Deciding how long to borrow for

A small change to your loan term could make a difference to the rate we offer.

For example, borrowing for 37 months instead of 36 could give you a lower interest rate.


Deciding how much to borrow

We have different rates for different loan amounts. In some cases, borrowing more could mean you pay back less.

Example

Depending on the rates you're offered, for a 4-year loan, you could borrow:

  • £4,950 at 13.9% per annum and pay back £6,384.48, or
  • £5,000 at 7.4% per annum and pay back £5,764.80.

In this example, you'd save £619.68 by borrowing £50 more.

Interest rate ranges

Each loan amount has its own interest rate range. This is the highest rate and the lowest rate we may charge. The interest you’re charged on your loan will sit somewhere in this range.

We’ll confirm your interest rate during your application.


How to find the right term and loan amount for you

There are 2 ways you can check different term lengths and loan amounts to help you choose the right loan for you.

Even a small change can make a big difference to the overall cost of the loan so it's worth checking.

Use our loan calculator

Our loan calculator can give you an idea of how much you would need to pay back over different lengths of time.

But this is only a rough estimate. We'll still need to check your individual circumstances to give you a personalised quote.

During your loan application

After you answer some questions to get your personalised offer, you can change your term length and loan amount to see if you can get an offer with a better interest rate.

You can get a new quote as many times as you need without impacting your credit rating. And you always have the option to return to your original quote if you preferred that one.


Other ways to borrow

A loan might not always be the best way to borrow the money you need. Here are 3 other options to consider.

Apply for an arranged overdraft

An arranged overdraft is often used for short-term borrowing, emergencies and unforeseen costs.

Apply for a credit card

A credit card is often used for short-term borrowing and spreading your repayments. 

Borrow more on your home

If you have a Nationwide mortgage and are looking to borrow over £5,000, you can apply to borrow up to 90% of the value of your home.

The interest rate you pay may be lower than on an unsecured loan, but you may pay this back over a longer time. This may make the total cost of your borrowing more.

Think carefully before securing other debts against your home. Mortgages are secured on your home. You could lose your home if you do not keep up payments on your mortgage.



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)