Nationwide cuts personal loan rate

Nationwide Building Society is reducing its personal loan rate by 0.2% for both new customers and for new loans to existing customers.

Anybody that has a Nationwide FlexAccount and uses it as their main current account will be able to benefit from a competitive rate of 7.0% APR Representative.  This new rate is applicable for loans of up to five years between £7,500 and £14,999 taken out through a branch, over the telephone or via the Internet.

Those who do not have Nationwide's FlexAccount will still be able to take advantage of a competitive rate of 7.1% APR Representative, which is only 0.1% above Nationwide's headline rate.  This offer is available if customers apply through an online aggregator for loans between £7,000 and £14,999 for a term of up to five years.

Richard Napier, Nationwide's head of banking, said:  "If you're looking for a personal loan to help buy that new car, pay for a wedding, carry out home improvements or consolidate other debts, Nationwide's new rate is definitely one to consider.  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."