Sainsbury's Bank has increased the APR on selected loan tiers by up to 2.4%. Despite this, the loan overall remains competitive enough to keep its place in the Best Buys and earn the highest Moneyfacts rating.
A personal Nectar Cardholder Loan of £1,000 to £2,999 over a term of one to three years now has an APR of 14.8% (up 2.4%), while over a term of 37 months to five years it has an APR of 14.9% (+2.4%). A loan of £3,000 to £4,999 over a term of one to three years now has an APR of 9.8% (+2.4%), while over a term of 37 months to five years it has an APR of 9.9% (+2.4%).
For higher loan amounts, a loan of £15,001 to £19,999 with a term of two to three years now has an APR of 3.2% (up 0.3%), while over a term of 37 months to seven years, the APR would now be 3.3% (also up 0.3%). No other tiers and terms have seen changes.
Selected loan tiers for non-Nectar cardholders have also seen their rates increase and continue to be higher than for cardholders.
Example monthly repayments: £1,000 over one year for a standard Nectar loan = £89.73.
Applications can be made online or over the phone. Borrowers must be at least 18 years old to apply, with a minimum gross household income of £7,500 per year, and must be Nectar cardholders to be eligible. They should also remember that rates are representative and dependent on their credit rating.
As an added bonus, Sainsbury's Bank offers a price promise guarantee to beat any like-for-like loan (terms and conditions apply).
This personal loan remains competitive amongst its peers despite the rate rises, thereby comfortably staying in the Best Buys and easily earning our highest rating.
Moneyfacts rating: Outstanding
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