Sainsburys Rewarding Customer With Lower Loan Rates

Tue, 14 Apr 2009

Sainsbury’s is offering its customers ‘best buy’ loan rates of less than 8 per cent.

The company’s financial services arm Sainsburys Finance has reduced its personal loan rate from 8.1 per cent to 7.9 per cent for Nectar card holders who apply online for a loan of between £5,000 and £15,000.

Nectar cards can be requested by Sainsbury’s customers for free and allow them to collect loyalty points which can be exchanged for goods.

Steven Baillie, head of loans at Sainsbury’s Finance, said: "We’re constantly looking for ways to reward our customers. With this offer we’re giving the Sainsbury’s shopper a preferential rate ."

According to financial website MoneyExpert.com, the average rate on a non-secured personal loan between £5,000 and £15,000 is currently 10.42 per cent, and Sainsbury’s is one of just four providers offering typical rates of less than 8 per cent.

Chris Eagle, commercial manager at CreditChoices.co.uk said: "It’s great to see that Sainsbury’s is rewarding its customers with lower loan rates, but it’s important to remember the rate of 7.9 per cent is ‘typical’, and what you will actually be offered will depend on your personal circumstances."

He added that loan-seeking consumers should shop around to see what different providers are offering and use online loan comparison tools to ensure they get the best possible deal.
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