Sainsbury's reduces personal loan rate

Sainsbury's has reduced its personal loan rate.

Consumers with Sainsbury's savings who are exploring the possibility of taking out a personal loan may be interested in a new offer from the financier.

As of yesterday (August 30th), the lender has reduced the annual percentage rate attached to its individual loan package for sums between £7,500 and £14,999 to 6.3 per cent.

This deal is only available for a limited amount of time and is scheduled to expire on September 23rd, meaning anyone eager to take advantage of the company's lowest personal loan figure to date will need to act sooner rather than later.

It can be signed up for by customers with a Nectar card online and Steven Baillie, head of loans at Sainsbury's Finance, said the package represents "great news" for shoppers.

"We're committed to offering our customers competitive rates," he added.

This comes shortly after Nationwide also reduced its personal loan figure by 0.2 per cent to a level of 6.3 per cent.

By Kate Guthrie