From Pianos To Pilot Lessons – Analysis Reveals Personal Loans Have Made Dream Purchases A Reality

20 April 2015

Analysis of personal loans taken out with Sainsbury’s Bank(1) reveals that people in the UK have made some interesting and quirky purchases in the past 12 months, including building a steam engine, buying a vintage bus, pilot lessons, pianos, and even a plane.

93% of all loans (1) taken out in 2014 were at least in part for cars, home improvement or debt consolidation – consistently the big three reasons for people to take out personal loans. Of these, 40% were (fully or partially) for car purchases, 32% were for debt consolidation and home improvements accounted for 28%.

However, the analysis(1) reveals that there was also a significant number of more unusual reasons for borrowing, with 7% of loans being taken out purely for reasons outside of “the big three”. Some borrowers planned to invest in specific statement pieces for their home such as Jacuzzis. Other examples include a customer who bought a houseboat, another who purchased a beach hut and numerous customers who used their personal loans to pay for cosmetic surgery or hair treatments.

Simon Ranson, Head of Banking at Sainsbury’s Bank said: “One of the advantages of using a personal loan to fund a purchase is that the cost can be spread evenly across a planned period of time.  This means you can make your dream purchase but have peace of mind you’re staying within your monthly budget.”

Sainsbury’s Bank offers loans between £1,000 and £35,000. In addition to competitive rates, customers taking out a Sainsbury’s Bank loan also benefit from fixed repayments for the whole period of the loan and customers can have the funds transferred directly into their bank account.

The Bank, which consistently offers competitive interest rates on personal loans, also has a Price Promise Guarantee. This means that if a customer is offered a “like for like” loan that has a lower APR with another lender, Sainsbury’s Bank will beat it by 0.1%. This is subject to qualifying for the ‘offer’ and customers must not have already accepted the Bank’s Personal Loan offer by signing and returning a Sainsbury’s Loan agreement(2). Car dealership loans and finance are excluded.

For further information on Sainsbury’s Bank Loans, visit or pick up a leaflet instore at Sainsbury’s.


This press release is information for journalists only and is not intended to be a promotion to be acted upon by consumers.

Notes to Editors

(1)    Analysis of Sainsbury’s Bank’s loan book for the period 1st January 2014 – 31st December 2014. Please note that unless otherwise stated, figures are based on loans which were either solely or partially for the reasons listed above, so there will be some overlap across these categories.

(2)    Multiple credit searches may make obtaining future credit more difficult. Price Promise Guarantee Terms and Conditions:

The Offer does not apply to the following rate or loan types:

Loans where the funds are not available for immediate use
Discount rates offered only to members of groups or individuals who meet previously specified criteria;
Rates that are not immediately available, promotions that are not at everyday rates and products which are sold under different terms and conditions, such as special financing (i.e. dealer loans, promotional loans for specific goods);
Loans that are secured on land, investments or goods.
Any personal products being charged interest at a variable rate;
Any personal and non personal loan type products including but not limited to lease, contract hire, hire purchase or conditional sale agreements;
Loan agreements where interest has been temporarily or permanently suspended (including deferred payments and 0% loans for an initial period);
Loan agreements where the funds are to support periods of study, or the period immediately following completion of studies (for example, student loans or graduate loans).
If your claim is successful we will reduce the APR on your Sainsbury’s Loan to below that of the alternative lender by 0.1%. e.g. If the alternative lender formally offers you a rate of 6.9% APR, your claim is successful and 6.9% APR is lower than our rate offered we will reduce our offer rate to 6.8% APR
We reserve the right to modify or cancel the Offer at any time without prior notice.

Sainsbury’s Bank

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Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance, Sainsbury’s Bank provides a range of quality products including insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times. Our products consistently top best buy tables and regularly win awards for quality, price and service.

Sainsbury’s Finance is a trading name of Sainsbury’s Bank plc. Sainsbury’s Supermarkets Ltd is an appointed representative of Sainsbury’s Bank plc. Sainsbury’s Bank plc, Registered Office, 33 Holborn, London EC1N 2HT (registered in England and Wales, no. 3279730) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Register no. 184514).