If you are looking for a loan at the moment, Nationwide has a price promise pledge that they will beat any other loan rate. M&S are offering the "lowest" ever personal loan rate ,from 3.5% which means if you use the Nationwide offer you can get it as low as 3%. Rates vary with amounts borrowed.
Also don't shoot the messenger if you have ever had a loan cheaper than the lowest rate of 3.5%. :)
new and existing customers, you will have to open an account with them though to get the discount. Their accounts are excellent so shouldn't be an issue.
Top comments
baggs1981
8 Oct 1517#20
All these published deals are bs to get you through the door and harm credit files with adding a search to your file only to say "congratulations you have been approved... for 10% higher than the rate in our advert! multiple times in the past I have checked all my credit files are perfect before applying and still never been offered the advertised rate from any lender. One of the biggest cons going.
mocmocamoc
8 Oct 1516#17
You could also take the £20k and bet it on a horse.
mcormack to Peter9588
9 Oct 155#36
To enjoy the benefit immediately rather than wait 5 years.
kingbal to andyyak
9 Oct 153#45
Don't see what indian has to do with it this happens with all different types of people
no idea how this made it to misc asked for it to be moved to deals
scouser100000
8 Oct 152#2
Fantastic. Going to apply for £20k and stick it all in the Santander 123 account and use the interest to pay the loan!
sofiasar to scouser100000
8 Oct 151#3
How much interest do you get for 10k??
jackvdbuk to scouser100000
8 Oct 152#5
are you accounting for the 5 fee and tax? you get 2.4 after tax.
dalepowell98 to scouser100000
8 Oct 15#9
How does this work out then after tax?
Houstieboy to scouser100000
8 Oct 152#13
That's one of the most moronic things I've ever heard.
davek to scouser100000
8 Oct 151#14
Dont think you've thought that through.
Its a loan not an interest only mortgage, you pay capital and interest back each month so you'd have to have a hell of a interest rate on that current account for that plan to work ;-)
mcormack to scouser100000
9 Oct 152#35
CLOWN.
sofiasar
8 Oct 15#4
Op could you post some examples on a loan of 20k. Might buy a little garage
matthewmarsh
8 Oct 151#6
Nationwide main current account holders only, might be worth putting that at the top but a great deal none the less.... I'm off to dream of loft conversions :smiley:
eslick to matthewmarsh
8 Oct 151#8
you can open an account and get the loan, will add it though :smiley:
sailo
8 Oct 15#7
Good offer. Heated!
looneytunejo
8 Oct 152#10
Just don't go with them just now if ur getting a mortgage!
antmatz to looneytunejo
8 Oct 15#25
Please expand, I was looking to switch deals with them in a couple of weeks?
markinoxon to looneytunejo
8 Oct 15#26
Eh?
Deal0rN0Dea1 to looneytunejo
8 Oct 15#28
What do you mean by this?
Budden to looneytunejo
9 Oct 15#39
Why?
yorkie to looneytunejo
9 Oct 15#46
I did this recently, yest it can be a long winded process but I think that is partly due to current legislation, whilst it didn't all go smoothly, when I complained they quickly sorted the problems and recompensed me to the tune of £150.
Hot deal btw!
rajaraja
8 Oct 151#11
Reading terms from nationwide, it says you need to have a offer from there competitor with a offer. basically have multiple searches against your credit file might go against you.
spenspuma to rajaraja
8 Oct 15#12
Exactly.
kpsagon
8 Oct 15#15
Same 3% interest from Santander, you can't break even if taking the monthly fees into consideration.
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Opening post
Also don't shoot the messenger if you have ever had a loan cheaper than the lowest rate of 3.5%. :)
new and existing customers, you will have to open an account with them though to get the discount. Their accounts are excellent so shouldn't be an issue.
Top comments
All comments (60)
http://www.nationwide.co.uk/products/loans/service/loans-price-promise
M&S link
http://bank.marksandspencer.com/banking/personal-loans/overview/
more info
http://www.thisismoney.co.uk/money/cardsloans/article-3261950/M-S-Bank-launches-lowest-loan-rate-just-week-Nationwide-pledge-undercut-rivals-0-5-make-difference-borrowing-costs.html
no idea how this made it to misc asked for it to be moved to deals
Its a loan not an interest only mortgage, you pay capital and interest back each month so you'd have to have a hell of a interest rate on that current account for that plan to work ;-)
Hot deal btw!