Nationwide launches its lowest ever loan rate

22 September 2014

Nationwide Building Society has today reduced its personal loan rate for main¹ current account customers to 4.2% APR representative – the lowest rate ever offered by the Society.

The Society’s existing customers² also benefit from a price promise that if they receive a lower price quote from a high street competitor³, we will beat it by 1% down to our lowest loan rate, currently 4.2% APR representative.

This maintains the Society’s position of rewarding customers who hold a main FlexAccount, FlexDirect and FlexPlus current account. If people don’t currently hold an account they can open one and take advantage of this highly competitive rate. Alternatively, the Society now offers a competitive rate of 4.5% APR representative for everyone else.

Both of these rates are available to those looking to borrow between £7,500 and £14,999 for between one and five years.

Customers applying for a personal loan with Nationwide can take advantage of the soft quote facility. This allows potential customers to get an indication of the rate they can expect to receive should they be successful in a full application for a loan, without leaving a mark on their credit file.

John Crossley, Nationwide’s Head of Personal Loans, said: “Nationwide has been offering personal loans for 27 years and this is the lowest rate we have ever offered in that time.

“With our price promise existing customers can be confident that they will get the best rate possible from the Society.

“While Nationwide does reward its current account customers with access to our lowest loan rate, the rate available to new customers also remains competitive.”

Notes to Editors

¹ To qualify for the Nationwide personal loan rate of 4.2% 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 switch to us (from a non-Nationwide account) using our Account Switch Team or have done so in the last four months. For the personal loan offer the account switch must be requested via branch or telephone and the account must be eligible for an overdraft

B) Hold a FlexDirect or FlexPlus account

If a joint application is made, either account applicant must meet the main current account customer eligibility criteria.

The rate offered will depend on the amount you wish to borrow and your individual circumstances, personalised rates apply.

² Nationwide’s price promise is available to customers who have held a Nationwide product for three months or more who apply for a personal loan in branch or via the telephone. The customer must have a valid offer from a competitor to be eligible for the price promise.

³ High street competitors defined as HSBC, Halifax, Lloyds, Barclays, Danske Bank, NatWest, RBS, Santander, Bank of Scotland, Co-op, Yorkshire & Clydesdale, Ulster Bank, Bank of Ireland & First Trust.

About Nationwide Building Society

Nationwide is the world's largest building society as well as the second largest savings and mortgage provider 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 a branch, via the mobile app, on the telephone, internet and post. The Society has around 17,000 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.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 17,000 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.

Please note: If you are a customer looking for information on our products and services, please visit the main website.