Sainsbury's Finance has cut the cost of loans taken over short periods of time.
Selected rates for Nectar card holders have been reduced by 0.1% APR.
The changes are: £1K to £2999 - 18.6% APR (-0.1%), term one year to three years.
£3K to £4999 - 13.7% APR (-0.1%), term one year to three years.
£5K to £7499 - 8.6% APR (-0.1%), term one year to three years.
As an example, the monthly repayments for a £5K loan over 3 years will be £157.33 without insurance. Rates are typical and dependent on credit rating and amount and term of the loan.
This rate reduction, following on quickly from the previous one, will please consumers who wish to borrow over the shorter term.
The loan remains competitive across all tiers and by offering lower rates for a shorter term on smaller amounts, it encourages borrowers to opt for quicker loan repayments hence incurring less interest costs.
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