Nationwide offers personal loan rate of 7.9% APR typical

With effect from Wednesday 7 October 2009, Nationwide will be introducing a new personal loan rate of 7.9% APR typical for loans of between £7,500 and £14,999 for its current account customers.

Over the past two months, Nationwide has been offering a special low market leading personal loan rate exclusively for its current account customers. When the special offer period ends on Wednesday 7 October 2009, Nationwide will continue to reward its current account customers by offering a rate of 7.9% APR typical. This continues to be the lowest rate in the UK and beats the rates set by other high street personal loan providers by offering a sub 8% rate. The same low rate applies whether the loan is taken out through a branch, telephone or the Internet.

Chris Rhodes, product and marketing director, said: "The Government has recently announced that the Car Scrappage Scheme is to be extended to cover approximately 100,000 more vehicles. 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.

"Whether you look at lenders on the high street or the supermarkets, our rate is still highly competitive and further reaffirms the benefits of Nationwide's FlexAccount."