| Representative APR | Amount | Term | Type |
|---|---|---|---|
| 5.5–19.9% | £1k–£25k | 12–60 mo | personal |
Best For
Members of Nationwide looking for a personal loan with fixed repayments and a application process.
Existing Nationwide members seeking personal loans for various financial needs.
Nationwide offers personal loans ranging from £1,000 to £25,000 with terms of 12 to 60 months and APRs between 5.5% and 19.9%. Membership is required for application.
Pros & Cons
Watch Out
Requires a Nationwide current account, savings account, or mortgage to apply, limiting access for new customers.
Full Review
At 5.5% to 19.9% APR, Nationwide's personal loans cater to a wide range of needs, from small purchases to larger expenses. The terms range from 12 to 60 months, allowing flexibility in repayment. The same-day approval is especially for those who need funds quickly.
However, note that the APR can escalate depending on creditworthiness, which may lead to higher repayments than initially expected. Nationwide's requirement for existing membership can be a barrier for new customers who are not currently banking with them. Their website also provides a loan calculator, giving potential borrowers a clearer picture of monthly payments before applying.
This transparency is beneficial for budgeting, though the total repayments can add up significantly over the term. Overall, Nationwide offers a reputable option for those who meet the membership criteria, but applicants with lower credit scores may want to explore other lenders to avoid higher interest rates.
What Borrowers Say
Borrowers appreciate the clarity of repayment terms but express frustration over the higher interest rates for those with less-than-perfect credit.
