Nationwide Increase Loan Interest Rates

Fri, 02 May 2008

Nationwide Building Society has increased its personal loan rates by 1 per cent.

The move, which came into effect yesterday, has seen interest rates range from 8.9 per cent to 17.4 per cent depending on the amount being borrowed.

The increase in loan rates, in addition to mortgage rates, has been forced due to the impact of the credit crunch, with many providers increasing their rates to reflect their own higher borrowing costs.

Financial information website Moneyfacts.co.uk revealed that half of all UK personal loan lenders had changed their rates since the beginning of the year, including Britannia Building Society, Yorkshire Bank and Clydesdale Bank .

But the group added that while some providers had introduced double digit increases, others had actually reduced the interest they charged.

Moneyfacts analyst, Michelle Slade, commented: "Thankfully it's not all bad news, some lenders have in fact bucked the trend and reduced rates in the last few months."
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