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Nationwide overhauls unsecured loans pricing

Nationwide overhauls unsecured loans pricing

Category: Loans

Updated: 08/12/2008
First Published: 05/12/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Nationwide has announced a change in its personal lending policy, with the rates lent based on personal circumstances.

Those taking unsecured loans will see the typical APR lowered from 8.9 per cent to 7.9 per cent for amounts between £7,500 and £14,999 for those customers with FlexAccounts or mortgages with the building society.

However, the price may be set differently to this figure according to the circumstances of the borrower.

Director of consumer finance at Nationwide Jeremy Wood said: "As a prudent lender in the current credit environment it is important that, in pricing personal loans, we are placing a greater emphasis on risk and lending appropriately."

A number of other lenders already apply individual pricing to the loan deals they offer.

The Co-operative Bank introduced such a system for customers without existing current accounts, based on the strength of customers' credit scoring.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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