Rate cuts make Sainsbury's Loans best buys in most brackets
Sainsbury's Loans' recent move - reducing the rate on £7.5K - £14,999 loans, from 7.4% to 7.2% - has secured the supermarket bank the best buy top spot. Indeed, this position is felt across most borrowing brackets with the bank offering a five star rated Moneyfacts product for small, medium and larger loan amounts.
In addition, customers with a Nectar card applying for a loan between £7.5K and £14,999 can opt for a term of between one and three years to receive a further rate reduction - to 7.1%. Customers applying for a loan between £15K and £25K over a term of two to three years could also reduce their rate to 8.2%.
The rate cuts are part of Sainsbury's Finance's drive to consistently offer competitive rates to its customers. The rates are available to those applying with a Nectar card, which can be done via telephone, Sainsbury's Finance's website and various aggregator sites.
Sainsbury's shoppers taking advantage of Sainsbury's Finance's competitive loan rates will also be rewarded with double Nectar points on their shopping in store, online and in petrol filling stations for two years. 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 competitive loan rates available for a number of years now and we will continue to do so. Our customers are important to us, and that's why we also reward them for their custom; our double Nectar loyalty scheme is hugely popular and we know that Sainsbury's shoppers benefit greatly from it."
In addition to one of the most competitive rates in the marketplace, customers taking out a Sainsbury's Finance Loan benefit from:
Double Nectar points on your Sainsbury's shopping and petrol for 2 years
A personally tailored repayment period, from 1 to 7 years
Fixed repayments for the whole period of the loan
An instant decision
Money directly into your bank account