Nationwide personal loan rate reaches record low

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Nationwide personal loan rate reaches record low

The Nationwide personal loan rate will reach its lowest ever mark, it was announced today.

A tiered rate structure will be introduced by the building society, whereby the rate will vary depending on how much the customer borrows.

Customers applying for a loan of £7,500 or over will qualify for the lowest Nationwide personal loan rate ever at 6.4 per cent.

Steve Clode, marketing director of Nationwide, said: "We are maintaining our fair and transparent approach of ensuring that all our customers get our published rates – rates which will not change once they apply for a loan."

He claimed that this contrasted with the practices of some other lenders, who advertise one rate and sometimes charge another, depending on the customer's credit rating.

For smaller loans, the Nationwide personal loan rate grows, reaching 14.4 per cent on sums between £1,000 and £2,999.

Nationwide's loans previously came with a 6.7 per cent annual percentage rate across all amounts.

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