If you are reading this, you must be looking for a bank loan. Well, keep reading!
If you are considering a bank loan, check out the high street banks in the UK. With these financial institutions, you’ll have a wide variety of options as they offer financial products that cater to different needs.
Let’s take a look at Nationwide Bank. It is one of the top high street banks in the United Kingdom and the largest building society in the world.
Nationwide Building Society is a British mutual financial institution. Being the largest building society in the world, it has more than 15 million members.
Nationwide is made up of over a hundred mergers. Most notably, its merger with Anglia Building Society in 1987 and Portman Building Society in 2007, Nationwide is now the second largest provider of household savings and mortgages in the UK.
Nationwide also has a fairly good percentage of market share of current accounts. This mammoth building society was ranked number one for customer service satisfaction amongst its high street peer group for some time during the recent years.
For the financial year 2015-2016, Nationwide had assets of around £208.9 billion compared to £331 billion for the entire building society sector, making it larger than the remaining 44 British building societies combined.
As with most other high street banks and building societies, Nationwide offer a range of loan amounts with repayment periods spanning one to seven years. The rates they offer are on par with the other banks in the finance sector.
However, note that nationwide reserves its lowest rates for their customers only. It’s also important to understand that rates will differ depending on some factors, so remember that you might not receive the advertised rate.
If you have a current account with Nationwide, take advantage of their Loyalty Price Promise. This feature promises to beat any like-for-like offer from another UK loan provider by 0.5% APR.
As one of the UK’s largest building societies, Nationwide offers loans between £1,000 and £25,000 in which you can repay over one to seven years. They have one of the cheapest representative APR in the market, which is 3.4%.
Nationwide provide an online quote that doesn’t leave a credit footprint. They also provide an online management portal for you to make payments and check your balance easily.
If you wish to pay off your loan early, you are welcome to do so without any extra charge. If you are a bit tight and cannot make repayments on time, Nationwide does not charge any late fee. However, consistent late or missed payments could affect your credit score negatively.
When you apply for a loan with Nationwide, they take into account how much you are looking to borrow, and your personal circumstances when deciding the final interest rate.
To be considered for a loan with Nationwide, you must be aged between 18 and 79. You must have a net monthly income of at least £700. Your credit history is also an important factor, so you must have a high credit score, missing no more than three credit payments in the last year.
Anyone that has been declared bankrupt or has a CCJ or IVA against their name will not be accepted for a Nationwide loan. If you are self-employed, you must be a homeowner. Provide them with a proof of at least a year’s income through either an accountant or SA302 form.
Loan Application Process
Nationwide do not charge any arrangement or upfront fees. They offer a free no obligation quote before you take out a loan agreement with them.
Your application can be completed either over the phone or via their online application. The application process can only take up 15 minutes of your time, but you’ll receive a preliminary decision right away.
You don’t need to provide any documents if you’re an existing Nationwide customer. If you aren’t, you’ll be asked to provide proof of income and more comprehensive personal details.
Once your application is received by Nationwide, you will get an email and a text message saying that you have been accepted in principle. They will then send the loan agreement to you within two working days.
It is advised that you read the loan agreement carefully, making sure you understand every aspect of it. Then, sign it and send it back to Nationwide.
Once they receive the document, the release of your funds will be processed right away. If you’re a Nationwide customer, you can get the funds in your account within 24 hours. If you are not an existing customer, it can take three to five working days for you to receive the funds.
Nationwide Services and Customer Feedback
Nationwide provides online and mobile account management, as expected from a financial powerhouse. Nationwide offer phone support Monday through Friday, 8 am to 6 pm. However, most customers find it such a pain having to sift through a bunch of automated options before you speak to an actual person.
Looking into Nationwide’s customer feedback across the internet, this financial giant has received a fair bit of negative feedback. This is not something new though, for a company of their size. After carrying out some deeper research, general feedback by borrowers is more on the positive.
Only a few unhappy customers poured out their frustration, as they were not approved for a loan. A number of customers are praising their affordable rates, easy application, and quick payout.
The Bottom Line
Every loan provider has its own highlights and drawbacks, but it’s worthwhile to shop around and see which one suits your needs best. It is also a good thing to work with a high street bank because these lenders have already rooted themselves in the finance world, giving you much assurance.
If you have a good credit rating and are looking for a personal loan, Nationwide is a good consideration. They offer competitive rates, in fact, one of the cheapest in the market especially if you’re an existing customer. However, remember that rates are dependent on how much you borrow, so you may not get the rate that’s advertised.