Nationwide loans warning

16 August 2005
Britons could be wasting up to £500 million a year by failing to shop around for the best deal in the personal loans market, according to Nationwide.

The building society has suggested that customers of leading UK banks – Barclays, Lloyds TSB, NatWest, Halifax, HSBC and Royal Bank of Scotland – may be significantly overspending when it comes to borrowing.

Nationwide is therefore urging customers of these rival banks to get in touch to see how much they could save by switching to its own loan services.

The society is even offering customers of the leading banks £50 if they agree to switch lenders between 15th August and 30th September.

This comes as an addition to the already very competitive and record 6.7 per cent rate that they are offering at the moment.

"There has never been a better time to request a Nationwide personal loan," says the society’s managing director Steve Clode.

He added: "This really is a question of 'money for nothing'!"

To read more about the best deals on personal loans, click here.

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