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Consolidate your debts

Paying off your debt using a Nationwide personal loan could give you the chance to take control of your finances.

Debt consolidation to manage your finances

Paying off your debt using a Nationwide loan could give you the chance to take control of your finances.

Even if you're only borrowing or repaying small amounts, it can be hard to:

  • track interest rates and know the real cost of your debts
  • understand which debts cost you the most, and
  • choose which debts to pay back first.

Paying off your debts using a Nationwide loan could leave you with one manageable monthly payment. This could give you the chance to take control of your finances and manage your debt at your own pace.

Note:

If your application is successful, it will be your responsibility to use the loan to pay off your debts. We’re not able to do this automatically for you.

To apply for a loan

You need to:

  • have a Nationwide current account
  • have the right to live and work in the UK for the term of the loan. We don't accept applications from the Channel Islands and the Isle of Man
  • be between 18 and 79
  • not have missed 3 or more credit commitments in the last 12 months
  • not have any unsatisfied county court judgments. Unsatisfied means the Court's records show the debt hasn't been paid
  • neither be bankrupt nor have an Individual Voluntary Arrangement
  • have a monthly income of at least £700 after tax. Not including bonus, overtime or commission payments
  • if you're self-employed, be able to prove a minimum of 1 year's income through an accountant's certificate, SA302 form or HMRC online tax calculation.

What is the interest rate?

The interest rate depends on how much you borrow and how long you borrow for. We offer personal loans for terms from 12 months up to 7 years. You’ll need to enter the term in months when you apply.

Before you apply for a loan, think carefully about what you can afford to pay back each month. You will not be able to change the loan amount or term during the application.

More about choosing the right term length and loan amount

Representative example

6.1% APR Representative (fixed). Based on an assumed loan amount of £10,000 over 60 months at an interest rate of 6.1% p.a (fixed). Monthly repayment £193.03. Total amount repayable £11,581.80.

This representative APR applies to loans of £7,500 to £25,000 over 1 to 5 years for our members with a current account. You could be offered a different rate based on your personal circumstances. The maximum you could receive is 29.9%.

Is using a loan to consolidate your debts right for you?

Consolidating your debts with a loan might make your monthly payments more affordable and manageable. However, it may take longer to pay off your loan than your original credit. You could end up paying more in interest.

Loan applications involve an assessment of your individual circumstances. We can’t guarantee that your application for a loan will be successful. It’s important to consider all of your borrowing options carefully. Get independent advice if you’re unsure what to do.

If you're in financial difficulties, we don't recommend that you increase your debts. Don't borrow more than you need. If you take out more credit, you'll add to your debt, meaning you could end up taking longer to pay it off.

If you’re struggling, there might be a way we can help you get back on track.

Get a quote and apply for a loan to consolidate debts

When you get a personalised quote for your Nationwide loan, your quote will only be valid for today.

Not yet ready to apply? Use our calculator to get an estimate.

Related links

Other ways to borrow

A loan might not always be the right way to borrow the money you need. There might be a more suitable option for your financial situation.

Current account overdrafts

Member Credit Card

Borrow more on your home

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)