Nationwide announces new personal loan rate

Nationwide has announced plans to introduce a new personal loan rate of 7.9 per cent APR typical for loans of between £7,500 and £14,999.

The loan is available to existing current account customers from Wednesday 7th October.

According to the building society, the loan may be taken out through a branch, telephone or over the internet.

Chris Rhodes, Nationwide product and marketing director, said that with the government recently announcing an extension to its Car Scrappage Scheme, a loan of between £7,500 and £14,999 may be "perfect for people looking to get their hands on their dream car".

He added: "Whether you look at lenders on the high street or the supermarkets, our rate is still highly competitive and further reaffirms the benefits of Nationwide's FlexAccount."

Advice on debt is available for consumers with outstanding loans seeking to meet repayments.

Last month, Frances Walker, a spokesperson for Consumer Credit Counselling Service, claimed people in need of debt advice should think about how they can maximise their income, potentially by working extra hours or reducing expenditure.

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2009-10-06 13:55:20 © Moneyextra.com