Sainsbury’s cuts cost of higher-tier loan | Product News - Moneyfacts

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Sainsbury’s cuts cost of higher-tier loan

Sainsbury’s cuts cost of higher-tier loan

Category: Loans
Date: 28/01/2016

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 It is now over 6 months old so the content may be out of date.

Sainsbury's Bank has reduced the cost of borrowing between £25,001 and £35,000 by 0.1% APR, further solidifying its place in the Moneyfacts charts and earning it the top accolade in the process.

The basics…

A Standard Nectar Cardholder Loan for £25,001 to £35,000 now charges a rate of just 6.7% APR over terms of two to three years, and 6.8% over 37 months to five years. A Non Nectar Loan charges 6.8% APR for all terms.

The finer details…

Borrowers will need to either be new or existing Nectar cardholders to be eligible for the Nectar loan. All borrowers must be at least 18 years-old with a minimum household income of £7,500.

As an added bonus, the loan comes with a Price Promise Guarantee, whereby Sainsbury's will beat any "like-for-like" loan (terms and conditions apply). The loan can be applied for online or by phone, and borrowers should remember that rates are representative and dependent on individual credit ratings.

Why we like it…

Sainsbury's Bank's latest rate cut has ensured that its personal loan has become a leading contender for higher-tier borrowing, further improving its already outstanding status.

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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