Nationwide today announces lower personal loan rates for those borrowing over £7,500.
These reduced rates are available to existing Nationwide current account holders looking to borrow between £7,500 and £50,000.
Customers can apply for a loan online, in branch or on the phone and receive the money the same day. Also, unlike many other providers, Nationwide doesn’t apply an early settlement charge if the customer wants to repay the loan early.
|
Loan tiers |
Old rate |
New rate |
|
£7,500-£25,000 |
6.4% |
6.1% |
|
£25,001-£35,000 |
7.9% |
7.7% |
|
£35,001-£50,000 |
8.9% |
8.7% |
This change follows Nationwide’s announcement in May that it had doubled the maximum personal loan from £25,000 to £50,000 due to the continued increase in the cost of goods and services.
Darren Bailey, Head of Personal Loans at Nationwide, said: “Whether you’re looking to fund home improvements, a new car or consolidate existing debts, our new loan rates are some of the best available in the market and are available exclusively for our members. This comes shortly after we doubled our maximum loan amount to help people at a time costs of goods, services and materials have risen.”
