New Competitive Personal Loan Rate From Nationwide

Nationwide has a new personal loan rate for loans of up to 5 years and up to £14,999.

The new personal loan rate is 7.9% APR for loans of up to five years between £7,500 and £14,999* for its current account customers.

According to Nationwide, this personal loan rate is the lowest rate in the UK, lower than the rates offered by many other providers. Chris Rhodes, product and marketing director, said “The final stage of the Government’s Car Scrappage Scheme is due to end on 31 March 2010.  This means that our rate of 7.9% APR typical available for loans between £7,500 and £14,999 may be perfect for people looking to get their hands on their dream car before the scheme comes to an end.

No supermarket or lender on the high street can beat our highly competitive rate, which further reaffirms the benefits of Nationwide’s FlexAccount.”

With this loan there are no upfront charges or arrangement fees and there are no repayments for the first month.

Other personal loan providers include

• Sainsbury’s with a headline rate of 7.9% – must be a Nectar card holder
• Santander with a headline rate of 8.9% – existing Tesco loan customers
• Alliance and Leicester with a headline rate of 8.9% – must have a current account with lender

* For loans between £7,500 and £14,999 for a term of up to five years for main FlexAccount customers.  A main FlexAccount is defined as: a FlexAccount with a Visa debit card that has had £750 or more deposited per month for the last three months (excluding internal transfers from other Nationwide accounts).  Offer applies to new and existing Nationwide personal loan customers.  The interest rate offered will depend on the amount borrowed and the customer’s individual circumstances.