Nationwide personal loan interest rates reduced

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Nationwide personal loan interest rates reduced

Thu 7th May 2009

Nationwide has announced that it has cut the rate of interest charged on some of its personal loans.

The building society said that customers looking to borrow between £7,500 and £14,999 will now benefit from a typical annual percentage rate (APR) of 7.9 per cent, compared to a previous typical APR of 8.2 per cent.

Nationwide said that actual APRs granted to customers will continue to depend on individual circumstances.

The building society said in a statement: "With this typical rate, Nationwide remains lower than all high street banks and the same low rate applies whether the loan is taken out through branch, telephone or internet."

Nationwide claimed that the Royal Bank of Scotland is currently offering typical APRs of 8.9 per cent for the same loan amount online, while HSBC is offering rates of 9.9 per cent.

As the UK's largest building society, Nationwide is owned by its members.

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