Sainsbury's Bank has reduced the cost of select tiers of its personal loan. As a result, its loan of £5,000 to £7,499 has secured its place on the Moneyfacts charts and won an 'excellent' rating.
A Standard Nectar Cardholder Loan of £5,000 to £7,499 now has a competitive rate of 4.7% APR over a term of one to three years, enabling it to sit comfortably on the charts. Meanwhile, a loan of £7,500 to £15,000 has a joint market-leading rate of 3.6% APR over terms of four to five years (3.5% APR for one to three years).
Example monthly repayments: £5,000 over three years = £148.96.
This loan is only available to Nectar cardholders aged 18 and over with a minimum gross income of £7,500 per annum. Applications can be made by phone or online.
As an added bonus, a Price Promise Guarantee ensures that this loan will beat any "like for like" deal.
Borrowers should remember that rates are dependent upon the size of the loan, the term chosen and their credit rating.
The rate cut to this loan has made the offer even more competitive. As an added bonus, the Price Promise Guarantee ensures that it'll be a cost-effective choice for those looking for mid-range borrowing amounts.
Moneyfacts rating: Excellent
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