Nationwide Loans

 

  • Nationwide logo
    • Typical APR: Depends on the Loan Amount
    • Min: £1,000
    • Max: £25,000
    • Term: 1 - 7 Years
    • Bad Credit: No
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Summary

Nationwide is a branch of the Nationwide Building Society, which is a British mutual financial institution. It’s also the largest building society the entire world over. The company’s headquarters is located in Swindon, England, but it also hosts a couple of extremely large administration hubs in Northampton and Bournemouth as well. Nationwide currently has roughly 19,000 employees, and it provides financial services to its customers directly via website as well as though one of over 700 service branches.

Nationwide provides mortgages, secured loans, and personal loans for customers located in the UK. The company offers a host of personal banking services including credit cards, checking and savings accounts, and insurance products. The official company website enjoys almost 4.5 million unique monthly visitors, and it currently services greater than 1.9 million Internet banking users.

Before the middle of 2009, Nationwide became the only UK-based financial institutions to provide fee-free banking transactions – in electronic and cash form – for customers that held Nationwide’s VISA debit cards. Then, by the end of the year, it withdrew the service, much to the chagrin of the British media.

From 1980 to 1990, scores of building societies in the UK were forced to convert into banks during the demutualization fiasco. Nationwide managed to sidestep this transition, and by 2008, its total assets made it bigger and stronger than all the remaining building societies in the UK – combined.

Services

The loans offered by Nationwide can be used for a wide variety of reasons. For example, you can finally get that home improvement project going that you’ve been dreaming of, consolidate all you high-interest debt into one manageable payment, or buy a brand new car. The best part is that you’ll have an approval decision quickly, often the same day, when you apply in person. If you want an answer even faster, you can apply online and receive an instant decision in seconds.

However, you should keep in mind that there are a few things a loan cannot be used to fund. For example, you can’t use the money to start a business, and you can’t buy timeshares with the loan proceeds, either. In addition, you can’t fund real estate speculation ventures or bridge loans with the money.

When it comes to repayment, Nationwide makes the process a snap. Like most other loans, the repayment must be made monthly. The company requires direct debit from your bank account, so it’s one less check you have to worry about writing. Once your loan is funded, you have a month before your first payment is due. Unfortunately, you cannot take a payment holiday during your repayment term, but that’s also typical for most personal and secured homeowner loans.

You can decide the length of your loan’s repayment period, too. You are allowed to select any period of time between one and seven years. In addition, you can choose any amount between £1,000 and £25,000, subject to credit approval. Your repayment amount is fixed, so it will never fluctuate for the lifetime of your loan.

You do have the option to repay your loan early. If you decide to repay early, your settlement quotation remains valid for a total of 28 days from the day you placed the request. You’ll still be responsible for the interest that accrues until the end date of the quotation. Also, if you opted for a loan term that’s more than a year, you’ll be required to pay an extra 30 days of interest.

The great thing about Nationwide loans is that you get to bypass all the hidden fees for which you’d be liable if you chose a lesser-known loan company. You’ll enjoy a waived application and arrangement fee, and you won’t be charged any other extraneous fees to set up your loan.

Clients and Customers

Just about anyone is eligible for a loan, as long as he or she has a respectable credit history. You can’t have a bankruptcy or County Court Judgment in your past. Bad credit loans are not granted, but aside from that and a few other routine factors, almost anyone may apply. Additionally, if you are already a customer of Nationwide, you’ll receive priority treatment and faster loan processing since you’re already in the system.

There are a few further eligibility requirements you should be aware of before you apply for a loan. First, you must be at least 18 years of age. Your income must be greater than £700, and you need to have resided in the UK for at least a year.

You must be employed in the UK, and remain that way for the entirety of the loan’s term. If you’re self-employed, you must own your home and produce a year’s worth of financial records. You can be retired and still be considered for a loan, but you must be actively receiving a pension to be considered.

Associations and Credentials

Nationwide is a proud member of the UK’s Building Societies Association. The company is also on the Council of Mortgage Lenders. It participates in a large number of sponsorships and has a history of sponsorships including the Football League, the FA Women's Premier League, and the Football Conference.

In addition, until 2009, the company sponsored the Nationwide Mercury Music Prize. Currently, BarclayCard presents the prize.

Interest Rates

Nationwide offers a great low introductory loan rate. For personal and homeowner loans, rates start at 6.3% APR. The interest goes up from there depending upon your credit, the length and amount of your loan, and other factors. It caps out at 24.9% for loans from £7,500 - £14,999.

It’s important to note how interest is charged. As mentioned above, it’s a fixed rate loan, so your monthly repayment will never increase. The basis of interest calculation for your loan is daily in arrears.

Nationwide is a highly respected company in the UK with a long history of servicing loans and fantastic customer feedback. Request you free quote now to start the process of funding your dreams.



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