Sainsbury's Bank Cuts Personal Loan Rates

Thu, 27 Dec 2007

Sainsbury’s has cut its personal loan rate following the Bank of England’s decision to lower the base rate to 5.5 per cent. With many banks expected to cut their rates in the wake of the decision, Sainsbury’s have taken a lead by reducing the interest rate for online applications for loans of between £7,000 and £25,000 to 6.5 per cent APR.

This limited offer figure is down by 0.4 per cent from the 6.9 per cent typically offered. Furthermore, customers who take advantage of the offer have the option to make no repayments for the first free months.

The offer compares favourably to interest rates on loans of similar amounts. Alliance and Leicester have the best offer for loans of £5,000, with their rate standing at 7.9 per cent, whilst Halifax and the Royal Bank of Scotland both offer 7.3 per cent rates for loans of £10,000.
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