Sainsbury's Finance reduces rate on personal loans between £7,500 and £15,000

Sainsbury's Finance has reduced the rate on personal loans between £7,500 and £15,000 to a market leading rate of 6.2% APR Representative, reduced from 6.4% APR Representative.

Related topics:  Specialist Lending
Millie Dyson
28th October 2011
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Steven Baillie, Head of Loans at Sainsbury's Finance said:

"We're pleased that we are able to offer a competitive rate to our customers who may be looking to make home improvements, buy a new car, or consolidate existing debts they may have."

In addition, customers taking out a Sainsbury's Finance Loan benefit from:

-A personally tailored repayment period, from 1 to 5 years

- Fixed repayments for the whole period of the loan

- Easy to apply

- Money transferred directly into your bank account

Tim Moss, head of loans at MoneySupermarket.com said:

"Sainsbury's Finance announced this morning that it was cutting the APR on its medium standard rate loan between £7,500 and £15,000 to 6.1% for terms up to three years borrowing, and 6.2% for four to five years borrowing.

"This really is great news for consumers who are looking for a loan at a good rate, and Sainsbury's have also made it slightly more competitive to take the loan over a shorter term which is commendable and means the loan could be paid off sooner. 

"We haven't seen a loan product with this APR since 2007, and it could be a sign that other providers may follow suit soon and cut their interest rates, and the next round of the loan rate wars begins.

"The Sainsbury's Finance loan is only available to Nectar card holders, and repayments will range from £145.10 per month to £290.47 depending on the term of the loan. It's important however that consumers remember to borrow sensibly. 

"With inflation still a high of 5.2 per cent, household finances are increasingly stretched, so consumers need to remember to borrow only when they know they can handle the repayments."
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