Representative 2.8% APR
Will lend between: £1,000 - £40,000
Over: 12 - 84 Months
Contact Sainsbury's Loans
Sainsbury's Loans customer reviews.
3.9 out of 5 stars
Our review of Sainsbury's Loans
Usually associated with decent priced, quality food, Sainsbury’s also offer personal loans between £1,000 and £40,000. Their representative APR is one of the cheapest on Choose Wisely, so it should come as no surprise that you will need to have good credit history to apply. The application process can take a bit longer than other lenders out there; once approved, customers will receive their agreement in the post, sign and send it back. Once Sainsbury’s have received this it can then take three to five working days for the funds to appear in your account.
Monthly repayments are fixed, unless customers choose to overpay. If this is the case, then you will need to speak to Sainsbury’s who may then provide you with a lower interest rate than you originally took out. There is no charge for this, although if you did want to make an early settlement payment then you’ll be charged 58 days’ interest, so if you’ve only got a couple of months left then consider whether you actually want to do this, or to just finish the loan as planned. Unlike some other more well-known lenders, Sainsbury’s give their customers less online control of the loan, to find out how much you have left on your balance, you’ll need to call their telephone team rather than simply logging in.
On Choose Wisely Sainsbury’s have a good OPTIOSCORE of 85 and a rating of 3 stars out of a possible 5. Some customers feel that they experienced poor service from Sainsbury’s and found the lengthy postal process inconvenient as they are possibly used to things being done online, especially if the end decision is a decline. For customers that are pleased with the experience, they comment on the affordable interest rate, brilliant phone team and smooth process.
Overall verdict: It seems that if you have good credit history and don’t mind a more traditional postal application process then Sainsbury’s could be worth considering. Their competitive interest rate is attractive and you do have the comfort of going with a well-known name. One thing to watch out for is that if you do prefer to do things online with speed, then you may find this archaic process quite frustrating.
- 2 month repayment holiday at the start of the loan available
- Dealing with a household name
- Better rates for Nectar card holders
- Price promise on like for like-for-like loans
- You must be aged between 18 and 80
- You will need to be aged less than 83 when the loan is repaid
- You must have a UK bank or building society account with Direct Debit facility
- You must have a permanent UK address
- You must have a household gross income of at least £7,500
- No CCJs or bankruptcy
- Maximum APR 25.2%
- Arrangement fee: £0
- Early repayment fee: £5
- Late payment fee: £25
About Sainsbury's Loans
Sainsbury’s offer unsecured personal loans between £1,000 and £40,000 over loan terms ranging from one to seven years. Their advertised representative APR is very low, however they will provide a tailored rate which takes into account the amount borrowed, loan term and personal circumstances, so you may not receive their advertised rate. To apply with Sainsbury’s you will need to have good credit history and have a gross household income of at least £7,500 per year to ensure you can afford to make the monthly repayments.
When completing the application online or over the phone, you will need to have documentation with you to speed up the process. You’ll need to have your residential history for the past three years, bank details, your monthly incomings and outgoings, employment details and your Nectar Card number if you have one. Although you don’t need to have a Nectar card to apply, you may benefit from slightly better rates if you do have one.
There are no arrangement fees and customers can choose to take a two month repayment holiday at the start of the loan, although you will still be charged interest during this time. Customers are able to settle their Sainsbury’s loan early, however there is a charge of 58 days’ interest to do so.
Registration number: 03279730
3 Lochside Avenue, Edinburgh, Mid Lothian, EH12 9DJ
Reference No: 184514
Trading names: Sainsbury's Bank PLC
Place of business: 33 Holborn, London, EC1N 2HT
Data protection registration
Registration No: Z760781X
Data controller: SAINSBURY'S BANK PLC
Address: 33 Holborn, London, EC1N 2HTApply Now