Sainsbury's lowers personal loan rate

Wed, 04 Jul 2007

Sainsbury's Bank has announced a cut in the rates applied to its online personal loans.

Borrowers looking to the web for one of the company's personal loans will now be able to take out money from a typical APR of 6.5 per cent, 24 hours a day.

Furthermore, Sainsbury's personal loan customers are able to make no repayments for the first three months, if they so desire, which could help them to get back on their feet if they are aiming to consolidate.

The new rates are available for borrowers taking up to £25,000, although a minimum of £7,500 must be taken out.

Steven Baillie, loans manager at Sainsbury's Bank, commented: "Our new rate, which is one of the lowest around, should be helpful to those looking to carry out any home improvements this summer."

He added that the new lower rate personal loans may also prove useful for individuals looking to buy a new car, while the lower interest is a further example of the company's drive to improve its offerings to customers.

Sainsbury's Bank also offers credit cards and savings products.


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