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.
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.
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.
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
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