Date issued: 6 Oct 2009
NATIONWIDE OFFERS HIGHLY COMPETITIVE PERSONAL LOAN RATE OF 7.9% APR TYPICAL *
With effect from Wednesday 7 October 2009, Nationwide will be introducing a new personal loan rate of 7.9% APR typical for loans of between £7,500 and £14,999* for its current account customers.
Over the past two months, Nationwide has been offering a special low market leading personal loan rate exclusively for its current account customers. When the special offer period ends on Wednesday 7 October 2009, Nationwide will continue to reward its current account customers by offering a rate of 7.9% APR typical. This continues to be the lowest rate in the UK and beats the rates set by other high street personal loan providers by offering a sub 8% rate**. The same low rate applies whether the loan is taken out through a branch, telephone or the Internet.
Chris Rhodes, product and marketing director, said: "The Government has recently announced that the Car Scrappage Scheme is to be extended to cover approximately 100,000 more vehicles. This means that our rate of 7.9% APR typical available for loans between £7,500 and £14,999 may be perfect for people looking to get their hands on their dream car.
"Whether you look at lenders on the high street or the supermarkets, our rate is still highly competitive and further reaffirms the benefits of Nationwide's FlexAccount."
| Loan Amount |
Loan Rate – APR typical |
| £7,500 - £14,999 |
7.9%* |
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 between £7,500 and £14,999 for a term of up to five years for FlexAccount customers. Customers must have a monthly credit turnover of at least £750 (excluding internal transfers) for the last three consecutive months. Offer applies to new and existing Nationwide personal loan customers. The interest rate offered will depend on the amount borrowed and the customer's individual circumstances.
Other loan amounts between £1,000 and £25,000 are available with repayment terms between one and seven years.
One fixed rate for the term of the loan – repayments never change.
There are no upfront charges or arrangement fees.
No repayments for the first month.
All loans are subject to status and are available to those aged 18 or over only.
Customers can apply in branch, by telephone (0800 30 20 10) or online (http://www.nationwide.co.uk/loans/default.htm) for a decision in minutes.
**When based on a loan of £7,500 and £10,000. Competitor comparison of main personal loan providers, including the high street banks and supermarkets, below:
| Lender
| Advertised headline rate on £7,500
| Advertised headline rate on £10,000
|
| Nationwide |
7.90% |
7.90% |
| A&L* |
8.90% |
8.90% |
| Abbey* |
8.90% |
8.90% |
| Barclays* |
9.90% |
9.90% |
| HSBC* |
9.90% |
9.90% |
| Lloyds TSB* |
11.30% |
11.30% |
| HBOS* |
12.40% |
12.40% |
| RBS* |
12.90% |
11.40% |
| NatWest* |
12.90% |
11.40% |
| Sainsbury's** |
7.90% |
7.90% |
| Tesco*** |
7.90% |
7.90% |
* must be current account customer with lender
**must be a Nectar card holder
*** for existing Tesco loan customers only |
|
As at 02/10/09 |
