Nationwide offers cash incentive for loan “switcher”

For the second time this year, Nationwide is offering consumers the chance to take advantage of its “switcher” loan offer.

From November 14th until December 31st, Nationwide is offering its best rate of 6.7 per cent for anyone who switches their personal loan to Nationwide, as well as a cheque for £50.

Steve Clode, marketing director of Nationwide, explained: “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.”

The offer, which proved successful earlier this year, will be expanded to include a larger number of high street lenders, such as Abbey, Alliance & Leicester, M&S, Northern Rock, Sainsburys and Tesco.

This is in addition to customers belonging to other lenders, such as Barclays, Lloyds TSB, NatWest, Royal Bank of Scotland, HSBC and Halifax, to whom the previous deal was available.

The personal loan is available for amounts ranging from £1,000 up to £25,000.

© Adfero Ltd

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