWest Personal Loans
You must be at least 18 years old and a UK resident with a NatWest current account to borrow money from them. NatWest allows its customers to apply for a personal loan and manage it online. You can apply for a NatWest personal loan online when you have been holding a current account with them for at least 3 months.
Make sure to enter your appropriate income, outgoings, and employment details while applying for a NatWest personal loan online. NatWest will reject your loan application straight away if you have been declared bankrupt in the last 6 years. You cannot borrow money from NatWest when you have already applied for a personal loan with them within the last 28 days.
Joint Personal Loans
NatWest allows you to borrow money from them as a team using the joint personal loan option. You and a loved one, family member, or friend can apply for NatWest joint personal loans together. However, we strongly advise against applying for a joint loan if your partner has a bad credit history.
Further Lending from NatWest
NatWest offers further lending as well when you are already holding a loan with them. You can apply for a new NatWest personal loan and keep your existing monthly repayments separate from the new loan. On the other hand, you can also replace your existing loan with a larger and new NatWest personal loan.
NatWest Loan Management
NatWest offers you to manage personal loans with them on the go in a mobile app. They allow you to defer your first monthly repayment for 3 months, based on your financial circumstances. You can also apply for repayment deferral for a NatWest loan if you have been impacted by the coronavirus outbreak. NatWest allows you to make monthly overpayments and pay off your loan early.
Remember, NatWest does not allow its customers to borrow money from them to pay utility bills and taxes. You cannot apply for a NatWest loan to buy a property and set up a business. Similarly, you cannot use a NatWest personal loan for gambling and buying shares or other investment funds.