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Sainsbury’s Bank reduces loan rates

Sainsbury’s Bank reduces loan rates

Category: Loans

Updated: 18/01/2013
First Published: 18/01/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Sainsbury's Bank has reduced rates on its Standard Nectar Cardholder loans by up to 0.3% for medium to large borrowing.

The basics…

The Standard Nectar Cardholder loan offers a rate of 6.9% APR for borrowing between £5,000 and £7,499 over one to three years, 7.0% APR between £5,000 and £7,499 over four years and five years and 5.1% APR for lending between £7,500 and £15,000 over one year to three years.

A rate of 5.2% APR will apply for borrowing between £7,500 and £15,000 over a four to five year period, with 7.3% APR offered to customers looking to borrow between £15,001 and £25,000 over two to three years. A rate of 7.4% is offered for loans between £15,001 and £25,000 over a four to seven year term.

The Reward Nectar Cardholder loan offers a rate of 5.5% APR for borrowing between £7,500 and £15,000 over a one to three year term, whilst those looking for loans between £7,500 and £15,000 are offered a rate of 5.6% APR over four to five years.

The finer details….

A typical monthly repayment for a £5,000 loan over a three year term is £153.68.

All rates are representative and are dependent on an individual's credit rating and the loan amount and term.

Why we like it….

Sainsbury's Bank has reasserted its position in the personal loan market by offering highly competitive rates to customers with a variety of borrowing needs. Five out of five Moneyfacts stars have been awarded.

What next?

Find out how much a Sainsbury's Loan could cost you each month with our handy loans calculator.

What do I need to apply?

  • Your home address for the last 3 years
  • Your bank/building society name, account number and sort code
  • Your monthly income and expenditure
  • Employer's name and address
  • Your Nectar card number

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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