In an unprecedented market move, Sainsbury’s Finance has increased the customer reward available on personal loans 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.
Market analysis by Sainsbury’s Finance(3) reveals that the loan’s combined package is the best available. 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(2).
Steven Baillie, Head of Loans at Sainsbury’s Finance said: “In time for the New Year when many people look to consolidate existing debt, plan home improvements or think about new cars, we’re pleased to be able to offer what we think is the best loan package on the market.
“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) 2 Total Repayment
Sainsbury’s – £50 per week shop 6.9% £8,569 £152 £8,417
Sainsbury’s – £100 per week shop 6.9% £8,569 £204 £8,365
Sainsbury’s – £150 per week shop 6.9% £8,569 £256 £8,313
Nationwide Personal Loan 6.4% £8,491 No rewards £8,491
M&S Personal Loan 6.0% £8,491 No rewards £8,428
Tesco Personal Loan 6.1% £8,444 No rewards £8,444
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. Nationwide/M&S/Tesco information sourced from Moneysupermarket.com 05.01.12
Note: Sainsbury’s also offers a Standard Loan at 6.4%.
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, call0800 169 8502, log onto www.sainsburysfinance.co.uk or pick up a leaflet in your Sainsbury’s supermarket.
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 05.01.12
(2) 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
(3) Analysis of Moneysupermarket data and provider sites 05.01.12
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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