Nationwide Loans

Find out more about the personal loans offered by Nationwide, including how they work and how much you could potentially borrow.

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What our Nerds say about Nationwide loans

CONNOR CAMPBELL

WRITER AND SPOKESPERSON

Nationwide is a building society with branches across the UK. It was founded in 1884 as the Co-operative Permanent Building Society, changing its name to Nationwide in 1970.

You can access a range of financial products from Nationwide, including current accounts, savings accounts, mortgages, credit cards, loans and more.

Nationwide’s loans are currently only available to existing members, but can be used to cover a range of costs, whether you’re splashing out on a new car or looking to consolidate some debts.

You can check your eligibility for a Nationwide loan and find out how much you might be able to borrow without affecting your credit score. This can help you to see how likely you are to get the loan you want, before deciding whether or not to go through with the full application, which will then affect your credit score once you fully apply.

Nationwide personal loans

Nationwide currently offers unsecured personal loans that can be used to cover a range of costs. Unlike with a secured loan, unsecured loans don’t require a property or other high-value item to act as security, which means both homeowners and tenants can apply.

However, its loans are currently only available to existing Nationwide members, so you need to have a current account, savings account, or mortgage with Nationwide to qualify.

You can currently borrow between £1,000 and £25,000 from Nationwide, depending on your requirements. You can also choose to repay your loan over one to seven years. Bear in mind that the amount you borrow and the length of the loan term, as well as your credit history, will affect the interest rate applied to your loan.

» COMPARE: Personal loan rates

Nationwide loan rates

Interest rates on Nationwide personal loans are fixed, which means the rate won’t change for the term of the loan. The rate you qualify for will depend on your individual situation and the loan you are applying for.

Nationwide loans will advertise a representative APR. This stands for annual percentage rate and it tells you how much a loan will cost you over one year, taking into account the interest charges and fees.

However, representative APR is only intended to be a guide, so it doesn’t guarantee that you will qualify for that rate if you apply for a loan.

Representative APR is the rate that 51% of approved applicants will receive (or lower), which means 49% of borrowers could be offered a higher rate.

Can I get a secured loan from Nationwide?

Nationwide doesn't currently offer secured loans.

To find out more about secured loans, check out our secured loans comparison page where you can also take a look at other providers.

Pros and cons of Nationwide loans

Before applying for a loan from Nationwide, it’s important to consider the potential advantages and disadvantages.

Pros

Some of the advantages of a Nationwide loan are:

  • you can use the loan for a range of purposes
  • you can provisionally check your eligibility for a loan without affecting your credit score
  • you can overpay your loan and pay it off early at no extra charge

Cons

Nationwide loans also have some disadvantages, including:

  • they are only available to Nationwide members
  • there is a minimum income requirement

How do Nationwide loans work?

Nationwide loans work in much the same way as other unsecured loans.

When you apply for a loan, you will provide Nationwide with information about your income and overall circumstances. Nationwide will then assess your application and run a credit check to decide whether to approve your application.

If approved, you should receive the loan in your account within a couple of hours or, in some cases, within five working days. It will take longer to receive the loan if it is paid into a non-Nationwide account. You will then repay the loan, plus interest, in monthly instalments over the agreed term.

Can I make overpayments on a Nationwide loan?

You can currently make overpayments on a loan from Nationwide at no extra cost. Doing this won’t change your monthly payments but it can help you to pay off your loan faster.

You can make overpayments online, via Nationwide’s banking app, by cheque, or by visiting a branch.

If you’re in a position to do so, you could also pay off your loan in full before the end of the term. You will need to contact Nationwide to get a settlement figure, which will need to be paid within 28 days.

What can I use a Nationwide loan for?

You can use a loan from Nationwide for a number of purposes. For example, you could use it to:

There are a number of things you can’t use a Nationwide loan for, including:

  • business purposes, including paying for a commercial vehicle investments
  • mortgage deposits
  • purchasing land
  • situations when you may otherwise use a bridging loan, such as buying a new house before selling your old one

Am I eligible for a Nationwide loan?

ationwide loans are currently only available to current Nationwide members. So, to qualify for one of their loans, you would need to have one of the following Nationwide products.

  • current account
  • savings account
  • mortgage

As well as being a Nationwide member, you would also need to meet the following criteria:

  • You live and work in the UK.
  • You are aged between 18 and 79 years old.
  • There have been no more than two missed credit commitments over the previous 12 months.
  • You have not been declared bankrupt, had county court judgments (CCJs), individual voluntary arrangements (IVAs).
  • Your monthly income is at least £700 (after tax).

If you are self-employed, you would need to supply Nationwide with documents, such as an accountant’s certificate or HMRC online tax calculation, to show your income over at least one year.

Your eligibility for a loan will be subject to a credit check and affordability checks conducted by Nationwide.

Can I get a Nationwide loan with bad credit?

You may be eligible for a loan from Nationwide if you have a less-than-perfect credit score, but this will depend on your individual circumstances and how poor your credit score is.

Nationwide won’t be able to offer a loan if you’ve missed three or more credit commitments over the past year. You also won’t be eligible if you are bankrupt or have any CCJs or IVAs.

Having a bad credit score is likely to make it more difficult to get a loan, as lenders may perceive you as a higher risk. If they do accept your loan application, they are likely to charge you a higher interest rate compared to someone with a better credit history, to compensate for the perceived risk.

» COMPARE: Loans for bad credit

Can I take out a joint loan?

It may be possible to take out a joint loan from Nationwide if you:

  • both live at the same address in the UK
  • earn at least £700 after tax (combined)
  • are both aged between 18 and 79 years old

At least one of the people applying for the joint loan needs to be a Nationwide member.

Bear in mind that taking out a joint loan will link your credit history with that of the other applicant. If one of you develops a poor credit score, this could affect the credit score of the other applicant.

How to apply for a loan from Nationwide?

If you meet the eligibility criteria, you can choose to apply for a loan from Nationwide.

You can get an estimated quote first, to see how much you might be able to borrow, which won’t affect your credit file.

As part of your application, you will need to provide Nationwide with information, such as:

  • proof of ID
  • your address history for the previous three years
  • your monthly income and expenses
  • your right to live and work in the UK
  • how much you want to borrow

Nationwide will use this information and run a credit check to make a decision on your application.

How long does it take to get a Nationwide loan?

If Nationwide approve your application, you should receive the money in your account within:

  • a couple of hours, if you have a Nationwide current account
  • one working day, if the loan is paid into another Nationwide account
  • three to five working days, if the loan is paid into an account with a different bank or building society

» MORE: How to apply for a loan

Nationwide customer reviews

On Trustpilot, Nationwide has a rating of 1.7 stars based on over 3,200 reviews.

The Nationwide banking app has a 4.8 star rating on the Apple Store, based on over 493,000 reviews. On Google Play, the app has a rating of 4.2 stars from over 85,000 reviews.

Bear in mind that these reviews are for Nationwide building society as a whole, not just their lending products.

This information is correct as of 30 August 2022.

Nationwide Loan FAQs

Is there an early repayment charge on Nationwide loans?

No, Nationwide doesn’t currently charge any fees for making overpayments or for paying off the loan in full before the end of the term.

Can I increase my Nationwide loan?

If you already have a Nationwide loan, you may be able to borrow more. You would need to ask Nationwide, and it will review your situation to make a decision.

If approved, you could take out a new loan from Nationwide that pays off your old loan and gives you the money you need. Alternatively, you can keep your existing loan agreement and take out a new loan.

About the author

Connor Campbell
Connor is a writer and spokesperson for NerdWallet. Previously at Spreadex, his market commentary has been quoted in the likes of the BBC, The Guardian, Evening Standard, Reuters and The Independent. Read more

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