17 July 2013
With effect from 17 July, Nationwide Building Society is reducing its personal loan rate for its main current account customers to its lowest ever rate - 4.9% APR Representative.
The new rate is available to Nationwide FlexAccount, FlexDirect and FlexPlus current account¹ customers borrowing between £7,500 and £14,999², for loans of up to five years until 26 September. Nationwide customers can apply for the loan in branch, online via www.nationwide.co.uk or by telephone.
In comparison to other high street providers, this makes Nationwide’s personal loan the most competitive for customers borrowing between £7,500 and £14,999 for up to five years. For example:
Cost of £10,000 loan over 49 months
|Difference between cheapest and most expensive
(over 49 months)
|Source: Competitor websites – 09.07.13
John Crossley, Nationwide’s head of credit cards and personal loans, said: “The Nationwide personal loan is now the most competitive rate compared to other high street providers and is certainly one to consider – whether you are looking to consolidate your debt, finance a new car or pay for home improvements. With new car registrations coming out on 1 September, this is a popular time of year for securing finance to buy a new car. Researching your finance options could save you money and a Nationwide personal loan is worth considering.
“Even if you do not have a Nationwide current account, you can still take advantage of our very competitive rates”.
Those who do not have a Nationwide current account can take out a Nationwide current account in branch, online via www.nationwide.co.uk or by telephone, and make it their main account in order to qualify for a 4.9% APR Representative rate¹.
Notes to editors:
4.9% APR Representative (fixed). Based on an assumed loan amount of £10,000 over 49 months at an interest rate of 4.9% p.a. (fixed). Monthly repayment £225.11. Total amount payable £11,030.39.
¹ To qualify for the Nationwide personal loan rate of 4.9% APR representative you must either:
A) Hold a FlexAccount with a Visa debit card (not cash card or cash card+) and:
- Have been paying in £750+ a month (excluding internal transfers) for the last three months; or
- Complete an account transfer to us (from a non-Nationwide account) using our Account Transfer Service or have done so in the last four months
B) Hold a FlexDirect or FlexPlus account.
If a joint application is made only the first named account holder must meet the main current account customer eligibility criteria.
For the personal loan offer the account transfer must be requested via branch or telephone and the account must be eligible for an overdraft.
The rate offered will depend on the amount you wish to borrow and your individual circumstances.
² For loans outside this range, personalised rates apply.
Personal loans are available to customers aged 18 – 79 and are subject to status. Rates may vary from time to time without notice. You should consider all borrowing options carefully and seek independent advice.
Nationwide subscribes to the Lending Code.
About Nationwide Building Society
Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.
Customers can manage their finances in branch, on the telephone, internet and post. The Society has around 15,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.