Nationwide Building Society Personal Loan: Requirements and how to apply

Nationwide Building Society United Kingdom , has announced that members can now borrow personal loan depends on the amount they intend to borrow, and duration for credit facility

The UK’s biggest building society says members can either Overdrafts. Short-term borrowing, emergencies, unforeseen costs, Credit cards,Personal loans (unsecured),Payday loans and Unregulated & doorstep loans.

Though before you can get any of the credit facility, you must be member or If you’re applying for a joint loan, only one of you needs to be a member. Now the question is what make you a member with Nationwide Building Society?

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For you to be a member with Nationwide Building Society, you must has any the following:
1. Current account
2. Mortgage
3. Savings account
4. Business savings account (opens in a new window) (This link will open in a new window) 5. If you’re a sole trader, partnership, or unincorporated body such as a club or voluntary group.

However, Products from their subsidiaries (such as The Mortgage Works) won’t make you a member. The following products do not make you a member: Personal loans, credit cards, investments, insurance policies, or business savings accounts if you’re a company, charity or trustee.

What can you use Nationwide Building Society personal loan for?

Nationwide Building Society Personal loans can be used for almost any purpose, such as a car purchase, wedding or consolidation of other credit commitments.

They cannot be used for:

1. Business or investment purposes
2. Bridging loans
3. Mortgage deposits
4. Speculative reasons
5. Purchasing or retaining an interest in land

You can also read: Bank of America online banking and Mobile app: How to register, deposit check, transfer money and check statement of account

Requirement to apply for Nationwide Building Society Personal loans

1.Before you can qualify for personal loan, you must be between the age of 18 to 79 and have a net monthly income of £700+

2. You’re not currently being declared bankrupt, have a CCJ (County Court Judgement) against your name or be subject to an IVA (Individual Voluntary Arrangement)

3. You haven’t missed 3 or more credit commitments in the last 12 months

4. Borrower should have the right to live and work in the UK for the term of the loan Please note: (applications from the Channel Islands and the Isle of Man are not accepted)

5. If self-employed, applicants must be home owners and be able to prove a minimum of 1 year’s income through an accountant or SA302 form

6. Applicants for joint loans must live at the same address

Also read: How to enroll for Wells Fargo Online banking and Mobile App

Interest rate

The interest rate is fixed. the bank charge interest on the outstanding balance from the day they send the loan funds to you

 

How to apply for Nationwide Building Society Personal loans

Interested borrower should apply for personal loan via registered for Internet Banking . During your application, the bank will check your credit history and give you a no-obligation personalized quote;  This  won’t affect your credit rating.

 

Different types of borrowing you can get from Nationwide Building Society

1.Payday loans : This a Short-term cash loans until you next get paid,it often high very high interest rates. Payday loans may not be suitable for long term borrowing.

2. Mortgages: Nationwide Building Society mortgage is a loan secured against your home.

3. Credit cards: Short-term borrowing, security of online purchases (store cards are also a type of credit card)

4. Overdrafts: Short-term borrowing, emergencies, unforeseen costs

5. Unregulated & doorstep loans

 

 

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