Sainsbury's Bank has reduced the cost of selected tiers of its Nectar cardholder personal loan by up to 2.3% APR, consolidating its place on the Moneyfacts charts and earning an 'outstanding' rating in the process.
A Standard Nectar Cardholder Loan of £15,001 to £19,999 over a term of two to three years now has a rate of 3.5% APR, or 3.6% APR for terms of 37 months to seven years, after receiving the maximum reduction of 2.3% APR.
Other tiers have also undergone reductions, albeit to a lesser extent, ensuring this loan's competitiveness at all borrowing levels.
Example monthly repayments: £15,000 over five years = £273.16.
Applicants must be at least 18 years old and a Nectar cardholder with a minimum annual income of £7,500. Applications can be made by phone and online. Borrowers should remember that rates are dependent on the loan amount, the chosen term and their credit rating.
Applicants can also take advantage of the loan's Price Promise Guarantee, which pledges to beat any "like for like" deal.
The rate reductions to this loan's mid to high-tier borrowing amounts have cemented it in the charts. Borrowers looking to consolidate their debts are therefore likely to be attracted to this deal, particularly as the Price Promise Guarantee ensures its competitiveness. This is an outstanding product that fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
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