The default rate is now 7.9%, which is still one of the leading rates on the market.

Press release here:
http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=1467

With effect from Wednesday 7 October 2009, Nationwide will be introducing a new personal loan rate of 7.9% APR typical for loans of between £7,500 and £14,999* for its current account customers.

Over the past two months, Nationwide has been offering a special market leading low rate loans rate exclusively for its current account bank account customers. When the special offer period ends on Wednesday 7 October 2009, Nationwide will continue to reward its current account customers by offering a rate of 7.9% APR typical. This continues to be the lowest rate in the UK and beats the rates set by other high street personal loan providers by offering a sub 8% rate. The same low rate applies whether the loan is taken out through a branch, telephone or the Internet.

That’s Nationwide Building Society’s new loan rate, which is a headline grabbing 7.7%.

Quite a low rate, and will be interesting to see if other lenders move in to fight for more of the market.

More coverage of this:

http://markets.hpcwire.com/taborcomm.hpcwire/?GUID=9712934&Page=MediaViewer&ChannelID=3197
http://investing.einnews.com/article.php?nid=39276
http://www.businessnewstoday.co.uk/nationwide-building-society-offers-lower-rate-loans/