15 August 2005
Consumers are wasting over £500 million by not switching loans provider, says a leading lender.
The report, by Nationwide, says that customers of the five biggest UK banks are wasting millions of pounds by not changing lender – and is offering a cheque to people who switch to Nationwide.
Consumers who switch to Nationwide loans from Barclays, Lloyds TSB, NatWest, Royal Bank of Scotland, HSBC, Halifax and Bank of Scotland between August 15th and September 30th will be given a cheque for £50.
The news comes as ten loans providers are now offering loans of under six per cent APR.
Steve Clode, marketing director of Nationwide, said: "Customers with the big five banks could save £500 million on their personal loans by coming to Nationwide. Unlike credit cards and current accounts, personal loan customers tend to remain with one provider for the life of the loan, which often means they are losing hundreds of pounds through paying higher rates than they need to."
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