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Sainsbury’s Finance Announces New Personal Loan Rate Of 6.9% Apr Representative On Loans Between £7.5k And £14,999

08 March 2011

Sainsbury’s Finance has reduced its best buy personal loan rate to a best buy 6.9% APR Representative for loans between £7,500 and £14,999 until 29th March. Sainsbury’s Loan customers could also benefit from a week’s free shopping as their loan awards them double Nectar points on all their shopping and petrol for two years – a further boost to an extremely low APR*.

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.

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.”

Lender APR Representative  60 monthly repayments of Total amount repayable  Savings over 60 months
Sainsbury’s Finance 6.9% £196.56 £11,793.60
Nationwide BS 7.3% £198.33  £11,899.80 £106.20
Tesco Bank 7.4% £198.50 £11,910.00 £116.40
Post Office® 8.9% £205.39  £12,323.40 £529.80
Santander 8.9%  £205.44 £12,326.40 £532.80
NatWest (Existing customers) 9.9% £209.94 £12,596.40 £802.80
Barclays Bank 25.9% £284.06 £17,043.60 £5,250.00

 

All figures based on £10,000 over 60 months. Competitor rates: source Moneyfacts.co.uk – the comparison site you can’t afford to ignore 04/03/11. Competitors quoted may offer lower rates to existing customers, internet or telephone applications or for larger loans.

Sainsbury’s shoppers taking advantage of the offer will be rewarded with double Nectar points on their shopping in store, online and in petrol filling stations for two years when taking out a loan from Sainsbury’s Finance. 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.

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:

*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 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

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