Another Cut In Personal Loan Rates By Nationwide

Nationwide has announced another cut in its personal loan rates for new and existing customers.

The Nationwide Building Society is reducing its personal loan rate to 7.5% APR typical for new and existing customers. Their personal loans will now have the lowest rates in the UK.

This rate applies to loans between £7,500 and £14,999 taken over five years for customers with, or willing to open, a FlexAccount with the Building Society.

Nationwide is also cutting the rate offered via moneysupermarket.com to 0.1% above its headline rate. This rate is for people who do not have a Nationwide current account. This is the second time within a month that Nationwide have lowered their personal loan rates.

Commenting on these new loan terms, Graham Pilkington, Nationwide’s divisional director for banking, said:

“Nationwide continues to be competitive in the personal loan market with the introduction of this market leading headline rate of 7.5% APR typical, beating what’s offered by supermarkets and high street banks.

“We are rewarding our current account customers with the lowest personal loan rate in the UK, which further underlines the benefits of having a Nationwide FlexAccount. But what’s more, through our link-up with moneysupermarket.com, we’re pleased to be able to offer a market competitive rate to non-Nationwide customers.”

The new rate of 7.5% APR typical for FlexAccount holders is the UK’s lowest personal loan rate and the same low rate applies whether the loan is taken out through a branch, over the telephone or via the Internet.