Derbyshire Building Society, which was rescued by Nationwide in 2008, has cut its personal loan rate to 5.8% APR - the lowest rate seen since the credit crunch started.
It comes at a time when the most of us are trying our best to pay down our debts rather than taking out new loans amid the current economic uncertainty.
However, the introduction of the rate - which is the lowest the Nationwide Group has ever offered - is a response to some competitors re-pricing their deals.
What you need to know
The deal is available to people applying to the Derbyshire online for loans of between £7,500 and £14,999 for a term of up to five years.
It is also a representative rate, meaning that more than half of successful applicants will receive the interest rate advertised.
The rate the borrower ends up being offered will depend on their personal circumstances, meaning some people are likely to end up paying a higher rate. So, as always, it's essential you research fully before deciding a loan is the best option for you.
Customers will pay one fixed rate for the full term of the loan.
When it comes to a personal loan, you can typically borrow between £1000 and £25,000, and you pay the money back in monthly instalments over one to five years. The interest rate is also fixed, so you know how much the loan will cost.
Borrowers tend to do so as they prefer the discipline and structure of a personal loan, especially for larger amounts, as opposed to relying on credit cards.
Some see them as an ideal way to bolster household budgets which have suffered as a result of high living costs, high unemployment and low wage increases.
The Bank of England and the Treasury recently launched an £80 billion "funding for lending" scheme in a bid to unclog the flow of credit that has resulted from low saving rates and tighter borrowing criteria from lenders.
Under the initiative, the Bank of England will lend money at below-market rates to the financial institutions.
By doing so, it aims to prompt banks and other lenders to make more money available to homeowners, as well as businesses, thereby passing on better deals to you.