Sainsbury's Bank has reduced the cost of borrowing £20,000 to £25,000 by 1.4% APR, solidifying its place in the charts and earning it the top rating as a result.
A Standard Nectar Cardholder Loan of £20,000 to £25,000 over a term of two to three years now has a competitive APR of 3.3% APR, while the same loan over an extended term of 37 months to seven years has a newly improved rate of 3.4% APR.
Example monthly repayments: £20,000 over five years = £362.48.
This deal comes with a Price Promise Guarantee, which pledges to beat any 'like for like' loan offer.
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 or online. Borrowers should remember that rates are representative and dependent on their credit rating.
Borrowers who are looking for a larger personal loan will be delighted by this rate decrease, which makes this deal even more cost-effective. An added bonus is the Price Promise Guarantee, which gives borrowers some extra reassurance about the competitiveness of this deal. This is an outstanding product that fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
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