This new rate is available to Nationwide FlexAccount customers who use it as their main current account. The rate is applicable for loans of up to five years between £7,500 and £14,999² when taken out through a branch, over the telephone or via the internet.

Those who do not have a Nationwide current account will still be able to take advantage of a very competitive rate of 6.3% APR Representative.

This offer is available if customers apply through an online aggregator, such as Moneysupermarket.com, for loans between £7,500 and £14,999 for a term of up to five years.

These new rates are available for a limited time only (until Thursday 1 December 2011).

In addition to offering these low rates, Nationwide also provides consumers with a soft quote when they apply for a personal loan.

This allows them to quickly search for a competitive loan deal with Nationwide without impacting their credit score, which is especially convenient for those searching online.

Graham Pilkington, Nationwide's Head of Personal Loan, said:

"In such a price-sensitive personal loans market, Nationwide continues to be competitive with the introduction of this market-leading headline rate of 6.2%, beating what's being offered by supermarkets and high street banks.

"With Christmas fast approaching, this rate is great for people looking to consolidate debt, improve their home or purchase that brand new car."