How to qualify for Nationwide loans

Nationwide is the U.K.'s largest building society. Provided that you have a good credit history and can afford the monthly repayment schedule, you are eligible to apply for low rate loans. A Nationwide loan is only available to existing customers. So, you will need to have a savings, current account, mortgage or credit card with them.

Basics of Nationwide loans

Amount
You can borrow between £1,000 and £25,000. Duration
You can get an online quote over a period of between one and seven years. If the term exceeds five years, you will pay a higher APR. APR
Loans for between £7,500 and £14,999 will cost you just 6.6%. However, Nationwide use personal pricing, so the cost of borrowing will be affected by how you have managed your credit obligations in the past. Moreover, if you borrow under £7,500 or over £15,000, you will be asked to pay a slightly higher rate of interest on the money you have borrowed. Instant decision
After you have applied, you will normally be given an instant lending decision. Full early settlement
You are legally able to pay off your loan early but, if there is more than a year left to run, you will pay a penalty which is equivalent to 30 days interest. You can get a full settlement quote by calling 08459 302012.

Eligibility criteria for Nationwide loans

Age
In order to get a loan online, you must be a minimum of 18 years old. Residency
You must have lived within the U.K. for at least the last 12 months. You must have the legal right to live and work in the U.K. Bank account
You must have a bank account in your own name, not that of a third party. Credit history
You must have good credit, which means no County Court Judgements (CCJ's), Individual Voluntary Arrangements (IVA's) or bankruptcies. Minor credit transgressions will not necessarily lead to rejection, but will affect the cost of borrowing. Income
You will need to be in permanent employment or retired from work. If you are making a joint application, your combined income must be at least £700. If you are
self-employed, you will need to be a homeowner with a minimum of one year's audited accounts. Purpose
You are not permitted to use your online bank loan for the purpose of business, investment or to buy a time share.