Sainsbury's 'cuts personal loan rate'

Sainsbury's Finance is offering a special personal loan rate for its customers.

Shoppers applying for personal loans between £7,500 and £14,999 with Sainsbury's Finance will be given a reduced interest rate of 7.8 per cent.

The rate is to be available to all Nectar card-holders applying online, in store or by phone and customers taking advantage of the offer will have the reward of double nectar points on their shopping and in petrol filling stations for two years whether spending in cash or on their credit card.

For example, using this offer, customers who take out a loan and also spend £50 per week at the supermarket would benefit from £52 worth of Nectar points annually. This rate offer is also 1.7 per cent less than the average rate on non-secured personal loans from all other providers, which stands at 9.5 per cent currently.

Steven Baillie, head of loans at Sainsbury's Finance, said: "We've been offering some of the most attractive loan rates in the market for a long time now and this offer should strengthen further our appeal to shoppers.

"Whether it's for car purchase, home improvement or debt consolidation, we'd always encourage people to shop around for the very best rate available."