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 .
