How to get personal loan from Nationwide Building Society Uk

Last Updated on February 11, 2023 by admin


Do you want to learn how to get loan from Nationwide Building Society United Kingdom? The personal loans is designed for members and they must have a current account, mortgage or savings account with Building Society before they are eligible to apply.

The Personal loan interest rates depend on a range of factors, such as: loan amount, loan term and member’s credit history and current financial situation.

The United Kingdom Nationwide Building Society credit facility can be use for Buying a car, Consolidating your debts and Making home improvements. 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.

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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.

Interest rate ranges for loans over 1 to 5 years

Details of Interest rate ranges for loans over 1 to 5 years
Loan Amount Lowest Rate (fixed) Highest Rate (fixed) Representative APR (fixed)
£1,000 – £2,999 17.9% 29.9% 17.9%
£3,000 – £4,999 13.9% 29.9% 13.9%
£5,000 – £7,499 7.9% 29.9% 7.9%
£7,500 – £25,000 6.9% 29.9% 6.9%

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


Other ways to borrow

A loan might not always be the right way to borrow the money you need. There might be a more suitable option for your financial situation. such as

1. Current account overdrafts: Arranged overdrafts are designed for short-term borrowing, and you’re only charged for the amount you use. the Nationwide Building Society offer Everyday current account overdrafts,Student or graduate account overdrafts and Youth account overdrafts

2.Member Credit Card: The Member Credit Card comes with unlimited commission-free purchases, so you can travel the world without having to worry about unexpected charges..With credit cards there’s no fixed end date for repaying your debt. You can spread the repayments for the cost of your holiday across however long suits you. Just remember to make at least the minimum repayment each month.

3.Borrowing more on your home: If you already have a Nationwide mortgage, you can apply to borrow up to 90% of the value of your home.


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