Nationwide cuts personal loan rate

Nationwide Building Society is has cut its personal loan rate to 7.5% APR typical, making it the UK's lowest personal loan rate.

This rate is for loans of up to five years between £7,500 and £14,999 for its main FlexAccount customers.  At the same time, 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.  The moneysupermarket.com exclusive offer applies to loans between £7,000 and £14,999 for a term of up to five years.

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.

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."