Personal Loan Rates Cut At Nationwide

Mon, 10 Aug 2009

Nationwide is offering a market-leading rate on personal loans to its existing current account customers.

The UK lender has reduced its typical loan rate to 7.7 per cent APR for loans of between £5,000 and £14,999 – the best personal loan rate currently available on the market.

Chris Rhodes, product and marketing director at the bank, said: "Nationwide continues to be competitive in the personal loan market with the introduction of this market leading headline rate of 7.7 per cent typical APR, beating what’s being offered by supermarkets and high street banks ."

"Whatever the purpose of your loan whether it be for a new car, to pay for a wedding, carry out home improvements or consolidate other debts, our rate is hard to beat!"

He added that the new personal loan rate further underlines the benefits of taking out a Nationwide FlexAccount and is "the first of many offers" for Nationwide current account customers over the coming months.

Commenting on the deal, Tim Moss, head of loans at moneysupermarket.com said: "Nationwide has really bucked the trend in the loans market by offering its existing customers the most competitive personal loan rate available by quite some margin."

"This cut is an indication of green shoots in the loans market and if others follow suit there will be a big shift in the cost of borrowing for consumers.
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