UK’s biggest building society Nationwide Building Society declared that it has reduced the interest rate on personal loans.

The company reduces the interest rate that it charges on individual loan between £7,500 and £14,999. Now clients looking to borrow between this range and it will get advantage from a typical APR (annual percentage rate) of 7.9 percent, where previous typical annual percentage rate was 8.2 percent.

It is really good news for the customers. Because, it is a reduced rate than any other standard personal loan provider such as at present HSBC is offering typical APR of 9.9 percent, Royal Bank of Scotland offering typical APR of 8.9 percent.

About the reduce rate, in a statement Nationwide said,

With this typical rate, Nationwide remains lower than all high street banks and the same low rate applies whether the loan is taken out through branch, telephone or Internet.

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