Nationwide makes £50,000 announcement to help with cost of living

James Rodger & Robert Rowlands

19 May 2024 at 9:39 am·2-min read

Nationwide building society -Credit:PA Archive/PA Images

Nationwide has significantly enhanced a crucial benefit for its customers, providing a substantial Cost of Living boost. The UK's largest building society, Nationwide, which competes with major banks such as Lloyds, HSBC UK, Santander, and NatWest, has now doubled the maximum personal loan it offers to borrowers, raising the limit to £50,000.

Previously, the society offered a maximum of £25,000 to eligible customers. Nationwide current account holders who meet the necessary affordability criteria will have access to the increased loan amount, as confirmed by the building society on Friday (May 17).

Customers can take out these loans over a period ranging from one to seven years, and they will incur no fees for early repayment of the loan. Andrew Hagger, a personal finance specialist at Money Comms, commented that while Nationwide's decision places them in a relatively small group, it is indicative of broader trends.

Hagger elaborated: "I think it's a sign of the times that you can now apply for a £50,000 unsecured loan it may be more expensive than a mortgage further advance rate wise, but way quicker to arrange plus no fees to worry about and no early repayment charge either." Following the implementation of the new rule yesterday, Darren Bailey, Nationwide's head of personal loans, remarked: "Whether you're looking to fund home improvements, a new car or consolidate existing debts, we'll be able to meet more of our customers' borrowing needs," reports Birmingham Live.

Mr Bailey stated: "As a responsible lender it is important we make sure customers don't overstretch themselves. Each loan application is individually assessed to make sure people can afford the repayments alongside their existing and any future outgoings.

"Those applying for a personal loan can get a soft quote which advises them if they are likely to be accepted and at what APR without impacting their credit file, allowing them to make an informed borrowing decision."

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