Nationwide extends borrowing maximum

 

NATIONWIDE EXTENDS BORROWING MAXIMUM
Article date: 01/09/2005 : 14:47:51

Nationwide building society has announced that it is extending the maximum amount customers can borrow on an unsecured personal loan from £20,000 to £25,000.

From September 1st, Nationwide customers can borrow between £1,000 and £25,000 at a single rate of 6.7 per cent APR.

The Bank of England's Monetary Policy Committee (MPC) recently cut interest rates by a quarter point to 4.5 per cent for the first time in two years and the move is expected to boost the consumer credit market.

Consumers are increasingly seeking to consolidate personal debts as Britons become more aware of the affects of the recent spending boom on their finances.

Consumer debt in the UK reached the £1 trillion mark in spring of last year and household debt is at its highest level ever.
 
 
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