Loan rate battle between Nationwide and Santander

Friday, 14 January 2011 06:24

A price war on loan rates has been started by high street banks Nationwide and Santander, uSwitch.com has suggested.

The independent price comparison and switching website points out that earlier this week Santander revealed the lowest loan rate on the market at 7.3 per cent and also reintroduced its £100 current account switching incentive.

Nationwide followed this with an offer of 7.2 per cent, prompting Santander to match the rate.

Stefan Maryniak, personal finance expert at uSwitch.com advised people to be cautious of borrowing but suggested "if a loan is the best option, taking advantage of the falling interest rates could help set you up for a successful financial year".

Use the <a href="http://www.myfinances.co.uk/loans-and-credit/loans/compare/">myfinances.co.uk comparison site</a> to find the best deal on a personal loan.
 

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