Sainsbury’s Bank offers personal loans ranging from £1,000 to £40,000 with fixed interest rates. If you have a Nectar card, you are eligible for an even better rate.
You can apply for a loan even if you are not an existing client of the bank. Sainsbury’s likewise has a price match guarantee offer, in case you get a “like for like” offer from another provider.
Sainsbury’s Bank Personal Loans Main Features
The bank offers unsecured personal loans, which means approval is based on the borrower’s creditworthiness, and not on collateral. Following are some of the loan’s key features:
- High Loan Amount – You can borrow anywhere between £1,000 and £40,000.
- Convenient Payment Terms – The bank allows you to repay your loan over a term of 1 to 7 years.
- Fixed Monthly Payments – The fixed interest rate allows you to repay the loan at the same amount every month. Upfront, you have an idea on how much is your loan’s total cost.
- Better Rates for Nectar Cardholders – If you own a Nectar card (a UK loyalty card scheme), you will be eligible for improved rates.
- Quick Access to Loan Proceeds – Once your online loan application is completed and accepted, your funds would be immediately transferred.
- Price Match – Sainsbury’s Bank will make a better offer for “like for like” loan APRs from other providers.
- Early Loan Repayment – You can repay a part or your entire loan ahead of time.
- Two Month Deferred Repayment Option – You can opt to defer the start of your loan repayment for 2 months. This will allow you time to prepare your finances before the repayment period stars. Your loan, however, will incur interest even during this 2-month period.