Sainsburys cuts personal loan rates

Fri, 16 Jan 2009

Sainsbury's Finance has cut the cost of its personal loans for those applying online.

People looking for a personal loan between £7,000 and £25,000 will be offered an interest rate of 8.1 per cent APR typical.

According to the firm, the personal loan rate is one of the most competitive on the marketplace.

Steven Baillie, head of loans at Sainsbury's Finance, said: "Our loan products have been consistently in the best-buy tables and this cut makes them even more competitive."

The product should be particularly attractive to those looking for a debt consolidation loan, he added.

People who apply for a personal loan with the firm will receive the cash within 24 hours if they are successful.

Customers will also have fixed repayments for the whole period of the loan .

This is the second cut the company has made to its personal loan rates in as many months.

At the end of December, it revealed that its typical rate would fall from 8.9 per cent to 8.2 per cent.
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