Nationwide offers personal loan rate of 6.1%

Nationwide is cutting its personal loan rate to 6.1% APR Representative - the lowest rate Nationwide has ever offered, and once again, the UK's lowest personal loan rate.

This new rate is available to Nationwide FlexAccount customers who use it as their main current account.  The rate is applicable for loans of up to five years between £7,500 and £14,999 and can be taken out through a branch, over the telephone or via the internet.

Those who do not have a Nationwide current account will still be able to take advantage of a very competitive rate of 6.2% APR Representative.  This offer is available if customers apply through an online aggregator, such as Moneysupermarket.com, for loans between £7,500 and £14,999 for a term of up to five years.

In addition to offering these low rates, Nationwide also provides consumers with a soft quote when they apply for a personal loan.  This allows them to quickly search for a competitive loan deal with Nationwide without impacting their credit score, which is especially convenient for those searching online.

Graham Pilkington, Nationwide's director for banking, said:  "The personal loan market remains highly competitive. Nationwide continues to lead the way with the introduction of this market-leading headline rate of 6.1%, the lowest rate ever offered by the Society.

"Family finances continue to be stretched and this great rate will appeal to customers looking to consolidate debt or spread the cost of home improvements or other purchases."