Rate cut for loan is ‘outstanding’ | Product News - Moneyfacts

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Rate cut for loan is ‘outstanding’

Rate cut for loan is ‘outstanding’

Category: Loans
Date: 19/01/2016

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 It is now over 6 months old so the content may be out of date.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 cost of borrowing between £7,500 and £19,999 by 0.1% APR. As a result, it has consolidated its position on the Moneyfacts charts and earned the top accolade.

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 rate of 3.3% APR, while the same loan size over a term of 37 months to five years or 61 months to seven years have improved rates of 3.4% APR and 5.4% APR respectively.

Meanwhile, a loan of £15,001 to £19,999 over a term of two to three years has an attractive rate of 3.3% APR, while the same loan over a longer term of 37 months to seven years has a new rate of 3.4% APR.

The finer details…

Example monthly repayments: £7,500 over five years = £135.93.

This loan comes with the additional benefit of a Price Promise Guarantee, which pledges to beat any "like for like" deal.

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.

Why we like it…

By reducing the cost of borrowing for these loan amounts, Sainsbury's Bank has secured its competitive position on the charts. Nectar cardholders who are looking for an attractive mid-tier loan are therefore likely to pay attention to this deal, particularly as it comes with the added reassurance of a 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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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