August 7, 2009

Nationwide leads on low rate loans

Filed under: News — Tags: consumer loans, personal loans —

Good news if you don’t yet have a personal loan from the Nationwide Building Society - they are now offering a market leading rate of 7.7%.

Press release:

With effect from Thursday 6 August 2009, Nationwide will be reducing its personal loan rate to offer a market leading rate of 7.7% typical APR for loans of between £5,000 and £14,999* for its current account customers.

With this typical rate, Nationwide becomes the lender with the lowest personal loan rate in the UK, beating the supermarkets and all the high street banks** – the same low rate applies whether the loan is taken out through branch, telephone or internet.

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

Note the conditions, which aren’t too restrictive:

* For loans of £5,000 to £14,999 for up to five years for FlexAccount customers – they must have a monthly credit turnover of at least £750 (excludes internal transfers) for the last three consecutive months. Offer applies to new Nationwide Personal Loan customers only.
The rate offered will depend on the amount borrowed and the customer’s individual circumstances. Other loan amounts are available.
The previous rate applicable when borrowing £7,500 to £14,999 was 7.9% typical APR.
The rate offered will depend on the amount borrowed and the customer’s personal circumstances.
Nationwide Personal Loans are available for any amount between £1,000 and £25,000. Repayment term is between one and seven years.
There are no upfront charges or arrangement fees.
All loans are subject to status and are available to those aged 18 or over only.

Let’s see if this helps invigorate the commercial loans market.