Nationwide cuts personal loan rate to market-leading 3.6% APR

26 January 2015

Nationwide Building Society has today reduced its personal loan rate for main current account customers¹ to a market-leading 3.6% APR representative - the lowest rate the Society has offered in nearly three decades of personal loan lending.

The reduced rate is available on loans of between £7,500 and £15,000 for terms of between one and five years. Customers can apply in branch, online or via the telephone.

The Society’s existing customers² also benefit from a price promise that if they receive a lower price quote from a high street competitor³, Nationwide will beat it by 1% down to the new loan rate (3.6% APR representative).

Nationwide is also reducing the rate for non-current account customers to a highly competitive 3.9% APR representative – the lowest open market rate on the high street. However, customers without a main Nationwide current account wishing to take advantage of the market-leading loan rate can do so by opening a current account at the same time.

John Crossley, Nationwide’s Head of Personal Loans, said: “We’re pleased to be able to offer a highly competitive loan rate that will help our customers make the most of their money, particularly those looking to spread the cost of a purchase or wanting to consolidate existing debts.

“Monthly repayments on a personal loan are fixed for the entire loan term, which can help with budgeting for your outgoings.

“Whatever your need for a personal loan there has never been a better time to apply with rates at an all-time low.”

Notes to Editors

¹ To qualify for the Nationwide personal loan rate of 3.6% APR Representative you must either:

A) Hold a FlexOne account and be aged 18 or over, or 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

Nationwide is the world's largest building society as well as one of the largest savings providers 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 a branch, via the mobile app, on the telephone, internet and post. The Society has around 18,000 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.