Nationwide is making a £50,000 announcement to help with the cost of living

Nationwide has significantly increased a crucial benefit for its customers by providing a substantial increase in the cost of living. Britain’s biggest 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 borrowers, raising the limit to £50,000.

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

Customers can take out these loans for a period of between one and seven years and will not incur fees for early repayment of the loan. Andrew Hagger, a personal finance specialist at Money Comms, commented that while Nationwide’s decision puts them in a relatively small group, it points to wider trends.

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Hagger explained: “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 in terms of the upfront rate but much quicker to arrange, plus no commissions to worry about and no early fees. or refund fee.” Following the rollout of the new rule yesterday, Darren Bailey, head of personal lending at Nationwide, said: “Whether you’re looking to finance home improvements, a new car or consolidate existing debt, we’ll be able to meet more of our customers. ‘ loan needs,” reports Birmingham Live.

Mr Bailey said: “As a responsible lender, it is important to ensure that customers do not overextend themselves. Each loan application is assessed individually to ensure that people can afford the repayments along with their existing and future expenses.

“Those applying for a personal loan can get an offer that tells them if they’re likely to be accepted and at what APR without affecting their credit, allowing them to make an informed loan decision.”

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