Sainsbury's Bank has increased the maximum advance on its personal loan to £40,000, earning it the top accolade and shoring up its position on the Moneyfacts charts as a result.
A Standard Nectar Cardholder Loan of £35,001 to £40,000 over a term of two to three years has a competitive APR of 6.7%, while over longer terms of 37 months to five years and 61 months to seven years it has an APR of 6.8% and 8.8% respectively.
Rates for all other tiers remain unchanged, retaining their competitive advantage.
As an added bonus, Sainsbury's Bank offers a Price Promise Guarantee, which pledges to meet any 'like for like' deal.
Applicants must be Nectar cardholders and at least 18 years old with a minimum annual income of £7,500 (a non-Nectar loan is also available paying slightly different rates). Applications can be made online or by phone. Borrowers should remember that rates are representative and dependent on their credit rating.
The extension to the maximum loan amount is sure to catch the eye of borrowers who are looking for a cost-effective way to borrow a larger sum of money. The fact that this deal also comes with a Price Promise Guarantee further sweetens the offer and ensures that it fully deserves the top 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 Any products featured may be withdrawn by their provider or changed at any time.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.