Sainsbury's Finance offers 8.1% personal loan

Thursday, 15 January 2009 12:00

Sainsbury's Finance is offering a new interest rate of 8.1 per cent on loans for customers borrowing £7,000 or more.

The rate, which is now available, is being described by the bank as one of the most competitive rates on the market.

Along with the reduced rate, borrowers will also benefit from a personally-tailored repayment period from one to seven years.

Other features include fixed repayments for the entire period of the loan, an instant decision on application and, if successful, the customer will receive their money within 24 hours.

The rate only applies for loans of up to £25,000.

Steven Baillie, head of loans at Sainsbury's Finance, said: "Our loan products have been consistently in the best-buy tables and this cut makes them even more competitive.

"Our new rate, one of the lowest available, should appeal to those looking either to consolidate their existing debts or make a major purchase in 2009."

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