Sainsbury's Bank has announced it has cut its personal loan rates to a typical APR of 6.1 per cent for loans over £10,000, resulting in repayments of under £200 pounds a month.
The personal loan provider says that successful applicants will have the money transferred straight into their bank accounts and can choose to make no repayments for the first three months after taking out their personal loan.
The offer is available until 9th October 2006 and personal loan customers can apply by telephone to take advantage of the rates.
Steven Baillie, loans manager at Sainsbury's Bank, remarked: "This offer should be helpful to those looking to fund a holiday this summer or maybe home improvements and highlights our commitment to continually offering low rates for our customers."
In May, Alliance &Leicester's Claire Alvey said that personal loans could also be helpful in saving "a lot of money" for customers looking to buy a car.
She said: "We hope that people take the time to find the best deal to avoid overpaying more than £1,800 per car bought on dealer finance."
Sainsbury's cuts personal loan rates
Sainsbury's cuts personal loan rates
Thu, 20 Jul 2006
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