Internet loan rate reduced by Sainsburys

Thu, 10 Nov 2005

Sainsbury’s Bank is giving their customers an special thought by cutting the annual percentage rate (APR) on their internet loans, before the panic of Christmas spending sets in.

The rate has been reduced from 6.3 per cent to 6.1 per cent but this will only apply to loans applied for online and the sum borrowed must be £5,000 or more.

Rachel Bereton, loans manager at Sainsbury’s Bank said, "We are committed to offering consistently competitive rates.

"The new rate is perfect for anyone planning a holiday or looking to make a few special purchases for Christmas."

Anyone who is considering applying for the online loan will be happy to know that a decision will be made instantly. If accepted the applicant will have their loan cheque within 24 hours after applying.

Another incentive to apply for the Sainsbury’s loan offer is that repayments do not have to be made for the first three months. This will help you to enjoy a stress free Christmas. Figures from the Office for National Statistics have recently shown that on average an adult in the UK owes over £4,000 loans and credit cards. Compared to last year, the amount has increased by ten per cent.
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