Nationwide wants to cut the cost of your loan (From The Wiltshire Gazette and Herald)

Nationwide wants to cut the cost of your loan

SWINDON-based building society Nationwide says consumers are losing out on personal loans.

The firm says consumers are overspending by £500m by not shopping around for the best deal.

Nationwide is now offering a incentive to customers to switch personal loans to Nationwide.

Customers who switch their personal loan to Nationwide from Barclays, Lloyds TSB, NatWest, Royal Bank of Scotland, HSBC, Halifax and Bank of Scotland between August 15 and September 30 will be offered an interest rate of 6.7 per cent, but will also be given £50.

The society is actively encouraging consumers to contact them to see just how much they could save on their monthly loan repayments if they were to switch their loan to Nationwide.

Steve Clode, right, the marketing director of Nationwide, said: "Unlike credit cards and current accounts, loan customers tend to remain with one provider for the life of the loan, which often means they are losing hundreds of pounds paying higher rates than they need to."