Date issued: 6 Aug 2009
NATIONWIDE OFFERS MARKET LEADING PERSONAL LOANS RATES OF 7.7% TYPICAL APR*
With effect from Thursday 6 August 2009, Nationwide will be reducing its personal loan rate to offer a market leading rate of 7.7% typical APR for loans of between £5,000 and £14,999* for its current account customers.
With this typical rate, Nationwide becomes the lender with the lowest personal loan rate in the UK, beating the supermarkets and all the high street banks** – the same low rate applies whether the loan is taken out through branch, telephone or internet.
Chris Rhodes, product and marketing director, said: “Nationwide continues to be competitive in the personal loan market with the introduction of this market leading headline rate of 7.7% typical APR, beating what’s being offered by supermarkets and high street banks.
“This great rate is now available for loans between £5,000 and £14,999*, so whatever the purpose of your loan whether it be for a new car, to pay for a wedding, carry out home improvements or consolidate other debts, our rate is hard to beat!
“We are rewarding our current account customers with the lowest personal loan rate in the UK which underlines further the benefits of taking out and using a Nationwide FlexAccount. This will be the first of many offers for Nationwide current account customers over the coming months.”
| Loan Amount |
Loan Rate – Typical APR |
| £5,000 - £14,999 |
7.7%* |
Photographs:
Images of Chris Rhodes, Nationwide’s director of products and marketing can be found at
http://www.nationwide.co.uk/mediacentre/executive_directors.asp
Notes to editors:
- * For loans of £5,000 to £14,999 for up to five years for FlexAccount customers – they must have a monthly credit turnover of at least £750 (excludes internal transfers) for the last three consecutive months. Offer applies to new Nationwide Personal Loan customers only.
- The rate offered will depend on the amount borrowed and the customer’s individual circumstances. Other loan amounts are available.
- ** When based on a loans of £5,000, £7,500 and £10,000. Competitor comparison of main Personal Loan providers, including the high street banks, below:
| Lender |
Advertised headline rate on £5,000 |
Advertised headline rate on £7,500 |
Advertised headline rate on £10,000 |
| Nationwide |
7.70% |
7.70% |
7.70% |
| RBS |
12.90% |
8.90% |
11.40% |
| NatWest**** |
12.90% |
12.90% |
11.40% |
| A&L |
8.90% |
8.90% |
8.90% |
| Abbey*** |
8.90% |
8.90% |
8.90% |
| HBOS*** |
17.40% |
8.90% |
8.90% |
| Lloyds TSB |
13.90% |
9.90% |
9.90% |
| Barclays |
14.90% |
9.90% |
9.90% |
| HSBC |
16.90% |
8.70% |
8.70% |
***Online only - offline other rates apply
**** Online only available to Premier and Platinum Current Account holders only – offline other rates apply |
|
|
Correct as at 16/07/09 |
- The previous rate applicable when borrowing £7,500 to £14,999 was 7.9% typical APR.
- The rate offered will depend on the amount borrowed and the customer’s personal circumstances.
- Nationwide Personal Loans are available for any amount between £1,000 and £25,000. Repayment term is between one and seven years.
- There are no upfront charges or arrangement fees.
- All loans are subject to status and are available to those aged 18 or over only.
- Apply in branch, by telephone - 0800 30 20 10 - or online (where a decision can be made in minutes) - http://www.nationwide.co.uk/loans/default.htm
