Sainsbury's Finance cuts personal loan rate to 7.8%

Sainsbury's Finance has announced a reduced rate of 7.8% for Sainsbury's shoppers applying for a personal loan between £7,500 and £14,999. The rate will be available to applicants applying with a Nectar card across all channels including aggregator sites, and those applying online, by telephone and via Moneysupermarket.com will benefit from double Nectar points on their shopping for two years.

According to MoneyExpert.com the average rate on non-secured personal loans between £7,500 and £14,999 is currently 9.5%.

Sainsbury's shoppers taking advantage of the offer will be rewarded with double Nectar points on their shopping in store, online and in petrol filling stations for two years when taking out a loan from Sainsbury's Finance. For example, customers who spend £50 a week with Sainsbury's and have a Sainsbury's personal loan as well as a Nectar card would receive £52 worth of Nectar points a year.

Steven Baillie, Head of Loans, Sainsbury's Finance, said: "We've been offering some of the most attractive loan rates in the market for a long time now and this offer should strengthen further our appeal to Sainsbury's shoppers.

"Whether it's for car purchase, home improvement or debt consolidation, we'd always encourage people to shop around for the very best rate available."