Nationwide members are being offered the opportunity to trial the lender's new flexible online ...
Nationwide members are being offered the opportunity to trial the lender's new flexible online credit facility called e-Loan, which it says, grants total freedom in the management of borrowing.
Nationwide claims the facility offers borrowers the ability to manage how much they borrow, when they borrow and when repayment takes place.
50,000 Nationwide members will initially be offered the opportunity to trial the facility, which should launch in full in 2002.
e-Loan will be added to FlexAccount, Nationwide's current account. Funds are transferred and repayments will be made online via this account. Borrowing is established in advance, up to a maximum of £15,000 and interest is calculated daily. The interest rate is flat and will begin at 9.9%. There are no fees.
Jim Willens, e-commerce director, at Nationwide said: "e-Loan enables members to decide for themselves how much they need to borrow and when they want to access the funds. This flexibility and the competitive rate will make it attractive to anyone wishing to take control of their borrowing."
"For example, many of our members will be booking their holidays. They may only need to put down a deposit, with the rest due a few weeks before going. Then there's spending money, which they may wish to arrange just before leaving. With e-Loan, they only pay interest on the money when they use it."
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