Sainsbury's Finance has once again cut personal loan rates by up to 0.2% for Nectar card holders.
The new rates are as follows: £1K to £2999 - 18.4% APR (-0.2%), term: one year to three years, £1K to £2999 - 18.5% APR (-0.2%), term: four to five years; £3K to £4999 - 12.6% APR (-0.2%), term: one year to three years, £3K to £4999 - 12.7% APR (-0.2%), term four years to five years;
£5K to £7499 - 8.4% APR (-0.2%), term: one year to three years, £5K to £7499 - 8.5% APR (-0.2%), term: four years to five years, £7.5K to £14999 - 7.4% APR (no change), term: one year to five years, £15K to £25K - 8.5% APR (-0.2%), term: two years to seven years.
Despite some rates remaining on hold, these loans continue to be competitive across all tiers and by offering lower rates for a shorter term on smaller amounts, it could encourage borrowers to opt for quicker loan repayments hence incurring less interest costs.
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