Sainsbury's Bank has reduced the cost of selected tiers of its personal loan by 0.1% APR, earning it the top accolade as a result.
A Standard Nectar Cardholder Loan of £7,500 to £15,000 over a term of one to three years now has a highly competitive rate of 3.4% APR, while the same loan over a period of 37 months to five years has a new rate of 3.5% APR. Over a term of 61 months to seven years, a rate of 5.5% APR is now charged. Meanwhile, a higher tier loan of £15,001 to £25,000 has an attractive rate of 4.7% APR over a term of two to five years, while over a term of 37 months to seven years the rate is now 4.8% APR.
The finer details…
Example monthly repayments: £7,500 over five years = £136.25.
As an added bonus, this loan comes with a Price Promise Guarantee, which pledges to beat any 'like for like' deal, thereby giving borrowers some extra confidence about its competitiveness in the market.
Borrowers must be Nectar cardholders and at least 18 years old with an annual income of at least £7,500. It should be remembered that all rates are representative and dependent on the borrower's credit history.
For non-Nectar cardholders, an alternative version of the loan is available, albeit with slightly higher rates.
Why we like it…
Sainsbury's personal loan was already ranked highly for competitiveness, but these latest rate reductions have shored up its position in the Moneyfacts charts. Borrowers looking for a mid to high-tier loan are likely to welcome the news, particularly as this deal comes with the added reassurance of the Price Promise Guarantee. 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 Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.