1 September 2005
Nationwide is extending the maximum customers can borrow with an unsecured personal loan.
From today the maximum a personal loan can be has risen from £20,000 to £25,000.
This means customers can now borrow between £1,000 and £25,000 on an unsecured loan
All the society's loans in this area are at the single rate of 6.7 per cent.
The amount of £25,000 is the maximum amount allow for a loan that is not secured by the Consumer Credit Act.
The building society has also responded criticism that by raising the amount that can be borrowed people may be overcome by debt.
Spokesman Steve Cowdry told This is Money: "We shall continue to make rigorous checks to ensure we are lending responsibly. It is not in our interest or in the customer's interest to lend sums that people cannot afford."
Compare all UK personal loans at uSwitch.com and find the one to suit your needs.
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