Nationwide Cuts Rate on Its Personal Loans

One of the leading UK banks slashes interest rates on its popular product, personal loans.

With effect from today, Thursday November 10th, Nationwide cuts the interest rate on personal loan to 6.1%. This is the lowest interest rate ever offered by the building society and the lowest rate currently available on the UK market.

The rate is applicable to loans of 7,500 to 14,999 pounds taken for up to 5 years.

Brits can apply for this loan in branch, over the telephone or via the Internet.

Those who are not yet Nationwide customers, will be eligible for a slightly higher interest rate of 6.2%.

Commenting on the bank's move, its director for banking, Graham Pilkington, said: "The personal loan market remains highly competitive. Nationwide continues to lead the way with the introduction of this market-leading headline rate."

He highlighted that many households are struggling to make ends meet, and this loan will help them consolidate their debts.