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Sainsbury’s Bank loan stays in the charts

Sainsbury’s Bank loan stays in the charts

Category: Loans
Date: 30/03/2016

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 It is now over 6 months old so the content may be out of date.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 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.

The basics…

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.

The finer details…

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.

Why we like it…

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

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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