Sainsbury's Bank has reduced the cost of borrowing by dropping the rate of its £5,000 to £7,499 loans by 0.5%, earning an outstanding review as a result.
A Standard Nectar Cardholder Loan for £5,000 to £7,499 now has a market-leading rate of 4.8% APR over a term of one to three years (4.9% APR for four to five years).
Example monthly repayments: £5,000 over three years = £149.18.
Applicants must be at least 18 years old to apply for this loan as well as a Nectar cardholder. Applications can be made online and by phone. A version of the loan for non-Nectar cardholders is available at a slightly higher rate.
The Standard Nectar Cardholder 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.
Borrowers looking to consolidate their debts will be intrigued by this latest reduction. A Standard Nectar Cardholder Loan now offers a market-leading rate for mid-tier loans over terms of one to three years, as well as offering a Price Promise Guarantee, something that boosts the appeal even further. This is an outstanding product that fully deserves the highest 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 Any products featured may be withdrawn by their provider or changed at any time.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.