A personal loan allows people to borrow money for things that they may not have thought they would be able to afford. How much someone can borrow will depend on their circumstances. NatWest Personal Loan is one of many providers who offer personal loans.
Depending on a person’s circumstances, someone can apply for a NatWest personal loan of between £1,000 and £50,000. If applicants receive approval of their loan application, they would then have between two years and ten years to pay it back. The sort of reasons why people apply for a loan includes things like:
- Buying a car.
- Home improvements.
- Improving finances.
- Paying for a wedding.
Paying back the NatWest Personal Loan
When someone applies for a NatWest personal loan, how much they have to pay back depends on two things. The first is how much they plan to borrow; the second is over what period they plan to repay the money.
If a person decides to borrow £7,500 over five years, the Annual Percentage Rate (APR) starts at 3.4%. Should they need to borrow a larger amount, the APR will vary based on different borrowing ranges. For example, someone who borrows an amount between £25,000 and £35,000 will find that the APR is 6.2%. On the other hand, if they want to borrow a lower amount of between £1,000 and £2,950, this would mean a higher APR of 24.9%. The NatWest Personal Loan calculator could be found on NatWest website. Someone who apply for a personal loan will have to repay the money within an agreed number of years. NatWest set the minimum length of time as two years. Depending on the amount borrowed, the maximum period can be between 5 years and 10 years.
Before applying, NatWest makes it possible for people to find out whether they can afford a loan. NatWest has made a payment calculator available online that allows someone to work out the total cost of a loan. For example, someone borrowing £12,000 over five years, the monthly repayment would be £217.50 with an APR of 3.4%. By the end of the loan, the amount they will have paid back is £13,050.
How to Apply for NatWest Personal Loan
Depending on an individual’s circumstances, applying for a NatWest personal loan can be straightforward. When people ask for a loan, NatWest requires that someone must meet specific criteria when applying. An applicant must be over 18 years of age, have had a NatWest current account for three or more months, or a credit card or mortgage for at least six months. Unlike current account customers, credit card and mortgage customers have to make their application online or by phone. If customers apply online, they can usually receive a quick decision if there are no conditions. Once an application is approved, how soon a customer will receive the money will depend on when they applied, and whether NatWest placed any conditions on the loan. If they get an unconditional offer, they could get the cash the same day.