Loan gets ‘outstanding’ rate cut | Product News - Moneyfacts

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Loan gets ‘outstanding’ rate cut

Loan gets ‘outstanding’ rate cut

Category: Loans
Date: 12/04/2016

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 It is now over 6 months old so the content may be out of date.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 rate on its £7,500 to £15,000 personal loan tier by 0.1% APR, meriting it the top accolade and securing its place on the Moneyfacts charts in the process.

The basics…

A Standard Nectar Cardholder Loan of £7,500 to £15,000 over a term of one to three years now has a competitive APR of 3.2%, while over longer terms of 37 months to five years and 61 months to seven years it has respective APRs of 3.3% and 5.3%. Loans available at other tiers remain competitive.

The finer details…

Example monthly repayments: £7,500 over five years = £135.60.

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

As an added bonus, this loan comes with a Price Promise Guarantee, which pledges to beat any 'like for like' deal. A non-Nectar cardholder loan offering slightly higher rates is also available.

Why we like it…

The rate cut to this loan tier has heightened this deal's competitiveness, which will appeal to those who are looking for a cost-effective option. The fact that it also comes with a Price Promise Guarantee adds to its attraction and ensures that it 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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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