Nationwide Loan at 6.3%

jeanlucb · 27 October 2011 at 2:21PM

Hi there

After reading Martin's section about loan, I choose to apply for the best one which is the Nationwide loan...

I have just applied for a Nationwide loan at 6.3% being the account holder of a Nationwide Flexaccount. During the online application, they never ask you if you are a Nationwide customer and never let you enter any Nationwide account number.

Still at the end of the application, I was told my proposed rate would be 7.9%! How do they get to that conclusion?

Thanks
Jean-Luc

iolanthe07 · 27 October 2011 at 2:32PM

Because the 6.3% is a representative rate to lure you in. This rate will be offered to 51% of applicants. You obviously didn't meet their criteria for the lowest rate, so you got offered one a bit higher. 7.9% APR isn't too bad these days, tbh.

Tixy · 27 October 2011 at 2:34PM

The rate of 6.2% / 6.3% is only the representative APR not the rate everyone who is accepted will get. The proposed rate they give at the end of your application is based on a soft search of your credit file.

Did you log in to your nationwide online account first and then apply for the loan?
Was the loan you applied for in excess of £7500? (as the 0.1% discount for existing customer is only available on loans over this amount)

CLAPTON · 27 October 2011 at 2:37PM

7.9% is a good rate

jeanlucb · 27 October 2011 at 2:42PM

Yep... applied for £11000 or so, as I received a massive tax bill this morning

and after getting married in August, I hardly have any savings left

I still agree that 7.9% is a good rate. Thanks for all the replies so far!

I did not apply from my Nationwide account no... I lost the credentials for the online banking

AMILLIONDOLLARS · 27 October 2011 at 2:42PM

Might be a good idea to give them a call stating you are a flexi-account customer, if you account is in good order they may improve the rate over the phone!

AMD

jeanlucb · 27 October 2011 at 3:56PM

AMILLIONDOLLARS wrote: »

Might be a good idea to give them a call stating you are a flexi-account customer, if you account is in good order they may improve the rate over the phone!

AMD

My account is at 0, I hardly use it and my Credit card is at 0

So maybe I'm a bad customer

Tixy · 27 October 2011 at 3:58PM

jeanlucb wrote: »

My account is at 0, I hardly use it and my Credit card is at 0 So maybe I'm a bad customer

To get the discount you need to pay in £750 a month.

jeanlucb · 27 October 2011 at 4:08PM

Tixy wrote: »

To get the discount you need to pay in £750 a month.

Arf! I see ! Too bad then... But still that does not mean they will agree to lend me money... It is a bit hard these days.

Nationwide Loan at 6.3%

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