Nationwide Building Society members with loans could be set to receive an extra £100 after the lender revealed it was cutting rates for those borrowing.
Following the Bank of England’s decision to cut rates, the retail bank has slashed the repayment rates of loans ranging from £7,500 to £50,000.
Darren Bailey, head of personal loans at Nationwide, said: "Whether you’re looking to fund home improvements, a new car or consolidate existing debts, our new loan rates are some of the best available in the market and are available exclusively for our members."
Notable changes include a reduction in interest rates from 6.4% to 6.1% for loans between £7,500 and £25,000, from 7.9% to 7.7% for loans between £25,001 and £35,000, and from 8.9% to 8.7% for loans between £35,001 and £50,000.
As a result, customers borrowing £50,000 will now pay £4,350 in interest, saving £100 compared to the previous rate.
Bailey added: “This comes shortly after we doubled our maximum loan amount to help people at a time costs of goods, services and materials have risen.”
The revised rates are exclusively available to existing Nationwide current account holders.