Nationwide offers market-leading loan rate

Nationwide has unveiled a new product offering the best loan interest rates around.

The loan, which is now available to new and existing customers, has had its rate cut by 0.30 per cent, to make it one of the most competitive on the high street.

Nationwide FlexAccount customers can take out a loan of between £7,500 and £14,999 for five years to qualify for the loan interest rates of 6.7 per cent APR representative.

New customers are also offered competitive loan interest rates of 6.8 per cent APR representative on similar terms.

"With Nationwide's loan rate at its lowest for four years, this could enable consumers to make that big purchase more affordable and manageable with less pressure to their household budget," said Graham Pilkington, the building society's director of banking.

Ed Bowsher, head of consumer finance at lovemoney.com, said that the average loan rate available at the moment is 12.7 per cent.

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2011-06-08 13:02:41 © Moneyextra.com