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Personal loan decision in under a minute

13 October 2004

Nationwide Building Society has said that consumers will now be able to get a decision on a personal loan of between £1,000 and £20,000 in a minute or less.

Moreover, the loan rate is fixed at 6.7 per cent - meaning customers can save as much as £555 on a loan of £5,000 over three years compared with some other high street lenders.

Customers log on to the building society's website and complete a form. In less than a minute they are given a decision in principal on whether they would receive a loan.

The move follows the success of Nationwide's One Minute mortgage Promise - which was released in June last year.

"During the successful pilot period, the number of online personal loan applications increased by 22 per cent," said Jim Willens, Nationwide's retail operations director.

After the introduction of the One Minute Mortgage Promise online mortgage sales leapt 227 per cent.

Nationwide is urging consumers considering a personal loan to try the service, as it is quick and could save them hundreds of pounds in repayment costs.

The One Minute Personal Loan Promise is available for loans of between £1,000 and £20,000, over periods of between one and seven years, at a flat rate of 6.7 per cent.