Sainsbury's Bank has reduced the APR on loans of £7,500 to £15,000 by 0.2%, pushing it to the top of the best buys and securing a joint market-leading rate.
A Standard Nectar Cardholder Loan for £7,500 to £15,000 now has a rate of 3.9% APR for a term of four to five years. Meanwhile, for a term of one to three years, a new reduced rate of 3.8% APR is in operation, and for a longer-term loan of six to seven years, the APR is now 5.9%.
A Reward Nectar Cardholder Loan for the sum of £7,500 to £15,000 also has new rates charging 4.1% APR over one to three years and an APR of 4.2% for a term of four to five years.
Non Nectar Loans have also seen reductions, with a loan of £7,500 to £15,000 over one to five years securing a rate of 3.9% APR. The same loan over six to seven years has a new APR of 5.9%.
Example monthly repayments of a Standard Nectar Cardholder Loan: £5,000 over three years = £150.25.
Example monthly repayments of a Reward Nectar Cardholder Loan: £5,000 over three years = £151.11.
Example monthly repayments of a Non Nectar Loan: £5,000 over three years = £150.46.
All applicants must be at least 18 years old and a Nectar Card is required for both the Standard Nectar Cardholder Loan and the Reward Nectar Cardholder loan.
The Standard Cardholder Loan comes with the added bonus of a Price Promise Guarantee, which pledges to beat any 'like for like' deal, while the Reward Nectar Card also has added benefits: borrowers taking out this loan will receive double Nectar points for two years on shopping and fuel as well as a bonus of 5,000 points.
Borrowers should remember that all rates depend upon their credit rating, loan amount and the term chosen.
While all Sainsbury's loans in the £7,500 to £15,000 tier have seen reductions, it is the Standard Nectar Cardholder Loan that has benefited the most, grabbing the top spot on the Moneyfacts charts for its loan over a period of four to five years. The attractive rate now on offer, combined with the price guarantee, mean that this loan is likely to appeal to borrowers looking to consolidate their debts.
The highest accolade of five Moneyfacts Stars has been awarded.
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 Any products featured may be withdrawn by their provider or changed at any time.
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