Nationwide has sent out a £190 a month update to millions of its members throughout the UK.
The world’s largest building society is informing customers about a service it offers which could provide a “predictable way to plan ahead”.
Emails sent to members read: “Could a loan be right for you? Whether you are looking for a loan right now, or thinking about your future, we are sharing what a Nationwide loan could look like to give you a clearer view of your options.
“With repayments that won’t change, you’ll know what you’re paying each month. And there are no charges or fees for setting up a loan or repaying it early. If you are looking to spread the cost of one of life’s bigger purchases, a loan could be a good choice.”
The communication goes on to explain that individuals currently seeking a loan could apply to borrow sums ranging from £7,500 to £25,000 over a period of one to five years at 5.6% APR Representative (fixed), subject to personal financial circumstances.
For instance, a £10,000 loan repayable over five years would result in monthly repayments of just over £190 – with a total amount repayable of £11,449.80.
Nationwide emphasises that this serves as a representative example. The messages add: “You could apply to borrow more or less than this, over a different period. The rate may change depending on how much you borrow, and how long you take to pay it back.”
The financial institution says that asking for a quote won’t impact credit ratings, and that people can expect fixed repayments that won’t change, and no fees for establishing a loan or for early repayment.
Individuals can request as many quotes as they desire without affecting their credit scores, however, if a loan application is submitted, a credit check – which could potentially influence a credit score – will be conducted.
Quotes for a Nationwide loan can be obtained through internet banking, the Nationwide app, or by dialling 0345 266 1498.
