Unsecured personal loans at less than 8% APR only available from 4 loan providers
Published: 27 May 2009 By MoneyhighStreet Staff Leave a Comment
There are currently only 4 lenders offering unsecured personal loans at an interest rate of less than 8% APR.
According to Sainsburys Loans they are one of only 4 loan providers offering unsecured personal loans, for amounts between £5,000 and £15,000, with an APR of less than 8%.
Even though the Bank of England base rate has dropped significantly to the current 0.5%, according Sainsburys Loans, the number of lenders offering personal loans at less than 8% APR has fallen heavily.
Steven Baillie, Head of Loans at Sainsburys Finance, said ‘Our current analysis highlights the fact that the loans marketplace is actualy much less competitive than it was 12 months ago.’
He added ‘Anyone considering taking out a loan today needs to ensure more than ever before that they shop around to take advantage of the best rates out there.’
A Sainsburys personal loan offers a repayment period of 1 to 7 years and fixed repayments fro the whole period of the loan.
Sainsburys Finance is a joint venture between Sainsbury’s and Lloyds Banking Group, established in 1997.
