Nationwide Loan Calculator
If you have been thinking of taking out a loan you probably want to know first how much you are going to have to pay back overall. To get a rough estimate of the amount you could use a calculator like the Nationwide loan calculator to see what the loan repayments would be with a nationwide personal loan. However the actual APR you got offered if you were to apply may be different from the one used by the Nationwide loan calculator. This is because lenders will consider more than just how much you want to borrow and how long for, your credit history and current financial circumstances will influence the APR they will offer you.
- Loans have a repayment period between 1 and 7 years
- Loans are available from £1,000 to £25,000
- No application or arrangement fees
Similarly to calculating your APR your credit score will also affect how much you can borrow, this means you are not guaranteed to be able to take out £25,000 that is just the maximum they can offer with this plan.
If you want to borrow more than £25,000 a homeowner loan may be an option for you if you own a suitable property. Generally with a homeowner loan you can borrow up to £250,000 over a period of up to 30 years however the amount you can borrow is dependent on the market value of your home and the equity of it you possess as well as your credit score.
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.
Get the best deal you can
A loan of any type can be a big decision and is a long-term commitment. Therefore its wise to shop around and try to find the best option for you. loans like credit cards, current accounts and other financial products can vary greatly from plan to plan and lender to lender. because of their different rates as well as terms and conditions the right plan for one person is not necessarily the right plan for everyone else.
You can use the calculator tool on this website to compare over 200 loans from over 20 different lenders to see if you can find the right option for you.
Before you take out a loan
You might want to think about alternatives to a loan before you commit to one. If you have any savings it could be better to use them instead. This is because the interest rates you might be earning on your savings may be lower than the interest would be charged on a loan.
There are other types of lending than loans such as authorised overdrafts and credit cards.
If you are planning on taking out a loan to consolidate debt you already have than consider that spreading your repayments over a longer term might mean you actually end up paying more than you would with your current arrangements, even if the new loan had lower interest rates than the ones you are paying at the moment