Your options for borrowing more

When you get a quote for borrowing more, we’ll give you some options to choose from. We’ll base your quote on:

  • the amount left to pay from your existing loan
  • how much more you want to borrow, and
  • how long you want to pay back your loan.

Option 1: Combine your loans

You can get a new loan that pays off your current loan and gives you the extra money you need. You'll then have one, larger loan with a new interest rate and new monthly repayments.

Option 2: Keep your loans separate

You can take out a second loan. This means you'll have a separate loan alongside your existing one. You'll repay the loans separately, which means you'll have 2 monthly repayments to budget for. Your existing loan will remain under its original terms and interest rate.

You can have up to 2 Nationwide loans at once.

To apply for a loan

You need to:

  • be a member. You're a member if you have a current account, mortgage or savings account with us.
  • live and work in the UK
  • be between 18 and 79
  • have a monthly income of at least £700 after tax. If you're self-employed, you'll need to be able to prove a minimum of 1 year's income through an accountant's certificate, SA302 form or HMRC online tax calculation.

If you're applying for a joint loan, other criteria will apply.

What's the best borrowing option for you?

Sometimes a lower monthly repayment can mean a higher overall cost of borrowing. This is because you may have to pay more interest over the term of the loan. It's important you take this into account when deciding which option is right for you.

Representative example

6.4% APR Representative (fixed). Based on an assumed loan amount of £10,000 over 60 months at an interest rate of 6.4% p.a (fixed). Monthly repayment £194.35. Total amount repayable £11,661.00.

This representative APR applies to loans of £7,500 to £25,000 over 1 to 5 years for our members with a mortgage, savings or current account. You could be offered a different rate based on your personal circumstances. The maximum you could receive is 29.9%.

We offer personal loans for terms from 12 months up to 7 years. You’ll need to enter the term in months when you apply.

Related links

Other ways to borrow

A loan might not always be the right way to borrow the money you need. There might be a more suitable option for your financial situation.

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