Nationwide promises to beat any personal loan offer by 0.5%

29 September 2015

Nationwide Building Society has launched a bold pledge that guarantees main current account customers will not get a cheaper personal loan rate anywhere else.

Britain’s biggest building society currently offers some of the most competitive personal loan rates on the market. However, to underline the confidence the Society has in its rates, Nationwide has pledged to undercut any like for like competitor offer by 0.5% for customers with a main¹ current account.

Nationwide’s decision to challenge the market follows a significant reduction of up to 3.4% off selected personal loans in July, giving existing customers access to the lowest rates on the high street. These rates are available for terms of between one and five years and customers can apply in branch, online or via the telephone. Current rates are:

Current rates table
Loan Amount Main Current Account1 Customer Rates
£5,000 to £7,499 4.5% APR
£7,500 to £14,999 3.6% APR
£15,000 to £25,000 3.9% APR

Carl Burke, Nationwide’s Head of Personal Loans, said: “There has never been a better time to get a personal loan, with rates at an historic low.

“As a mutual our focus is on rewarding our existing customers. Our Loyalty Price Promise shows the confidence we have in our rates and our commitment to ensuring our main current account customers can’t get a better deal anywhere else.”

Notes to Editors

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.

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.

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.