Sainsbury's Bank has reduced the cost of borrowing on select tiers by 0.1% APR, cementing its enviable position right at the top of the Moneyfacts charts.
A Standard Nectar Cardholder Loan of £7,500 to £15,000 over a term of 61 months to seven years now has a highly competitive APR of 5.3%. In addition, a loan of £15,001 to £19,999 over a term of two to three years has an equally competitive rate of 3.2% APR, while the same loan over a longer term of 37 months to seven years has a new rate of 3.3% APR. All other tiers remain competitive.
Example monthly repayments: £15,000 over five years = £271.21.
As an added bonus, this deal comes with a Price Promise Guarantee, which pledges to match any 'like for like' deal.
In order to apply for this loan, borrowers must be at least 18 years old and Nectar cardholders with a minimum annual income of £7,500. Applications can be made either online or by phone. Borrowers should remember that rates are representative and dependent on their credit rating.
By reducing select rates, Sainsbury's Bank has ensured that it is a force to be reckoned with in the personal loan market, especially as it also promises to beat 'like for like' deals. This is certainly an outstanding product and it 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 Any products featured may be withdrawn by their provider or changed at any time.
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