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Sainsbury’s Finance Announces New Personal Loan Rate Of 6.1% Apr Representative On Loans Between £7.5k And £14,999

16 January 2012

Sainsbury’s Finance has reduced its Standard personal loan rate to a best buy 6.1% APR(1) Representative for loans between £7,500 and £14,999.  Available to Sainsbury’s shoppers applying with a Nectar card, those seeking a loan can apply via Sainsbury’s Finance’s website and a number of aggregator sites.

For those who more regularly shop in Sainsbury’s and enjoy the benefits of earning Nectar points, the supermarket bank has also increased the customer reward available on its Shopper Reward Loan, between £7,500 and £15,000. In addition to a competitive 6.9% APR Representative, Sainsbury’s shoppers will benefit from a £100 Sainsbury’s gift card and a double Nectar point reward for two years. The total package is a market leading offer for the Sainsbury’s shopper(2).  Indeed, when combining the benefit of the £100 gift card, the competitive rate and double Nectar reward, based on a £50 weekly shop, shoppers could reduce their total repayment by up to £152. Shoppers spending £100 a week in store could reduce their repayment by up to £204(3).
Steven Baillie, Head of Loans at Sainsbury’s Finance said: “We continually offer competitive rates for our customers and reward them for their custom, so the new rate is great news for Sainsbury’s shoppers.

“For those who spend around £50 or more in store, it’s worth considering our Shopper Reward Loan – when taking into account the Nectar points earned and our gift card, it can make a significant difference to the total repayment.
“Plus the more Nectar points earned in store, online and in Sainsbury’s petrol filling stations, the greater the benefit.”
Weekly shop Rate  Total Repayment Combined reward package saving (£100 voucher & Double Nectar for 2 years) 3 Total Repayment
Sainsbury’s Shopper Reward Loan – £50 per week shop 6.9% £8,569 £152 £8,417

Sainsbury’s Shopper Reward Loan – £100 per week shop 6.9% £8,569 £204 £8,365

Sainsbury’s Shopper Reward Loan – £150 per week shop 6.9% £8,569 £256 £8,313

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Sainsbury’s Standard Loan 6.1% £8,444 No rewards £8,444
Tesco Personal Loan 6.1% £8,444 No rewards £8,444
Nationwide Personal Loan 6.4% £8,491 No rewards £8,491
Santander 6.9% £8,569 No rewards £8,569
Based on loans of £7,500 taken out over 4 years.  Calculated by looking at the total repayment for 6.9% then subtracting the benefit of the combined reward – conditional to collecting Double Nectar over two years and redemption of the £100 gift card.  Tesco/ Nationwide/Santander/ information sourced from Moneysupermarket.com 13/01/12
Note:  Sainsbury’s new reduced rate on Standard loan at 6.1%.
Go to www.sainsburysfinance.co.uk/loans for more details.

In addition, customers taking out a Sainsbury’s Finance Loan benefit from:
 A personally tailored repayment period, from 1 to 5 years
 Fixed repayments for the whole period of the loan
 Easy to apply
 Money transferred directly into your bank account

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: Natasha Virtue, Sainsbury’s Finance, 0131 338 2974 or Ian Morris, Citigate Dewe Rogerson on 0207 282 1037

Notes to editors:

(1) Rate competitive and correct at time of going to press 13/01/12
(2) Analysis of Moneysupermarket data and provider sites 13/01/12
(3) Based on loans of £7,500 taken out over 4 years. It assumes a weekly £50 shop over the course of the two year Double Nectar point offer and redemption of the £100 gift card. Applicants will have to be Nectar card users and will have to supply their Nectar card number on applying for the loan. Full terms and conditions are available atwww.sainsburysfinance.co.uk

 

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 Online Pet Insurance Provider, Best Online Personal Loan Provider and Best Direct Home Insurance Provider at the Your Money Awards 2011.

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

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