Nationwide has been a UK financial staple since its very early beginnings in 1846. Today, Nationwide is the second largest provider of UK mortgages, one of the largest savings providers in the UK, and the biggest mutual finance institution in the world.
Nationwide offer a personal loan to customers. For customers with a current Nationwide account, an APR of 3% is offered subject to loan amounts and length of term. This APR rate is based on a loan of £10,000 borrowed over 5 years. There are estimated savings of £259.80 over the full term of the loan for those who already have a current account with Nationwide, versus terms that may be offered elswhere.
An online calculation tool is available for potential customers to enter their desired loan amount and lending period; this will then show the customer the representative APR based on this calculation. Nationwide offer an online loan service, however, the customer must have some form of account with Nationwide in order to be considered for a personal loan. This account could be current, mortgage, or savings, and if you are jointly applying for a loan, only one applicant needs to have a Nationwide account. As yet there are no application options for those who do not have current Nationwide accounts.
In addition to this, the customer must be aged 18 or over and have a monthly income of at least £700, as well as having missed no credit commitments in the last three months and being a resident of the UK. Potential customers must not have either CCJs (County Court Judgements) or IVAs (Individual Voluntary Arrangement) against their name.
Nationwide offer reasonable rates for loans, a fast application process and near-immediate almost instantaneous access to funds once the application is approved. However, these benefits are not available to those who are not already Nationwide customers, which needs to be borne in mind for those seeking to apply for loans.
Nationwide provide a no obligation online quote for those who wish to apply for loan. If successful after the initial application, Nationwide assures customers that funds can be made available to them within two hours of acceptance as a loan customer.