Average loan rates have rocketed over the last two years, but Nationwide has bucked the trend, offering a new low rate of 7.9%.
Nationwide (www.nationwide.co.uk) has reduced its typical interest rate from 8.2% to 7.9% on loans of £7,500 to £14,999. This headline rate is lower than all high street banks.
While borrowers could have expected to pay 7.4% in May 2007, now the average rate stands at 9.2%. Average interest rates on £5,000 loans have fared even worse, rocketing 44% from 8.6% to 12.4% in the same period.
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It is advised those looking for the best rates to shop around and compare loan rates from several different providers – if possible finding out what rate would likely be offered given their circumstances.
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