NatWest was founded in 1986; it is one of the largest commercial and retail banks in the United Kingdom. There are more than 960 divisions and 3,400 cash machines throughout England.
Today, over 7.5 million people use NatWest as their bank, and it serves approximately 850,000 small businesses. The bank offers several services including banking and savings accounts, mortgages, credit cards, personal loans and much more.
NatWest offer loans between £1,000 to £50,000 at a representative rate of 3,4% APR over a one to ten year period.
To apply for loan, applicants must be over the age of 18, a resident of the United Kingdom and in full-time employment. Before applying; it is crucial that applicants check their credit beforehand, not only to avoid disappointment but also to avoid negatively affecting a person’s credit file.
For customers who use internet banking, they can apply loan online; the system will auto-fill the application to save customers the hassle of filling it out. For customers who apply before 5.55pm Monday through Thursday, there is a possibility that the funds will be transferred the next working day. However, if the bank requires more information from a customer, it could take a little bit longer.
If an applicant is approved for a personal loan, it is essential that payments are kept up to date. Missed payments will negatively affect the applicants credit rating and make it difficult to apply for credit again in future.
It is a good idea to know how much loan repayments are going to be in advance so that applicants can budget accordingly. Here is a typical example of what a customer might be expected to pay back: To borrow £10,500 over 60 months, at a fixed interest rate of 3.4%, the borrower will pay back a total of £11,418.60, and the monthly payments will be £190.31. It is important to note that the rate of interest and loan amount will differ depending on individual circumstances. However, regardless of the size of the loan, NatWest will never offer a customer a rate higher than 29.9%p.a.