Nationwide has revitalised issuance of Nationwide Personal Loan. Its model is open, straightforward and easy to use. From all their network throughout the United Kingdom and their affiliation with the Prudential Regulation Authority, the credibility of the Building Society is not in dispute. Their transactions are regulated by the Financial Conduct Authority.
Type of Personal Loans Offered at Nationwide Building Society
This happens when the customer withdraws more than the amount from his or her account. The extra amount is considered as a loan. It is popular among account holders. In this category, there are 3 accounts; the Adult Account, the Student Account and the Childhood Account. The Adult account charges a 39.9% interest rate, compounded per year, while the Student and the Childhood Account are not charged any interest. Such conditions are applied within limited terms and conditions.
An overdraft can be arranged or unarranged. Arranged is when the customer talks to the relationship manager for an extension. This extension is granted as a personal loan and is subjected to lending terms. Unarranged loans are when the customer exceeds his or her spending limits or uses more than the account balance.
If the customer apply for loan, a £500 arranged overdraft will cost £6.99 if paid in 15 days a month. In case the customer is a new member, the Building Society offers 12-month interest-free overdraft.
Nationwide Credit Card
This is a preserve of current account holders with the Nationwide Building Society. The APR rate ranges from 19.9% to 24.9%, factoring different loaning variations. The borrowing ceiling of £1,200 is applied. Irrespective of the number of months, there is a 0% per annum on balance transfer for purchases done using the All Rounder Offer. For this to apply, the customer must have deposited a minimum of £5 into the account. For one to get Nationwide Credit Card, he or she must be a resident of the United Kingdom, be at least 18 years and registered member of the Nationwide Building Society. They also should have an annual income of £5,000 or more to qualify.
Other Nominal Ways of Borrowing
Personal loans can also be in the form of:-
- Unsecured loans – mostly for the purchase of tangible assets like cars.
- Mortgage – used for purchasing a home. The security is the home itself.
- Unregulated Loans – they are mostly short term loans which are used often to sort short term problems.
- Payday Loans – These are a sort of overdraft loans given against the wage or salary.
These types of loans have different interest rates, based on the type of acquisition and the security guarantee. Unregulated loans are the most expensive in this category.
Nationwide Personal Loan Pointers
- It takes only 2 hours to apply for loan.
- It gives a fixed 2.9% APR for loans ranging from £7,500 to £25,000 with a return period of between 1 to 5 years.
- 18 years to 79 years are the working age-eligible for a personal loan.