Sainsbury's Bank has reduced the APR on selected loan tiers by up to 0.1%. This cut has improved the loan's position in the Best Buys and earned it the highest Moneyfacts rating, with it becoming the joint lowest-priced deal for mid-tier borrowing.
A Standard Nectar Cardholder loan of £7,500 to £15,000 over a term of 37 months to five years now boasts the lowest APR for its terms of 2.9%, after a drop of 0.1%. An even lower rate of 2.8% is available for those who can repay the loan over one to three years, and a higher rate of 4.9% is available for terms of between 61 months and seven years.
Example monthly repayments: £7,500 over five years = £134.31.
Applications can be made online or over the phone. Borrowers must be at least 18 years old to apply, with a minimum gross household income of £7,500 per year, and must be Nectar cardholders in order to be eligible. They should also remember that rates are representative and dependent on their credit rating.
As an added bonus, Sainsbury's Bank offers a price promise guarantee to beat any like-for-like loan (terms and conditions apply).
Overall the Sainsbury's Bank loan offers competitive rates across most tiers, and thanks to the latest rate cut on its £7,500 to £15,000 tier, it easily secures a joint-market leading position in the Best Buys and earns our highest rating in the process.
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 Any products featured may be withdrawn by their provider or changed at any time.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.