£10k-£25k loans get a rate cut | Product News - Moneyfacts

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£10k-£25k loans get a rate cut

£10k-£25k loans get a rate cut

Category: Loans
Date: 17/03/2016

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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 the cost of borrowing on select loan amounts by 0.1% APR, confirming its place in the Moneyfacts charts and securing yet another 'outstanding' rating as a result.

The basics…

A Standard Nectar Cardholder Loan of £10,000 to £15,000 over a term of one to three years now has a highly competitive APR of 3.2%, while over a term of 37 months to five years and 61 months to seven years it has attractive rates of 3.3% APR and 5.3% APR respectively.

A higher loan of £15,001 to £25,000 also has a new eye-catching rate of 3.2% APR over two to three years and 3.3% APR over a longer term of 37 months to seven years.

The finer details…

Example monthly repayments: £10,000 over five years = £180.80.

Borrowers must be Nectar cardholders and at least 18 years of age with a minimum annual income of £7,500. Applications can be made by phone and online. Borrowers should remember that rates are representative and dependent on their credit rating.

As an added bonus, applicants can benefit from a Price Promise Guarantee, which pledges to meet any like for like quote.

Why we like it…

This loan was already highly attractive, but this latest rate cut to loans of £10,000 to £25,000 has cemented its reputation as an eye-catching product. Borrowers who are looking to borrow a larger amount will be delighted by the reduction and will also find the Price Promise Guarantee to be an appealing feature. In short, this is an outstanding product that fully deserves the highest Moneyfacts rating.

Moneyfacts rating: Outstanding

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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