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Nationwide is certainly one of the prime lenders in the market, they only lend to prime applicants. They are very risk adverse and are more interested in lowering their lending risk than in achieving high returns. 

In exchange for attracting prime customers, their rates are very attractive, in fact they are some of the lowest on the market. 5.9% for loans over £7500 is one of the best unsecured rates in the country at the moment. Even for those wanting to borrow just £1000 will enjoy a APR that starts at just 6.9%, which is highly competitive - we haven't seen one cheaper at that rate up until now. They do have a rate of 24% for that same loan though, and we are not sure what puts some customers on the 6.9% rate and hat puts others on the 24% rate.

They have an online form with will give a decision within about 90 seconds, 82 of decisions are full decisons whilst 18% are referred for further details with decisions in the post.

Editor's Review

As long as customers are aware that they need to have a very decent credit file then they should approach Nationwide and apply with them. Nationwide are a mutual which means they don't have to satisfy shareholders and instead look after their staff and their members. This approach shows in the way they treat their customers, so those who are accepted won't have any customer service issues.

In our opinion we would highly recommend Nationwide for those are able to be accepted. If you have a history of being declined, you would be wasting your time applying for a loan with them, in fact you could be harming future applications with other lenders if you apply and are declined. We urge people to be realistic when applying for loans with companies which offer extremely comeptitive rates.

Nationwide Loan


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