Personal loan gets significant rate cut | Product News - Moneyfacts

Product News

Personal loan gets significant rate cut

Personal loan gets significant rate cut

Category: Loans
Date: 31/07/2015

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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 Building Society has significantly reduced the cost of borrowing £15,000 to £25,000, earning its personal loan an 'excellent' rating in the process.

The basics…

New customers borrowing £15,000 to £25,000 over one to five years now have a competitive rate of 4.9% APR following a 2.5% APR reduction. Meanwhile, existing customers borrowing the same amount over the same term have an even more competitive rate of 3.9% APR thanks to a dramatic 3.4% APR rate cut.

Loans of £5,000 to £7,499 for existing customers also saw a reduction of 2.9% APR to give a new rate of 4.5% APR.

The finer details…

Example monthly repayments for a New Customer Personal Loan: £15,000 over five years = £281.65.

Example monthly repayments for an Existing Customer Personal Loan: £15,000 over five years = £275.11.

Applications can be made online, in branch and by phone. Applicants must be at least 18 years old and have a minimum monthly income of £700 per month to apply. Borrowers must be existing customers of Nationwide Building Society in order to qualify for the Existing Customer Personal Loan.

Applicants must remember that rates are dependent on the loan size, the length of their chosen term and their credit history.

Why we like them…

Both of these loans have seen significant reductions made to their higher tiers, something that will attract borrowers looking for a competitive deal with which to consolidate their debts. Existing customers can benefit from a particularly eye-catching rate, which will no doubt make this loan popular among eligible applicants.

Moneyfacts rating: Excellent

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
Close