Sainsbury’s cuts personal loan rates

Sainsbury's Bank has reduced the rate on its small and medium sized personal loans, keeping it at the top of the best buy tables.

The supermarket bank has reduced its rate on personal loans between £7,500 and £15,000 to a best buy 5.9% APR Representative, or 5.8% APR Representative for those choosing to repay their loan between 1-3 years.

Additionally, the rate on personal loans between £5,000 and £7,499 has been reduced to 7.6% APR Representative, or 7.5% APR Representative for those choosing to repay their loan between 1-3 years.

Available to customers with a Nectar card, those seeking a loan can apply over the phone directly to Sainsbury's Bank, via its website, or from a number of aggregator sites.

David Walker of Sainsbury's Bank Loans said: "Our rate reductions today once again underline our commitment to providing our customers with quality products and competitive rates."

Sainsbury's Bank recently won the prestigious Moneyfacts award for Best Personal Loan Provider at this year's ceremony.

Customers taking out a Sainsbury's Bank Loan also benefit from:

A personally tailored repayment period, from 1 to 7 years 
Fixed repayments for the whole period of the loan
Easy to apply
Money transferred directly into your bank account

For further information on Sainsbury's Bank Loans, log onto sainsburysbank.co.uk.