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Personal loan interest rates and details

Learn more about how our personal loans work, how to repay them and what rates we charge.

What are our loan interest rates?

The following table shows our interest rates for loans over 1 to 5 years. For longer loans terms of between 5 and 7 years, we’ll need some more information during your application.

You can get a personalised quote during your application.

Details of Interest rate ranges for loans over 1 to 5 years
Loan amount Lowest rate (fixed) Highest rate (fixed) Representative APR (fixed)
£1,000 to £2,999 15.3% 29.9% 15.3%
£3,000 to £4,999 14.3% 29.9% 14.3%
£5,000 to £7,499 7.9% 29.9% 7.9%
£7,500 to £25,000 6.4% 29.9% 6.4%

How do our loan interest rates work?

Our loan interest rates are fixed. Your rate won't change during your loan term.

We calculate interest at the end of each day. The quicker you pay off your loan, the less interest you'll pay overall.

The interest rates we offer depend on a range of factors, such as:

  • loan amount
  • loan term
  • your credit history and current financial situation.

How do you get a personalised quote?

You can get a personalised quote by completing our application.

After you’ve entered your details, how much you want to borrow and how long you want to borrow for, we’ll run a soft credit check and offer you a personalised quote. Your credit rating will only be impacted if you continue with your quote and take out the loan.

We may be able to offer you a better rate if you change the amount you want to borrow or the length of time you borrow for. Even a small change can make a big difference to how much interest you'll have to pay and the overall cost of the loan.

Before you apply for a loan, think carefully about what you can afford to pay back each month. You will not be able to change the loan amount or term during the application.

More about choosing the right term length and loan amount

When will you get your loan?

Once we've checked your documents and approved your loan, we'll arrange for the money to be transferred to your Nationwide current account.

Once approved, you’ll have the money in your Nationwide current account in 2 hours.

Will you need to provide documentation?

If we need proof of income or your right to live and work in the UK, we’ll let you know in your application.

You’ll need to submit this proof separately and we’ll provide instructions on how to do so.

More about what documents we accept

How do you repay the loan?

Loan repayments are taken monthly by Direct Debit.

Your first payment will be 1 month after we issue the funds.

You can choose to:

You cannot:

  • defer your first or following payments

  • take payment holidays

Get a quote and apply

When you get a personalised quote, your quote will only be valid for today.

Not yet ready to apply? Use our calculator to get an estimate.

Nationwide adheres to The Standards of Lending Practice, which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk (opens in a new window)