When you’re trying to get a personal loan, it is always crucial to find a bank that offers the best rates on the market. You have to look for a bank that gives you a flexible repayment term, and you have to carefully consider all your options.

Nationwide Bank’s Personal Loan is a great option that you may consider, as it offers a competitive fixed APR. Nationwide’s Personal Loan application process is relatively simple, and you can start filling it out instantly.

If you would like to learn how you can apply for a personal loan with Nationwide Bank, continue reading.

Nationwide Personal Loan – How to Apply
Image source: UK Community Foundations

Features of a Nationwide Personal Loan

To get a good idea of some of the notable features of this particular personal loan, check out our gathered information regarding terms, consolidation, and more.

Loan Term

The loan repayment term is another aspect of worry that most people have when it comes to taking out a personal loan. Nationwide’s Personal Loan has a loan repayment term of about 5 years, although it ranges from 1-5 years. When you apply for a loan with Nationwide Bank and do so online, you can also get a decision instantly.

Quick Disbursement of Funds

One other worry that you may have when it comes to taking out a personal loan is the urgency of getting funds into your account. If you have a current account with Nationwide, you can get your money in your account within 2 hours. This is particularly useful for individuals who have a large purchase to make on a deadline.

If you don’t have an account with Nationwide, then the money disbursement process will take at least 3 to 5 working days.

Consolidate Your Debts

You can also consolidate your debts into the Nationwide Personal Loan and pay them off within the timeline of your loan. This also allows you to keep track of all your debts.

Eligibility and How to Apply

As with most lending products offered by banks, you must meet eligibility requirements by proving you are financially competent enough to pay back the bank. With this loan, you must be at least 18 years old, and no more than 79 years old, to apply for a Nationwide Personal Loan.

You need to be a UK resident, which means you have to be living and working in the UK, in order to get the loan. Your earnings must also be at least £700 on a monthly basis. To apply for a loan, you can visit a branch of the bank and physically apply. Alternatively, you can simply visit the bank’s website and apply through the online application process.

Interest Rates and Fees

You have an APR as low as 2.9%. Your APR depends on your credit score and the rate charged is a fixed one.

No Hidden Fees

A number of banks charge miscellaneous fees when it comes to taking out loans. You commonly will have fees such as origination fees, application fees, etc.

With some banks, you even get charged for overpayment. With Nationwide, you do not have such a fee.

With this specific bank, however, you get no such hidden and vague fees. You pay exactly what you signed up for. However, it is important to note that you can incur these monetary setbacks if you fail to make repayments on time.

  • More interest in total
  • Breach reported to credit reference agencies
  • Difficulty obtaining credit in the future
Nationwide Personal Loan – How to Apply

Nationwide Contact Information

If you wish to inquire about specific terms of this loan, you can reach out to a representative of Nationwide Bank by calling 03457 30 20 11.

The bank’s head office is located at Swindon, Nationwide Building Society, Nationwide House Pipers Way Swindon SN38 1NW.

Conclusion

Getting a loan with Nationwide Bank has never been as easy as it is today. All you have to do is have a stable internet connection and have the documents needed at hand in order to apply.

Disclaimer: There are risks involved when applying for and using credit products. Ensure you consult the bank’s terms and conditions page before agreeing to anything.