NatWest personal loans
It is possible to apply for an unsecured personal loan with NatWest, and use it for a variety of reasons, as long as you meet all of the lender’s eligibility criteria.
If you do take out a NatWest loan, you will repay it in fixed monthly payments, with interest on top.
How much can I borrow?
With a NatWest loan, you can currently borrow between £1,000 and £50,000. How much you borrow, and what you use it for, will change the terms of your loan.
Currently, NatWest has three personal loan tiers. If you borrow between £1,000 and £7,450, you will be offered a term between one to five years.
If you borrow between £7,500 and £50,000, the maximum term will increase to eight years.
And if you borrow between £7,500 and £50,000, and use the funds for home improvements, it is possible to get a 10-year loan.
What are the interest rates on a Natwest loan?
You should be able to get a fixed interest rate with your NatWest loan. This means the amount of interest you pay won’t change for the length of your repayment period.
What that interest rate is will depend on your personal circumstances, such as your credit history, and the amount you are looking to borrow.
By using NatWest’s annual percentage rate (APR), you can work out how much the loan may cost you over one year, including interest and fees.
Lenders advertise a representative APR (annual percentage rate) to customers before they apply. This rate is offered to at least 51% of successful applicants.
It is important to note, however, you are not guaranteed to secure NatWest’s advertised representative APR, 49% of customers could be offered a higher rate, based on their specific circumstances. NatWest also states it will never offer a fixed interest rate that exceeds 29.9% per annum.
Can I get a joint loan from Natwest?
It is possible to apply for a joint loan from NatWest. A joint loan involves you taking out a loan with another person, whether that’s your partner, a family member, or a friend.
You can currently borrow between £1,000 and £50,000, with the term anywhere from one to 10 years, depending on what you are using the money for.
It is not a small decision to take out a joint loan. It is a shared responsibility, and shouldn’t be entered into lightly. Your credit file will be linked to the person you are borrowing with, and in the future, lenders may take into consideration both of your credit ratings before approving further financing.
Similarly, if the person you borrow with defaults on their payments, you will still be responsible for paying off the loan in full.
Can I get a secured loan from Natwest?
At present, it is not possible to get a secured personal loan with NatWest. Unlike an unsecured loan, a secured loan requires you to put up an asset as a security in order to be eligible for the loan.
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