Sainsbury’s promises to beat competitors’ personal loan rates

Tuesday, 08 May 2012 09:33

By Kay Carson

Sainsbury’s has pledged to beat rivals’ lending rates for customers who successfully apply for a standard personal loan with the supermarket bank.

The price promise guarantee applies to all standard loans from £1,000 to £25,000.

If a customer’s claim is successful, Sainsbury’s will cut the APR on their loan to below that of the alternative lender by 0.1 per cent.

Steven Baillie, head of Sainsbury’s loans, said: “Those customers who secure a personal loan from us can rest assured that they will be offered one of the best rates in the market, but if they can secure a better deal elsewhere we now promise to beat it.”

Claims under the offer must be received within 28 days after the Sainsbury’s loan has been approved, but cannot be accepted if the customer has already fully accepted the Sainsbury’s offer by signing and returning the agreement.

The supermarket bank is currently offering a rate of 6.1 per cent APR representative on loans of between £7,500 and £15,000.


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