Nationwide Slashes Interest Rate On Personal Loans

Wed, 13 May 2009

Nationwide Building Society has reduced the interest rate it charges on personal loans of £7,500 to £14,999.

The lender’s typical annual percentage rate (APR) for new loans has been cut from 8.2 per cent to 7.9 per cent, making it lower than all high street banks .

RBS currently offers a typical APR of 8.9 per cent for loans between £7,500 and £14,999, while the typical annual rate offered by HSBC is 9.9 per cent.

In a statement, Nationwide said: "With this typical rate, Nationwide remains lower than all high street banks and the same low rate applies whether the loan is taken out through branch, telephone or Internet ."

The statement added that the reduced rate is only available to new loan customers who already have a FlexAccount debit card or mortgage with Nationwide, and the actual APR offered to customers will vary depending on individual circumstances.

The move by Nationwide comes after recent research by financial comparison website Moneyfacts.co.uk revealed that the average interest rate on an unsecured personal loan has increased by 44 per cent over the past two years.
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