Nationwide cuts personal loan rate
Nationwide building society has cut its personal loan rate to the lowest level since 2006.
The new APR of 6.5 per cent is now open to both new and existing customers who hold a Nationwide FlexAccount as their main current account.
Those who do not have a FlexAccount have to pay a slightly higher rate of 6.6 per cent, provided they apply through an online aggregator such as moneysupermarket.com, for loans between £7,500 and £14,999 for a term of up to five years.
Nationwide also offers a 'soft quote facility', which allows borrowers to obtain mortgage terms without impacting their credit history.
Richard Napier, Nationwide's head of banking, said a personal loan is perfect for people who want to make a bigger purchase, but do not have the money to pay for it up-front.
He warned that shopping around for the best rate is not always straightforward, as doing so can have a negative effect on people's credit file.
"Soft quotes are one way around this and Nationwide is leading the way with its own flexible loan search facility. Del extra space This gives consumers the chance to quickly search for a competitive loan deal with Nationwide without impacting their credit score, which is especially convenient for those searching online," Mr Napier added.
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