Nationwide Launch New Personal Loan

Wed, 09 Sep 2009

The Nationwide Building Society has launched a new personal loan with an interest rate of just 7.7 per cent. The loan is the cheapest offered by any provider at present, though it is only available to existing customers. The loan applies on loans between £5,500 and £15,000 over a five year period, though as is customary with Nationwide, each loan will be given a specific personal interest rate based on that customer’s circumstances. Any defaults or penalties on an applicant’s credit history will see the rate rise. Another condition attached to the loan is that customers must have a FlexAccount for three months prior to applying, into which they must pay at least £750 a month.

Supermarkets had previously topped the personal loan chart with their offer of 7.9 per cent on loans of £7,500 repayable over five years. Open to allcomers, the deal still represents the lowest interest rate available to the majority of consumers, with experts forecasting the loan may be used by customers looking to buy a new car with new registrations out this month.

Although interest rates on personal loans are gradually declining, rates remain more than fifteen times above the Bank of England base rate of 0.5 per cent.
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