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Rate Cuts Make Sainsbury’s Loans Best Buys In Most Borrowing Brackets

14 February 2011

Sainsbury’s Loans’ recent move – reducing the rate on £7.5K – £14,999 loans, from 7.4% to 7.2% – has secured the supermarket bank the best buy top spot. Indeed, this position is felt across most borrowing brackets with the bank offering a five star rated Moneyfacts product for small, medium and larger loan amounts.

In addition, customers with a Nectar card applying for a loan between £7.5K and £14,999 can opt for a term of between one and three years to receive a further rate reduction – to 7.1%. Customers applying for a loan between £15K and £25K over a tem of two to three years could also reduce their rate to 8.2%.

The rate cuts are part of Sainsbury’s Finance’s drive to consistently offer competitive rates to its customers. The rates are available to those applying with a Nectar card, which can be done via telephone, Sainsbury’s Finance’s website and various aggregator sites.

Table outlining Sainsbury’s Loans personal loan rates (source: Moneyfacts):

 
£3,000 over 3 years £5,000 over 3 years £10,000 over 5 years £20,000 over 5 years
Sainsbury’s Finance 12.6% Sainsbury’s Finance 8.4% Sainsbury’s Finance 7.2% Sainsbury’s Finance 8.3%
Post Office 13.9% Tesco Bank 8.7% Nationwide BS 7.3% Tesco Bank 8.5%
Santander 14.9% Post Office 8.9% Tesco Bank 7.4% Post Office 8.9%
Tesco Bank 15.9% Santander 8.9% Marks & Spencer Money 7.5% Santander 8.9%
Marks & Spencer Money 16.9% Marks & Spencer Money 12.9% Post Office 8.9% AA 9.9%
AA 17.9% AA 12.9% Santander 8.9% Marks & Spencer Money 9.9%

 

Competitor rates: source Moneyfacts.co.uk – the comparison site you can’t afford to ignore 04/02/11.  For loans available for new customers. Competitors quoted may offer lower rates to existing customers, internet or telephone applications or for larger loans. *Also available for loans between £7,500 to £14,999. 

Sainsbury’s shoppers taking advantage of Sainsbury’s Finance’s competitive loan rates will also be rewarded with double Nectar points on their shopping in store, online and in petrol filling stations for two years(1). For example, customers who spend £50 a week with Sainsbury’s and have a Sainsbury’s personal loan as well as a Nectar card would receive £52 worth of Nectar points a year.

Steven Baillie, Head of Loans, Sainsbury’s Finance, said: “We’ve been offering some of the most competitive loan rates available for a number of years now and we will continue to do so. Our customers are important to us, and that’s why we also reward them for their custom; our double Nectar loyalty scheme is hugely popular and we know that Sainsbury’s shoppers benefit greatly from it.”

In addition to one of the most competitive rates in the marketplace, customers taking out a Sainsbury’s Finance Loan benefit from:

For further information on Sainsbury’s Finance Loans, call 0800 169 8502, log onto www.sainsburysfinance.co.uk  or pick up a leaflet in your Sainsbury’s supermarket.

Ends

For further information, please contact:
Ian Morris / Holly Clark
Citigate Dewe Rogerson
020 7282 1037 / 2917

Notes to editors:

(1) Applicants will have to be Nectar card users and will have to supply their Nectar card number on applying for the loan

Sainsbury’s Finance:

To view our latest press releases and product information, please visit the Sainsbury’s Finance online media centre atwww.sainsburysfinance.co.uk/media.

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 Finance 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 recent awards include Best Overall Online Provider, Best Direct Personal Loans Provider, Best Online Credit Card Provider, Best Online Life Insurance Provider, Your Money 2010.

Sainsbury’s Finance is a joint venture between J.Sainsbury plc and Lloyds Banking Group.

For further information and general Sainsbury’s Finance enquiries customers can call the freephone number on 0500 40 50 60 or visit www.sainsburysfinance.co.uk

Notes to editors/webmasters

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