Sainsbury's Bank has increased the APR on selected loan tiers of between £7,500 and £19,999 by 0.1%. Despite this, the loan remains in the Best Buy charts and once again earns the highest Moneyfacts rating, being still considerably competitive.
A personal Nectar loan of £7,500 to £15,000 over a term of one to three years now has an APR of 2.9%, while over a term of 37 months to five years it boasts an APR of 3.0% and over a term of 61 months to seven years it now boasts 5.0% APR. For a loan of £15,000 to £19,999, a term of two to three years now has an APR of 2.9%, while over a term of 37 months to seven years, the APR would now be 3.0%.
For a Non Nectar personal loan, a term of one to five years for £7,500 to £19,999 now has an APR of 3.0%, while a term of 61 months to seven years has 5.0% APR. A loan of between £15,000 and £19,999 over a term of 61 months to seven years now has an APR of 3.0%.
Example monthly repayments: £7,500 over five years for a standard Nectar loan = £134.63.
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 should remember that rates are representative and dependent on their credit rating.
This personal loan remains competitive amongst its peers despite this small rate rise, thereby comfortably staying in the Best Buys and easily earning our highest rating.
Moneyfacts rating: Outstanding
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