Sainsbury's Bank

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Company Information

Sainsbury’s (sainsburysbank.co.uk) was the first of the major British supermarket chains to open its own bank – it has been offering financial services and products to its customers since 1997. Sainsbury’s Bank works in conjunction with the supermarket to maximise the savings its banking customers can make, allowing customers to collect bonus Nectar points and rewards from their financial products.

APPLICATION REQUIREMENTS:

To be eligible for any of the personal loans from Sainsbury’s Bank, you must be between 18 and 80 years old, and under 83 when the loan is repaid in full. You need to have a permanent UK address and an account with a bank or building society. Customers also must prove that they are employed, self-employed, or hold a pension. You also won’t qualify for a personal loan from Sainsbury’s Bank if you have been declined credit in the month leading up to your loan application.

LOAN AMOUNT AND CHARGES:

Sainsbury’s Bank has a range of personal loans that begin at £1,000 and reach a maximum of £25,000. The loans have varying interest rates depending on the size of the loan and a range of other factors, including the customer’s credit score and personal circumstances, and the duration of the loan.

PROCESS:

Sainsbury’s customers looking for a personal loan from the bank can opt for either a Sainsbury’s Standard Loan or a Shopper Reward Loan. Both loans can be used for any personal expenditure you see fit, but the Shopper Reward Loan allows customers to get 5,000 bonus Nectar points and double Nectar points for the first two years of their loan. The Shopper Reward Loan has a slightly higher APR representative. The Standard Loan comes with an exclusive Price Promise guarantee. This guarantee promises that Sainsbury’s Bank will beat any rate offered by a competing bank on a like for like basis.

Customers can apply for a Sainsbury’s Bank personal loan online or by phone and receive an instant decision.

PAYMENT:

Sainsbury’s will transfer the money into your preferred account when they have received a signed copy of the loan agreement. With Sainsbury’s, customers have the option to pay back their loan amount early, and also can make overpayments in order to reduce their loan term. All the details about this can be found on their website among their comprehensive list of guides.

322 Reviews of Sainsbury's Bank have been submitted - read the latest 3 below

Sainsburys Bank have approved this fantastic personal loan for me and I just wanted to post a review to say how very impressed I have been with the whole process. I really had no idea it would be this simple and straightforward. I had originally planned to go to my own bank for this loan but when I saw that Sainsburys Bank were really competitive and they were offering a Shopper Reward loan that comes with tons of bonus Nectar points I just couldn't resist and went straight ahead and applied. I got an instant 'yes' and was already spending those Nectar points before the loan was even finalised. I am so pleased I checked out the loan comparison website before applying because I think I might have missed out on this loan and just played safe and gone with my own bank.

Review posted by T. Hudson, Gillingham

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I am absolutely delighted with this great personal loan from Sainsburys Bank. I had no idea Sainsburys Bank were so competitive with their loans until I checked them out on the loan comparison website and it was a real eye opener for me. It's not just the regular high street banks that offer competitive loans and at the moment it seems that Sainsburys are offering one of the best, if not the best interest rates. I am certainly very pleased with the rate they have quoted me for my loan and I have been telling all my friends about it. I also think their Shopper Reward loan is one of the best perks of taking out a loan and I'll be putting all those lovely Nectar points to very good use.

Review posted by Karen Brownlow, Chichester

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Having used all my saving to buy a house I had nothing left to make any improvements. With a young family I didn’t want work on the house to drag out over years so I borrowed the money to pay for it. I left it to my wife to find a lender and she came back with the Sainsburys Shopper Reward loan. It has higher interest rates but gives back brilliantly with nectar points. With all the nectar point we earned on top of what we already had we were able to buy some nice extras to decorate our house.

Review posted by Tom B

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money