Nationwide personal loan

swanseajack91

Hi All,

wanted a bit of advice from anyone that has had a Nationwide personal loan recently, I applied for 1500 online and had the apr come back at 19.99% I proceeded and it said I had been provisionally accepted, they sent me an email saying they will send the agreement out for me to sign and ask for any other information.
I received the agreement with the apr at 19.90% and it stated to sign it and send it back no mention of any other information needed. (I do have a current flex account with them and use them as my main current account for example wages paid in and direct debits coming out) anyway I was just wondering does this sound like I have been accepted? it said on the paperwork once they have the signed agreement I would have the money the next day does this mean they have done all the checks they need to do? I have signed the agreement and sent it back just waiting to hear from them now, I have read a lot of old threads on here but just wanted to see if anyone had a recent experience with them.

Thanks,
Jack

MallyGirl

Wow - that is a massive APR for a loan. Do you really need this money?

swanseajack91

Hi, Yeah its really high probably due to past history I dont NEED it but it would really help at the moment and I can afford the repayments easily, also hoping it will increase my credit score somewhat as well as building trust with nationwide as I hope to have a mortgage with them in the future!

Futuristic

MallyGirl wrote: »

Wow - that is a massive APR for a loan. Do you really need this money?

It's not terrible per se due to the low amount, it usually means increase in APR. I assume OP doesn't have the best credit history either.

It will usually mean someone has reviewed your application and has been given the go ahead but before you do, have you checked and applied to say Zopa?

http://www.moneysavingexpert.com/loans/cheap-personal-loans#1k2k

glennstar

MallyGirl wrote: »

Wow - that is a massive APR for a loan. Do you really need this money?

OP doesn't appear to have stated the loan duration. Given that, how do you know the APR is massive?

john1002

Yes thats an acceptance, you should get the money a few days after they receive the document, if you have access to online banking you will see the loan first then the payment into your account the next day.

For anyone else, when i applied i got an error message at the end of the application that meant i could not sign up online, if you can sign online you get the money the next working day. I went back in through my online app and was able to sign up online so didn't need to sign even though they sent the forms out for me to do so, although if you do sign online you still get asked to sign a signature strip apparently so they can then do changes online for things like change of address etc.

john

swanseajack91

Thanks for all the comments just rang them and looks like its been accepted just waiting for them to receive the agreement, it was over 3 years btw!

MallyGirl

It may help you out of whatever hole you are in but I would be working hard to pay off early. Your £1500 over 3 years is going to cost you £500 in interest

ViolaLass

swanseajack91 wrote: »

Hi, Yeah its really high probably due to past history I dont NEED it but it would really help at the moment and I can afford the repayments easily, also hoping it will increase my credit score somewhat as well as building trust with nationwide as I hope to have a mortgage with them in the future!

There are much cheaper ways of building a credit history (scores are meaningless).

PeacefulWaters

Don't pay interest to build credit score.

DCFC79

PeacefulWaters wrote: »

Don't pay interest to build credit score.

Yet people do just that.

Ivery missed a trick here, I could charge people £10 a month to give them a random number as a credit score.