Looking for a loan, use Nationwide price promise to get it as low as 3% which is 0.5% lower than the lowest ever rate
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Looking for a loan, use Nationwide price promise to get it as low as 3% which is 0.5% lower than the lowest ever rate

60
Found 8th Oct 2015
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.
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Original Poster
more details on the price promise
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
Edited by: "eslick" 8th Oct 2015
Fantastic. Going to apply for £20k and stick it all in the Santander 123 account and use the interest to pay the loan!
Banned
scouser100000

Fantastic. Going to apply for £20k and stick it all in the Santander 123 … Fantastic. Going to apply for £20k and stick it all in the Santander 123 account and use the interest to pay the loan!



How much interest do you get for 10k??
Banned
Op could you post some examples on a loan of 20k. Might buy a little garage
scouser100000

Fantastic. Going to apply for £20k and stick it all in the Santander 123 … Fantastic. Going to apply for £20k and stick it all in the Santander 123 account and use the interest to pay the loan!



​are you accounting for the 5 fee and tax? you get 2.4 after tax.
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
Good offer. Heated!
Original Poster
matthewmarsh

Nationwide main current account holders only, might be worth putting that … 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



you can open an account and get the loan, will add it though
scouser100000

Fantastic. Going to apply for £20k and stick it all in the Santander 123 … Fantastic. Going to apply for £20k and stick it all in the Santander 123 account and use the interest to pay the loan!



How does this work out then after tax?
Just don't go with them just now if ur getting a mortgage!
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.
rajaraja

Reading terms from nationwide, it says you need to have a offer from … 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.



Exactly.
scouser100000

Fantastic. Going to apply for £20k and stick it all in the Santander 123 … Fantastic. Going to apply for £20k and stick it all in the Santander 123 account and use the interest to pay the loan!


That's one of the most moronic things I've ever heard.
scouser100000

Fantastic. Going to apply for £20k and stick it all in the Santander 123 … Fantastic. Going to apply for £20k and stick it all in the Santander 123 account and use the interest to pay the loan!



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 ;-)
Same 3% interest from Santander, you can't break even if taking the monthly fees into consideration.
You could put it in 2x £10k stocks and shares fixed 5 year term is as The best ones are paying out something like £18k over 5 years on a £10k investment. Do one late March and one on Apr 1st. Pay off your 20k loans over 3/4 year term and take a tidy profit! Be aware you could lose the lot though.
You could also take the £20k and bet it on a horse.
ardouse

You could put it in 2x £10k stocks and shares fixed 5 year term is as The … You could put it in 2x £10k stocks and shares fixed 5 year term is as The best ones are paying out something like £18k over 5 years on a £10k investment. Do one late March and one on Apr 1st. Pay off your 20k loans over 3/4 year term and take a tidy profit! Be aware you could lose the lot though.



​LOL
ardouse

You could put it in 2x £10k stocks and shares fixed 5 year term is as The … You could put it in 2x £10k stocks and shares fixed 5 year term is as The best ones are paying out something like £18k over 5 years on a £10k investment. Do one late March and one on Apr 1st. Pay off your 20k loans over 3/4 year term and take a tidy profit! Be aware you could lose the lot though.

April 1st being a clue to how sensible this idea is.
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.
nice
davek

Dont think you've thought that through.Its a loan not an interest only … 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 ;-)



It was a joke
I applied for 20k loan from cahoot the other night at 3.6%. I got accepted for loan straight away. Went into nationwide today and applied for same loan, they offered me 3.9%. I then showed them cahoot paperwork (cahoot is Santander). They matched cahoots 3.6 and further discounted 0.5%. So 29k loan at 3.1%. There were 2 credit checks in total. If u have decent credit history then a credit check shouldn't be a problem
Sorry mistype above 20k loan at 3.1% is what I got
looneytunejo

Just don't go with them just now if ur getting a mortgage!


Please expand, I was looking to switch deals with them in a couple of weeks?
looneytunejo

Just don't go with them just now if ur getting a mortgage!


Eh?
scouser100000

It was a joke



yeah yeah
looneytunejo

Just don't go with them just now if ur getting a mortgage!



What do you mean by this?
cold : they wont price match wonga
will they match 0% bank mum and dad? getting paid 5% interest for my loan will be great!
I have to ask what do people use loans like this for? Bar a mortgage or if a car has 0% finance, I would always rather save up over 3/4/5/6 or however many years so I could pay for the goods outright.

Just intrigued why people borrow money like this?
Peter9588

I have to ask what do people use loans like this for? Bar a mortgage or … I have to ask what do people use loans like this for? Bar a mortgage or if a car has 0% finance, I would always rather save up over 3/4/5/6 or however many years so I could pay for the goods outright. Just intrigued why people borrow money like this?


Home improvements? I'm going for a dining room extension, will have to check mortgage rate, but this may be a cheaper way to raise the capital. Thanks for posting op!!
Original Poster
Peter9588

I have to ask what do people use loans like this for? Bar a mortgage or … I have to ask what do people use loans like this for? Bar a mortgage or if a car has 0% finance, I would always rather save up over 3/4/5/6 or however many years so I could pay for the goods outright. Just intrigued why people borrow money like this?



loans like this are used for all sorts of large finances purposes, some people cant save but can budget with a loan going out. home improvements, not tying the funds for the life of your mortgage, cars (lets not start the debate on leasing:) ), boats, some even put holidays but never understood that. Even the very rich use financing to fund purchases like this, all very common.
fr3dy77_sp33d

will they match 0% bank mum and dad? getting paid 5% interest for my loan … will they match 0% bank mum and dad? getting paid 5% interest for my loan will be great!


0.5%
scouser100000

Fantastic. Going to apply for £20k and stick it all in the Santander 123 … Fantastic. Going to apply for £20k and stick it all in the Santander 123 account and use the interest to pay the loan!

CLOWN.
Peter9588

I have to ask what do people use loans like this for? Bar a mortgage or … I have to ask what do people use loans like this for? Bar a mortgage or if a car has 0% finance, I would always rather save up over 3/4/5/6 or however many years so I could pay for the goods outright. Just intrigued why people borrow money like this?


To enjoy the benefit immediately rather than wait 5 years.
mcormack

To enjoy the benefit immediately rather than wait 5 years.



Thanks for all your replies. Interesting...
just a little note - if you want to borrow a small amount (say 3k), consider getting something like uk.virginmoney.com/vir…er/ credit card.
You can transfer cash to your bank account for a 2.29% fee, then pay it off at 0% for 34 months.

Just another option, with slightly more flexibility on repayments (could be a good or bad thing!)
looneytunejo

Just don't go with them just now if ur getting a mortgage!



Why?
May take the 20k loan and bung it all on the Oil Price. Its bound to rise 30% over the next 5 years so that would be 6k profit. Offset the 1.5k interest you will have to pay and bobs your uncle, £4,500 profit.
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