Sainsburys loans offer rock-bottom interest rates – 6.9% APR – and some smart ideas such as no repayments for the first three months and a choice of repayment periods of up to 84 months. Like other supermarket banks if you want the best APR from Sainsburys loans you'll have to apply online.
About Sainsburys Loans
It seems that supermarkets don't just offer the best deals on food: like Tesco, Sainsbury's loans come with an exceptionally low interest rate of just 6.9% APR – which will save you a fortune compared to some high street banks. The low APR is for Internet customers only, and you need to be slightly older than normal – 21 compared to other banks' minimum age of 18.
Low rates aren't the only benefit of Sainsbury's loans. You don't have to make any repayments for the first three months if you elect for the payment holiday option; there's a fixed interest rate for the term of your loan; and you can borrow from £1,000 to £25,000. Repayment periods range from 12 to 84 months (60 months maximum for loans under £10,000) and payment protection is available for an extra fee.
If you're in a big hurry for the money, Sainsbury's loans will even send you the cheque by overnight courier – although you'll be charged £35 for the privilege.
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