Sainsbury's Finance cuts personal loan rate

Sainsbury's Finance has reduced its Standard personal loan rate to a best buy 6.1% APR Representative for loans between £7,500 and £14,999.  Available to Sainsbury's shoppers applying with a Nectar card, those seeking a loan can apply via Sainsbury's Finance's website and a number of aggregator sites.

For those who more regularly shop in Sainsbury's and enjoy the benefits of earning Nectar points, the supermarket bank has also increased the customer reward available on its Shopper Reward Loan, between £7,500 and £15,000. In addition to a competitive 6.9% APR Representative, Sainsbury's shoppers will benefit from a £100 Sainsbury's gift card and a double Nectar point reward for two years. The total package is a market leading offer for the Sainsbury's shopper.  Indeed, when combining the benefit of the £100 gift card, the competitive rate and double Nectar reward, based on a £50 weekly shop, shoppers could reduce their total repayment by up to £152. Shoppers spending £100 a week in store could reduce their repayment by up to £204.

Steven Baillie, Head of Loans at Sainsbury's Finance said: "We continually offer competitive rates for our customers and reward them for their custom, so the new rate is great news for Sainsbury's shoppers.

"For those who spend around £50 or more in store, it's worth considering our Shopper Reward Loan - when taking into account the Nectar points earned and our gift card, it can make a significant difference to the total repayment.

"Plus the more Nectar points earned in store, online and in Sainsbury's petrol filling stations, the greater the benefit."

Based on loans of £7,500 taken out over 4 years.  Calculated by looking at the total repayment for 6.9% then subtracting the benefit of the combined reward - conditional to collecting Double Nectar over two years and redemption of the £100 gift card.  Tesco/ Nationwide/Santander/ information sourced from Moneysupermarket.com 13/01/12

Note: Sainsbury's new reduced rate on Standard loan at 6.1%.

Visit sainsburysfinance.co.uk/loans for more details.