A simples guide

Compare Sainsbury’s Loans

Top up your trolley with a personal loan from Sainsbury’s where one can be arranged for anything between £1,000 and £40,000.

Whether you need the extra cash for renovations to your home or to make wedding plans a reality, what you spend the money on is entirely up to you, so here’s our guide to Sainsbury’s bank loans.

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What loans do Sainsbury’s offer?

Sainsbury’s bank offers unsecured personal loans with a fixed rate of interest. Having a fixed rate means you can budget for your repayments each month knowing that they won’t change. You can borrow anything from £1,000 up to £40,000 and choose a repayment period from between one and seven years.

You should always check the details when you decide on a loan amount. You might find that certain amounts need to be paid back within a more specific timeframe e.g. a loan of £3,000 - £4,999 can be paid off between 1 and 5 years.

Unsecured loans mean that you don’t have to provide any security against the loan, it’s an agreement in good faith based on your credit history and eligibility. But just because you’ve not offered up any assets in case you default, doesn’t mean that the penalties are any less severe.

What interest rates will I get with a Sainsbury’s loan?

What interest rate you qualify for will depend on multiple factors. It’s worth noting that if you subscribe to Sainsbury’s Nectar reward scheme it could qualify you for preferential rates.

Although the annual interest rate is fixed, the amount you want to borrow will influence the interest rate that you are offered. You might find that the less you borrow, the higher the interest and you may be better off asking for a loan that’s slightly more than you originally wanted – but remember there is of course more to pay back!

The rate you are offered will depend on your personal circumstances including your credit rating.

It’s usually people who have a good credit score that qualify for the really low rates. If you’re a bit unsure of what your credit report says about you, you should always check before making any credit or loan applications.

So if in doubt, take the time to find out by contacting the three credit reference agencies, Experian, Equifax and Compass.

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Am I eligible for a Sainsbury’s bank loan?

To qualify for a loan from Sainsbury’s, you’ll need to meet this criteria:

  • You’ll need to be aged between 18 and 80
  • You’ll need to be less than 83 when the loan is repaid
  • You’ll need a UK bank or building society account with a Direct Debit facility
  • You should have a permanent address in the UK
  • Your income will need to be more than £7,500
  • You should not have any CCJs (County Court Judgements) or have been declared bankrupt

What else should I know?

There are no arrangement fees for a Sainsbury’s loan, so that should save you a bit of money. But take note of any fees you might be charged if you do miss a payment – as well as being charged for defaulting, you might also be charged for any letters and phone calls chasing you for payment.

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How do I know if this is the loan for me?

That’s why we’re here. We’re one of the UK’s largest comparison sites so you can be confident that we’ll bring to the table everything that we can find so that you can make a choice that’s right for you. Just use our loan comparison service to find out what loan you could get today. 

All Sainsbury’s loan details are based on information provided on www.sainsburysbank.co.uk on 9 November 2016.

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