Nationwide cuts rate on personal loans

| May 8, 2009 | 0 Comments

Nationwide Building Society has cut the interest rate it charges on personal loans between £7,500 and £14,999.

Typical annual percentage rate (APR) for newly taken out loans has been reduced from 8.2% to 7.9%.

By comparison, RBS offers a typical APR of 8.9% for loans of this amount, whilst HSBC’s typical APR is 9.9%.

“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 said in a statement.

The reduced rate is available exclusively to Nationwide customers, and the actual APR offered to customers will vary depending on individual circumstances.

Recent research by found that the average APR on unsecured personal loans has increased 44% over the past two years.

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