Nationwide cuts personal loan rates to lowest on high street

27 July 2015

Loan re-price ideally timed for launch of new car registrations in September

Nationwide Building Society today reduces selected personal loan rates by up to 3.4%, giving customers access to the lowest rates on the high street.

The re-price will be particularly good news for those looking to consolidate debt or make significant purchases such as buying a car, with the new ‘65’ registration plate launching in September.

The new rates are:

Loan Amount Main Current Account1 Customer Rates Non-Current Account Customer Rates
£5,000 to £7,499 4.5% APR 4.8% APR
£7,500 to £14,999 3.6% APR (no change) 3.9% APR (no change)
£15,000 to £25,000 3.9% APR 4.9% APR

The reduced rates are available for terms of between one and five years and customers can apply in branch, online or via the telephone.

Nationwide’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 that price by 1%, down to our lowest available rate of 3.6%.

John Crossley, Nationwide’s Head of Personal Loans, said: “Our new personal loan rates are the lowest on the high street and are a competitive option for anyone looking to spread the cost of a new car or maybe consolidate existing debts.

“This comes at an ideal time, when many people will be considering buying a new car from September, as the new ‘65’ registration plate comes onto the market. While manufacturers may promote car finance, we’d always recommend shopping around for the best deal in order to ensure you aren’t paying over the odds”.

Notes to Editors

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

  1. 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
  2. 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.