Natwest Loans – How to Qualify to Borrow

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NatWest is a highly competitive financial institution that offers plenty of options when it comes to personal loans. 

If you have a good credit history, you can check out the following lines. 

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We will have an in-depth look at some of the most common loans at NatWest!

Natwest Loans - How to Qualify to Borrow

About Most Common Loans At NatWest

NatWest offers loans from £1,000 to £50,000 for eligible UK residents. Whether you want to purchase a new car, improve or redesign your home, these common loans can help you achieve your objective. You can apply for a NatWest loan in only 10 minutes, using their online services. 

The main borrowing terms are as follows.

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  • For a loan amount between £1,000 and £7,450, the term can be 2-5 years
  • For a loan between £7,500 up to £50,000, the term is 2-8 years
  • For home improvements between £7,500 and £50,000, the term time is 2-10 years

You can also repay your loan early. NatWest might require you to pay a fee of 58 days of interest in such cases. If the number of days left in the loan term is less than 58 days, then you will only pay for the remaining days. 

Features

Each personal loan comes with similar features. For instance, if you choose to borrow £7,500 over 5 years, you will repay approximately £135.93 per month. This means that the APR is 3.4%, with an interest rate of 3.4% per annum. Over the 5 years, you will repay a total amount of £8,155.80. 

The rate you will actually pay depends on the amount you’d like to borrow and may be different than the current APR offered in the example above. However, NatWest does not offer rates that exceed 29.9% per annum, no matter the amount you borrow.

You can use the NatWest loan for any activity, including home improvements, purchasing a new vehicle, and more. However, there are some restrictions. 

You cannot use the loan to put down a deposit on a property, pay your household bills, mortgage payments, or rent. 

Furthermore, the NatWest personal loans cannot be used to pay car taxes, or be used for business purposes. Investment funds and share purchases are also prohibited.  

Benefits of Each

The main benefit of all loan types is that you can have immediate access to cash. Whether you are planning your wedding, a luxurious holiday, or you want to improve your home, NatWest offers easy access to the funds you require. 

If you choose a loan between £7,500 and £19,950, the main benefit is that you have a representative 3.4% APR. 

If you need another amount, there will be alternative rates, depending on your circumstances, loan amount, and other details that will make your actual rate differ from the representative APR. 

Who Is Eligible

In order to qualify for a NatWest loan, you need to be minimum 18 years old. Furthermore, it is compulsory to be a UK resident and have a NatWest current account that was held for a minimum of 90 days. Alternatively, you should have a credit card or mortgage from NatWest that is a minimum of 6 months old. 

How To Apply

If you are unsure whether you are eligible or you’d like to know what rate you are likely to qualify for, you can check online to see if you can be accepted for a loan. 

All you need to do is click here, follow the steps and you will find out both your personalized rate and the amount you could borrow. The main advantage of using this credit search tool is that it does not affect the credit rating. 

Alternatively, you can access this link and proceed with your application. Make sure you fulfill all criteria before you start your application. All of the steps will take approximately 10 minutes, and you will have quick access to your loan, as long as you receive the approval.  

Natwest Loans - How to Qualify to Borrow

Summary 

All in all, NatWest offers highly competitive personal loans that can be used to plan your dream wedding, a holiday, renovate your home, or any other personal plans you might have. Depending on your needs, they offer advantageous fees that will surely help you achieve your objectives.

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