Nationwide offers lowest personal loan rate

The Nationwide Building Society has launched a new personal loan rate of 7.6% APR typical for loans between £7,500 and £14,999 for up to five years for its main FlexAccount customers. The rate is said to be the lowest available in the UK market.

Richard Napier, Nationwide’s head of credit cards and personal loans, said, “This is the lowest rate in the UK and the same low rate applies whether the loan is taken out through a branch, over the telephone or via the Internet. Our new market leading personal loan rate represents a great start to the New Year for those looking for a cheap personal loan deal.”

The company said that its market leading personal loan rate could be a welcome boost for those wishing to consolidate their debts, as debt consolidation typically sees a rise in the post-Christmas period.

Napier added, “For those who may have spent too much over the Christmas period and have several outstanding debts, a personal loan at a highly competitive rate may be the best solution.  A personal loan could help reduce monthly outgoings into one manageable debt with fixed monthly repayments, helping people make the most of their hard earned money.

He explained that if a customer takes out a personal loan to consolidate existing credit card debt, they might be able to reduce their monthly outgoings and save interest.

MoneyHighStreet though cautions about debt. If you are facing financial difficulties and feel your outstanding debt is getting out of control the sooner you take action the better. Seeking professional debt advice may be a good next step if you are in this position.