Sainsbury's Bank has reviewed its range of personal loans and reduced rates on selected tiers by up to 1.9% APR. This has ensured that the loans have kept their competitive edge, with the Standard Nectar Cardholder Loan securing positions on all of our charts.
A Standard Nectar Cardholder Loan for the sum of £15,001 to £25,000 has been reduced to 5.8% APR for a term of two to three years – a joint market-leading rate for its sector - and 5.9% APR for a term of four to seven years.
Meanwhile, a Reward Nectar Cardholder Loan for £15,001 to £25,000 has a rate of 6.4% APR for a term of two to three years. For a term of four to five years, the rate is now 6.5% APR.
Non Nectar Loans have also been reduced, with a loan of £15,001 to £25,000 securing the biggest reduction and having a new lower rate of 5.9% APR.
Example monthly repayments for the Standard Cardholder Loan: £5,000 loan over three years = £150.25.
Example monthly repayments for the Reward Nectar Cardholder Loan: £5,000 loan over three years = £151.11.
Example monthly repayments for the Non Nectar Loan: £5,000 loan over three years = £150.46.
To take advantage of the new lower rates on larger loan amounts, borrowers must apply before 3pm on 14.10.14. 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.
These loans offer highly competitive rates, with the Standard Nectar Cardholder Loan coming top of the bunch with chart positions for all borrowing tiers. The lower rates for larger borrowing amounts are sure to attract borrowers looking to consolidate their debts, although applicants must remember that these rates will only be available until 14.10.14.
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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 Any products featured may be withdrawn by their provider or changed at any time.
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