Personal loans to help cover tax bills

According to HM Revenue & Customs around 900,000 people missed last year's January self-assessment deadline and automatically incurred a £100 fine.

Don't delay, warns Sainsbury's Bank who estimates that this year, nearly £50 million will be taken out in personal loans to help pay personal tax bills. The average loan amount for this purpose will be just under £11,000.

Steven Baillie, loans manager, Sainsbury’s Bank said: “Some people can find themselves facing a tax bill that is considerably higher than they had been expecting and to help cover this, will take out a personal loan. With the 31st January deadline just around the corner, those doing this need to ensure that they have shopped around for a competitive rate, can get an instant decision and access to the funds as quickly as possible, and whatever they do, don't incur the £100 late penalty.”

Sainsbury’s Bank personal loans start at 6.5% APR typical. In addition to some of the most competitive rates in the marketplace, customers taking out a Sainsbury’s Bank loan can choose to make no repayments for the first three months, receive an instant decision and have their money within 24 hours.

For further information, visit sainsburysbank.co.uk.