BANK ACCOUNTS
Nationwide Offers Low Loan Rate of 6.3%
Customers of the Nationwide Building Society will see a decrease of 0.2% APR in their personal loan rates, falling from 6.5% to 6.3%.
The new rate of 6.3% will be the lowest rate ever offered by the Building Society and will be available on loans between £7,500 and £14,999. The new rate will be offered to new customers as well as any existing customers who are taking out a new loan.
The new competitive rate will be offered on loans of variable lengths between one and five years for customers who have the Nationwide FlexAccount as their primary current account.
Customers who do not have a FlexAccount will be able to benefit from a competitive rate of 6.4% instead.
The news of Nationwide’s new lower rate follows recent announcements that Marks and Spencer’s were reducing their personal loan rate from 6.7% to 6.4% APR. Sainsbury’s have also announced a new personal loan rate of 6.3%, also available on loans between £7,500 and £14,999. This means that there is now even more competition over money lending.
The Head of Nationwide’s Personal Loans, Paul Wootton, commented that “September is usually a busy time for personal loan applications” – perhaps influencing the decision to offer lower rates.
Wootton also said that this was probably due to “the launch of new car registrations” and was keen to add that Nationwide’s new low rate could provide customers with “the perfect opportunity to make that dream purchase”.
Comparing Loan and Bank Products
With another provider announcing reduced rates it is likely that there will be an increased level of choice for money-borrowing consumers as time progresses. Comparing loan and bank products is therefore essential in ensuring our finances are managed most effectively.
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