Sainsbury's Bank has reduced the cost of borrowing on its £7,500 to £15,000 loan tier for its Nectar Card personal loan by 0.2%, earning it a five-star review.
A Standard Nectar Cardholder Loan for £7,500 to £15,000 now has a representative APR of 3.7% (3.6% APR for terms of one to three years, 3.7% APR for four to five years and 5.7% APR for six to seven years).
The finer details…
Example monthly repayments: £7,500 over three years = £136.90.
Borrowers must be at least 18 years old and a Nectar cardholder to apply for this loan. Applications can be made online and by phone. This loan comes with the bonus of a Price Promise Guarantee, which pledges to beat any 'like for like' deal.
Borrowers should remember that all rates depend upon their credit rating, loan amount and the term chosen.
Why we like it…
The rate decrease on the £7,500 to £15,000 loan tier has boosted the competitiveness of this loan, something that is certain to catch the eye of borrowers. Adding to the appeal is the Price Promise Guarantee, which serves to make this loan even more attractive.
The highest accolade of five Moneyfacts Stars has been awarded.
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