Nationwide has re-launched its personal loan "switcher" incentive to encourage customers to transfer their loans from their current provider.
The building society says customers could save hundreds of pounds in the run-up to Christmas by switching their loan to Nationwide.
Customers who transfer their personal loan to Nationwide between November 14th and December 31st will receive a rate of 6.7 per cent plus a cheque for £50.
Marketing director of Nationwide, Steve Clode, said: "Unlike credit cards and current accounts, personal loan customers tend to remain with one provider for the life of the loan, which often means they are losing hundreds of pounds through paying higher rates than they need to."
A recent survey by accountancy firm PricewaterhouseCoopers (PwC) found six per cent of UK consumers owe more than their annual salary on unsecured debt.
The firm says changes to individual voluntary arrangements (IVAs) could make them a more attractive option for millions of Brits who have substantial debts and only make the minimum monthly repayments on their loans.To read more about Personal Loans, click here.
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