Sainsbury's Bank has increased the cost of borrowing £10,000 to £25,000 by 0.1% APR, but despite this, it has retained its coveted chart place and held on to its 'outstanding' rating.
A Standard Nectar Cardholder Loan of £10,000 to £15,000 over a term of one to three years now has a competitive APR of 3.3%, while over longer terms of 37 months to five years and 61 months to seven years it has new rates of 3.4% and 5.4% APR respectively. A loan of £15,001 to £25,000 over a term of two to three years, meanwhile, has a new rate of 3.3% APR, while over a term of 37 months to seven years it has a rate of 3.4% APR.
Example monthly repayments: £10,000 over five years = £181.24.
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 cost of borrowing £10,000 to £25,000 may have increased slightly, but this has in no way dented the competitiveness of this loan. Borrowers can still take advantage of some highly competitive rates, as well as the appealing Price Promise Guarantee, which enables this loan to retain its chart position and its 'outstanding' rating.
Moneyfacts rating: Outstanding
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