Sainsbury’s loan rates cut

Financial service provider Sainsbury’s Bank has cut the telephone rate on its personal loans of £10,000 and over to a typical 6.1 per cent per year.

This over-the-phone rate joins the current rate of 6.1 per cent that the organisation is offering on its online account.

The new rate is a limited offer that will be available to customers between the dates of July 18th and October 9th.

Steven Baillie, loans manager at Sainsbury’s Bank, said: This offer should be helpful to those looking to fund a holiday this summer or maybe home improvements and highlights our commitment to continually offering low rates for our customers.

Sainsbury’s claims to offer a number of benefits to its loan customers, including the ability to borrow £10,000 for less than £200 a month based on 60 monthly repayments.

Borrowers can also choose to make no repayments for the first three months of their loan deal, receive an instant decision on their application and have their loan transferred directly into a bank account.