Sainsbury's: 8% loan rate for shoppers

Monday, 26 October 2009 12:00

Sainsbury's is offering personal loans at a rate of eight per cent to customers who hold a Nectar card.

Loans of between £7,500 and £15,000 are available at the rate, which is being offered to customers who apply online.

And anyone taking out a Sainsbury's loan can chose to make no repayments for the first three months.

They will also receive a decision on whether the loan has been accepted instantly and have their cheque delivered to the door within 24 hours.

Sainsbury's said it had seen a recent rise in the number of loans being taken out since the government's car scrappage scheme had come into force.

Stephen Baillie, head of loans at Sainsbury's said: "People considering buying a car, however, must remember to shop around for the best value loan they can find if this is how they decide to fund their vehicle - it can make a big difference to their repayments."

Compare best loan rates

• Tags:
• product news