NatWest Personal Small Loans
Good:
Very fast payouts, as loan is only available to NatWest customers, it can all be done with online banking
Bad:
You must have a really good credit history to apply
Verdict:
NatWest current account customers only - their smaller loans tend to have a higher interest rate, if you have good banking history with them you will get a preferential rate
NatWest offer unsecured personal loans between £1,000, and £14,950. Just like their larger loans the representative APR can higher than that of other similar lenders. Also, they do not offer flexibility on repayments or any payment holidays.
Please be aware, to be eligible for the rate of 6.9% you must be a NatWest customer with an Advantage Gold or Black Account
If you are already an online banking customer, and you apply Monday-Thursday between 6:30am and 5:55pm you will get your money 9:00am the next day. You can apply online, on the phone or through your local branch . Once all the documentation is complete and you have been accepted, NatWest aim to get the money in your account within 2 working days. Your first repayment is due within 6 weeks of receipt of funds.
If you are not an online banking customer, you can apply over the phone or in the branch. You will be given a provisional decision after you have completed the application. When they send the loan agreement out to your home, they may request you to produce other documentation which can either be presented in a branch or you can fax it to them. Once they receive this and review your completed application, they will let you know their final decision. The money will then be in your account after about 3 working days.
Most of NatWest's previous customers seem to find that the APR they are given is quite high and have found problems when looking to settle the loan early. Early settlement figures do apply to this loan so beware if you do take this agreement out if you are planning to pay it off earlier than is lined out in the original agreement. Customer service reviews also seem to not be the best, stating that they are rude and are not well-informed.
Loan Calculator (Representative 6.9%APR)
Loan Amount £
Loan Term months
Monthly Repayment
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I think it is incredible that banks will not give out small loans up to £1000 at levels of about 19% to those that are unemployed or elderly or those on low incomes who have so called bad credit ratings as a result of this lower income - yet it is ok for those individuals to seek loans from Payday Loan Companies charging thousands of percent APR (Such as 1750% to as high as 10000%) why is this?
Utter disgrace of a bank. I have banked with them for over 20 years. They are eager eager eager to give out expensive credit. They would recommend a cheaper rate overdraft of 8% or so, get changed to a high rate credit card. They will try and sell you a credit card; even when you say no use pushy sales. Then when you genuinely approach them; will accept you for a loan then with out telling you refuse at payment stage. Im leaving them after so many years of custom. Im appalled by how theyve treated me- the loan the quoted me came out more expensive when we went through the application. It came out about £30 per month more expensive. be wise and leave this hole of a bank
When I started my small business some 13 years ago, I took a current account and a small loan with the Nat West to cover some equipment costs. Over the ten years my business was up and running, this bank, which advertises itself as some sort of 'saviour' to the small business, took me for a small fortune. The charges were reassessed and increased enormously with each passing year, and within 4 years my friendly local branch dealings had been transferred to a faceless call centre where no-one was interested in me and my business any more - just the balance and overdraft limit of my account. The only way i could stop my charges running totally out of control at times of poor cashflow was to literally telephone the call centre every morning to check there weren't any problem transactions. The initial friendly face of the local branch staff have been replaced by something resembling Big Brother. I don't care if they make more money that way. They lose a lot of friends as well. After the demise of my business (due in part to the escalated bank charges) I have vowed never to bank with them again. Thinking of starting a small business - I recommend it to anyone - I learned more in those 10 years than any other time in my life. Thinking of banking with Nat West? Forget it, I say.
I originally applied for the loan with Natwest just out of curiosity as I have such terrible credit history and lo and behold I was accepted! I didnt really take it seriously as I didnt think with I'd ever get a loan and when I got sent the forms and took them into the branch with some ID they asked me if I'd like the money put into my account now! Of course I said yes and within 2 hours I had £1000 sitting in my account.
The good points are that it is fast and easy money but there are massive penalties and early redemption charges- example £20,000 pound loan over 3 yrs - if redeemed at 10 months - end up paying almost £10,000
Loans £1,000 - £14,950 up to 5 years
Home improvement loans over £2,500 - 10 years
No Online Banking - 3-4 working days
- You must have been a UK resident for 3 years or longer
- You may need to provide some proof of identity documents (e.g. passport/driving license)
- You must have a good credit history
- You must have NatWest bank account with direct debit facilities
- The 6.9% rate is only available online and applies to customers with an existing Advantage Gold or Black Account
- You must be 18 years of age or older
- You must be in full-time, part-time or self employment OR retired with a regular income
- Default charge - £30.00
- Missed payment - £6.00
- 58 days interest
