Sainsbury's Bank's online sale for personal loans between £7,500 and £15,000 has now ended, which means the rate has increased by up to 0.2%. However, the bank has now cut rates on larger borrowing amounts.
For online and telephone loans between £7,500 and £15,000, borrowers will now be charged an increased rate of 4.9% APR if repaying over one to three years.
Borrowers taking this loan over four to five years, meanwhile, will be charged 5.1% APR, while repayments over six to seven years will incur an APR of 7.1%.
For loans between £15,001 and £25,000 over two to three years, borrowers will be charged a reduced rate of 6.8% APR. If repaying over four to five years, borrowers will pay 6.9% APR.
All products are only available to Sainsbury's shoppers who hold a Nectar card that has been used with Sainsbury's in the last six months.
Although the online loan sale has ended, resulting in slightly higher rates, this loan is still highly competitive. Borrowers will also benefit from the rate cuts at higher amounts.
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