Nationwide changes personal loan pricing system

Mon, 08 Dec 2008

Nationwide has changed the way it prices it personal loans, the firm has revealed.

According to the company, its new system of personalised pricing will allow it to offer a more competitive range of unsecured loan rates to customers.

The move should also allow it to maintain its standards on affordability and risk relating to personal loans, it stated.

Jeremy Wood, Nationwide's director of consumer finance, said: "The personal loans market has changed over the last few years and, as with any well managed business, we needed to make changes to ensure that we continue to provide members with a competitive range."

Under the new method, consumers will receive an individual personal loan quotation based on their circumstances, he added.

Personal loans at the lender are currently charged at a typical rate 7.9 per cent APR for those borrowing between £7,500 and £14,999.

At the start of the month, Moneysupermarket.com stated that unsecured loans now cost around three times the Bank of England Base rate .
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