Sainsbury's Finance cuts personal loan rate
Sainsbury's Finance has brought down the rate on personal loans valued between £7,500 and £15,000 from 6.4 per cent APR Representative to 6.2 per cent.
In addition, the supermarket bank revealed new customers taking out a loan will benefit from a personally tailored repayment period ranging from one to five years, fixed repayments, an easy application process and instant transfer.
Steven Baillie, head of loans at Sainsbury's Finance said: "We're pleased that we are able to offer a competitive rate to our customers who may be looking to make home improvements, buy a new car, or consolidate existing debts they may have."
Tim Moss, head of loans at MoneySupermarket.com described the announcement as "great news for consumers".
He added: "We haven't seen a loan product with this APR since 2007 and it could be a sign that other providers may follow suit soon and cut their interest rates - and the next round of the loan rate wars begins."
Use the Myfinances.co.uk comparison tables to find the best deal on a personal loan
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