NatWest Debt Consolidation Loan Reviews & In-depth Info
Dealing with debt can be tricky. We’re here to discuss a possible solution: the NatWest debt consolidation loan. Each month, our site guides over 170,000 people on managing money matters, so we’ve got plenty of useful tips to share.
In this article, we’ll cover:
- What a NatWest debt consolidation loan is.
- How to find out if you’re eligible.
- The facts about how much it might cost.
- The process to apply for one.
- Our opinion on whether this is a smart choice for you.
We know that thinking about debt can be tough, but remember, you’re not alone. There are many ways to deal with debt, and we’re here to help you understand them.
Let’s delve in and discover more about NatWest debt consolidation loans.
That Makes the NatWest Debt Consolidation Loan…
One way of consolidating debts is through a loan. You take out the loan and use the money to pay off your other debts, so you now only have to pay back the new loan at more favourable terms.
It isn’t always as easy as it sounds to find a debt consolidation loan, but NatWest does offer them.
The NatWest debt consolidation loan is not exactly advertised as such and is, in fact, a personal loan. Few banks in the UK advertise loans for specific purposes, but it doesn’t really make a difference.
You can apply for loans from £1,000 up to £50,000. However, if you are trying to consolidate such large amounts, there may be better debt solutions to use than debt consolidation.
One of the best things about NatWest’s debt consolidation loan is that some customers will be able to start with a three-month repayment holiday, meaning you don’t have to make a repayment within the first three months. This can be handy if you are trying to catch up on your debt repayments.
Who Can Apply for a NatWest Debt Consolidation Loan?
To apply for the NatWest debt consolidation loan, you must be 18 years old or older and live in the UK.
This is slightly more accessible than some other providers who require you to be at least 21 years old.
However, only NatWest bank account holders can apply for their consolidation loan. And you can’t apply if you have made an application for credit with them in the previous 28 days.
And you won’t be able to just open an account and then apply either. You must have held one of their bank or savings accounts for at least three months before applying for the personal loan.
What’s the NatWest Debt Consolidation APR Rates?
The representative APR advertised by NatWest is 7.1% on loan amounts between £7,500 and £15,000. This is one of the highest representative rates out of the big banks, with others like Santander charging 7.3%.
However, you must note that this is a best-case scenario, and the rate you will receive may be much more than this. Your NatWest APR rate depends on the amount you borrow and your financial health.
The maximum APR rate NatWest can charge you is currently 26.9%, which is slightly lower than many other big banks and building societies.
Lender |
APRC |
Monthly payment |
Total amount repayable |
---|---|---|---|
United Trust Bank Ltd | 6.34% |
£219.34 |
£26,320.83 |
Pepper Money | 6.86% |
£220.24 |
£26,429.17 |
Together | 7.99% |
£222.20 |
£26,664.58 |
Selina | 8.45% |
£223.00 |
£26,760.42 |
Equifinance | 9.95% |
£225.61 |
£27,072.92 |
Evolution | 10.2% |
£226.04 |
£27,125.00 |
Spring | 10.5% |
£226.56 |
£27,187.50 |
Loan Logics | 11.2% |
£227.78 |
£27,333.33 |
How Long Can I Have to Repay the Personal Loan?
How long you get to repay a NatWest debt consolidation loan is determined by how much you borrow. For amounts up to £7,500, you can have up to five years or as little as two years.
And amounts up to £50,000, you can have up to eight years.
There is an option to repay early if desired.
Will NatWest Complete a Credit Check?
NatWest states that, in most cases, they can provide an accurate quote without checking your credit score. This doesn’t mean they won’t check your credit score.
However, it can give you peace of mind to apply without worrying that your score can be marked and prevent you from being successful for a personal loan elsewhere.
They can do this because they usually have a good idea of your finances since you already bank with them.
Is There a NatWest Debt Consolidation Loan Calculator?
Yes, there is a personal loan calculator that you can use for free on the NatWest website.
You can even select debt consolidation as the reason for wanting the loan from the dropdown list on the calculator, which may change the results.
But remember that the calculator doesn’t provide concrete terms of what your loan may be. Often, these calculators can make you believe your terms will be better than they are and, thus, often work as a marketing tool.
Debt consolidations loans for all purposes
- Stuck paying high interest on credit card debts & loans?
- Looking for a better interest rate?
- Stuck with the confusion of multiple repayment plans?
Polly
“This was by far possibly one of the nicest experiences I’ve had getting a secured loan.”
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How Do I Apply for a NatWest Debt Consolidation Loan?
Applications must be completed online on the NatWest website. If your loan is accepted, you could get the money on the same day before 6 p.m.
Should You Apply for Their Loans (The Money Nerd Opinion!)
There are some good things about the debt consolidation loan available at NatWest. The best of the best is the possibility of a repayment holiday lasting three months. This could help debtors get back on track and avoid their debts spiralling out of control.
However, there are some not-so-good things, such as the slightly higher representative APR rates and the fact that these loans are only available to NatWest customers.
Our advice? Shop around for the best rates and terms first. And don’t forget to speak with any independent debt charity (e.g. Citizens Advice or MoneyHelper) for advice on whether debt consolidation is right for you.
NatWest Contact Details
Registered Address: | 250 Bishopsgate, London, EC2M 4AA |
Phone number | 03457 888 444 |
Website | NatWest website |
24/7 Messaging | Message here |
Frequently Asked Questions About NatWest Debt Consolidation Loans
Can I apply for a NatWest debt consolidation loan if I have a bad credit score?
Yes, you can get a debt consolidation loan with bad credit from NatWest but you may be subject to higher APR rates.
Are there any fees associated with the loan?
Yes, like any personal loan, NatWest debt consolidation loan comes with additional fees and other charges (e.g. origination fees).
Can I make overpayments or pay off the loan early?
Yes, you can pay off your NatWest consolidation loan early by making overpayments every month.