Nationwide summary box for personal loans introduced

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Nationwide summary box for personal loans introduced

A Nationwide summary box for personal loans has been introduced which will enable consumers to see different deals at a glance.

Nationwide says it is the first personal loan provider to offer such a service, which is intended to clear up confusion among borrowers over personal loan rates.

A recent mystery shopper research survey showed that many borrowers are unaware of the loan rate they will be offered until they have already applied and had their credit scored.

With many borrowers shopping around to get a good deal on their loan, an existing credit score on their record makes it harder to be accepted elsewhere.

The Nationwide summary box approach has therefore been devised to give more transparency to the market and enable consumers to find a better deal, more quickly.

Details including the interest rate offered, how much will be lent and for how long, arrangement and early redemption charges and example costs of loan repayments and Payment Protection Insurance are all included in the summary.

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