24 Apr 2019

Nationwide Announces New Loan Rates

Nationwide Building Society has today reduced its loan rate to a competitive 3.6% APR representative for loans of between £5,000 - £7,500.

This new loan rate is available to existing Nationwide main current account, savings and mortgage members. Members can apply for the loan online, in branch or on the phone and receive the funds the same day. Also, unlike many other providers, the Society doesn’t apply an early settlement charge if the member wants to repay the loan early.

For members looking to borrow a smaller amount, the Society has also reduced the rate on loans of between £3,000 and £4,999 to a competitive 9.8% APR representative.

Louise Prior, Head of Unsecured Lending at Nationwide Building Society, said: “Whether you’re looking to fund home improvements, a new car or consolidate existing debts, our new loan rates are amongst the most competitive on the market and exclusively for our members. Many of whom will go on to repay their loan early and we don’t think they should be penalised for this, so unlike many of our competitors we don’t apply an early settlement charge if they do.”

Notes to Editor:

The new rates are:

Loan Amount Rates for main current account, mortgage and savings members
£7,500 to £25,000 3.0% APR
£5,000 to £7,499 3.6% APR
£3,000 to £4,999 9.8% APR
£1,000 to £2,999 13.9% APR

Pricing on other tiers remain unchanged.

The rate offered will depend on the amount you wish to borrow and your individual circumstances, personalised rates apply.

About Nationwide

Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accountscredit cardsISAs and personal loans. Nationwide has around 15 million customers.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 18,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.