Sainsbury’s Bank slashes loan rates | Product News - Moneyfacts

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Sainsbury’s Bank slashes loan rates

Sainsbury’s Bank slashes loan rates

Category: Loans
Date: 12/04/2013

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 It is now over 6 months old so the content may be out of date.

Hot on the heels of Tesco Bank's revised loan rate comes this rate cut from Sainsbury's Bank, affecting its Standard Nectar Cardholder Loan and Reward Nectar Cardholder loans for all borrowing tiers above £7,500.

The basics…

Standard Nectar Cardholders borrowing between £7,500 and £15,000 over a term of one to three years will be subject to a rate of 5.0% APR.
5.1% APR is offered for loans between £7,500 and £15,000 over four to five years.
7.1% APR offered on loans between £7,500 and £15,000 over six to seven years.
7.1% APR offered on loans between £15,001 and £25,000 over two to three years.
7.2% APR offered on loans between £15,001 and £25,000 over four to five years.
Loans between £15,001 and £25,000 will be subject to a rate of 8.2% APR over a six to seven year term.

Reward Nectar Cardholders who wish to borrow between £7,500 and £15,000 over one to three years will be subject to a rate of 5.4% APR.
Loans between £7,500 and £15,000 over four to five years will be offered at a rate of 5.5% APR.
7.4% APR is offered on loans between £15,001 and £25,000 over two to three years.
7.5% APR is offered on loans between £15,001 and £25,000 over four to seven years.

The finer details….

A typical monthly repayment based on a £5,000 loan over a three year period would be £155.61. Rates are representative and dependent on credit rating, loan amount and term.

Why we like it….

Asserting its place in the personal loan best buy tables, this latest set of rate reductions will appeal to customers borrowing large amounts. Five out of five Moneyfacts Stars have been awarded.

What next?

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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