Sainsbury's offers limited edition personal loan deal

A lender has cut the rate on one of its personal loan deals.

Anyone with Sainsbury's savings looking to take out a personal loan deal in the near future may be well advised to act sooner rather than later.

That is because the lender announced yesterday (March 8th 2011) that until March 29th, it has reduced the annual percentage rate attached to individual loans of between £7,500 and £14,999 to 6.9 per cent.

Furthermore, in an added bonus for existing Sainsbury's customers, the supermarket bank is offering them double Nectar points and one per cent off their shopping and fuel purchases for a period of two years when they take out the loan.

Steven Baillie, head of loans at Sainsbury's Finance, commented: "We continually offer competitive rates for our customers and reward them for their custom, so the new rate is great news for Sainsbury's shoppers."

Meanwhile, Justine Modray of Candid Money said recently that consumers should priorities paying off debts on loans rather than saving in the current economic climate.

By Mark Hornby