Sainsbury’s reduces personal loans rate

Sainsbury’s Finance has announced it is reducing its personal loans rate to 7.9% APR typical.

The new low rate is only available to Sainsbury’s customers with their loyalty Nectar card.

Apllications, made online, are available for between £5,000 and £15,000.

This announcement from Sainsbury’s comes hot on the heels of the personal loans rate changed by Nationwide yesterday.

It shows there is growing competitive interest in the Personal loans market.

Head of Loans at Sainsbury’s Finance, Steven Baillie, said ‘We’re constantly looking for ways to reward our customers and with this offer, we’re giving the Sainsbury’s shopper a preferential rate, enabling even more people to enjoy the benefit of banking, as well as shopping with us.’

Baillie added ”All of our loans customers enjoy one of the most competitive rates available in the market, but those shopping at Sainsbury’s can now take advantage of an even better deal.’

The personal loans can be repaid over 1 to 7 years and will have fixed repayments for the whole period selected.

Sainsbury’s Finance is a joint venture between Sainsbury’s and Lloyds Banking Group.