Whether you are looking for a loan to buy a big ticket item like a new car or holiday or you want one to consolidate existing debt you may have been wondering if Nationwide personal loans have the right plan for you.
Nationwide personal loans are ‘unsecured’ loans this means you do not have to put up your home or other property as security.
Key facts
- Loans have a repayment period between 1 and 7 years
- Loans are available from £1,000 to £25,000
- No application or arrangement fees
Although the maximum amount Nationwide will loan is £25,000 that does not guarantee you can borrow this amount any lender will calculate how much they are willing to give you by reviewing your credit history and financial circumstances. The will also take this into account when working out what APR you would be charged.
When taking out any kind of loan you should shop around to find the best deal available for you. like all financial products loans vary greatly between plans and lenders. The different terms, conditions and interest rates they have mean that there’s no one right loan for everyone, it depends on your own specific needs.
You can use the calculator on this site to compare over 200 different loans from over 20 different lenders to help you see what the best choice for you is.
Homeowner loans
If you are looking to borrow over £25,000 and you own property a homeowner loan might be an option for you. Homeowner loans normally allow borrowers to take out loans of up to £250,000 this is because the loan is secured against your home or other property. The exact amount you could borrow from a homeowner loan would again be dependent on your credit score but also on the market value of the property and how much equity you possess of it.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. If you are at all unsure of the suitability of a particular product for your circumstances you should seek independent financial advice.
Things to consider
Before you take out a loan you should make sure it really is the best option for you, consider alternatives such as If you have any savings it might be beneficial to use these instead, as the interest you pay on a loan may be higher than any interest you earn from your savings.
There are other types of borrowing than personal and home owner loans such as authorised overdrafts and credit cards you might wish to consider.
if you are thinking of taking out a loan to consolidate debt understand that spreading your payments over a longer term could mean you ultimately pay more overall than you would with your existing arrangements, even if the interest rate on the new loan is less than the rates you have at the moment.