Nationwide Loans Review | www.nationwide.co.uk
Address: Pipers Way, Swindon, SN38 1NW.
Branding: Nationwide Loans. AKA: Nationwide Building Society Loans.
FCA Licence: 052556.
From: Nationwide Building Society.
Launched: 1970 (1846 as The Provident Union Building Society).
Related: No companies.
Available: Monday to Friday (8am/8pm), Saturday (9am/5pm).
Bad Credit Considered: Fair-to-good score required.
Manage: Nationwide login provided via www.nationwide.co.uk.
Offers: Personal loans.
Sums: £1000 to £25,000 (new and returning).
Terms: 12 to 84 months.
£72.32 /£1000 (12) £141.92 (24) (existing)
£77.77 /£1000 (12) £152.97 (24) (new)
£182.24 /£10,000 (12) £352.40 (24) (existing)
£245.74 /£10,000 (12) £476.09 (24) (new)
Notes: The listed times relate to when you apply or top-up. For other queries they just take calls between Monday and Friday (8am/6pm). The displayed rates for existing customers are 13.9% (1k) and 3.4% (10k). New customers pay 15% and 4.6%. These prices may be out by a few pence. They show the rate, but they can’t be used on their calculator. There is an example provided for outsiders though and so we compared this with our own APR calculator. It was here where there was a small variation that is why a few difference in pence is expected. Funding is credited to held accounts on the next working day. For non customers, you should expect to see 3 to 5 working days on the delay. There are some points worth raising regarding eligibility. The minimum monthly income is £700+, the age range catered is 18 to 79 and self-employed applicants must be homeowners. If you require a repayment over 5 years then you’ll need to provide extra details in order to receive a personalised loan quote. To access the best deal through switching you’ll need to complete the transfer in branch or by phone.
– Amounts: All applicants can get there hands on £25,000. With a connected current account, high sums like this can clear on the next working day.
– Branches: There are 700 branches across the UK. Whilst this tally is much smaller than the major banks, you have to remember that this is a building society (and notably the world’s largest!).
– Experience: Was established in 1884, but their history falls back a little further to 1846. This leading building society is made up of over 100 mergers. Recent additions include Cheshire, Derbyshire and Dunfermline.
– Operations: There is some coverage on Saturdays. Previously they offered return users with 24/7 support, but this has changed. Their team has always received high praise.
– Ownership: The world’s largest building society is owned by its community of 14 million members. They are mutual and plan to keep this structure in place. Whilst leading banks are leading the game, they are dominant against their competitors. This is clearly evident from their assets having been recorded close to £200 billion, whilst the entire building society sector is measured at £325 billion.
– Pricing: The new 3.4% rate compares very well across the market. Societies like this are commonly known for their competitive deals since there are no shareholders to satisfy.
– Profile: This is the most popular mutual loan. When including banks they rank just within the top 10 overall. Mortgages and savings have been key markets where they are a top 3 provider in the UK. They are some way ahead of the competition with their main competitor being YBS (Yorkshire). You do wonder if they’d still be the dominant force if Halifax was still a building society! We’ll compare the 2 in due time.
– APR changes have been made. 13.7% and 3.6% has become 13.9% and 3.4%. The rates for those that don’t hold an account weren’t previously shared.
– Contact times have been cut back.