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Sainsbury's cuts unsecured loans rate

Sainsbury's cuts unsecured loans rate

Category: Loans

Updated: 15/01/2009
First Published: 15/01/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Sainsbury's has announced that it is cutting interest rates on its unsecured loans.

A new rate of 8.1 per cent will now be charged for anyone applying online for a personal loan with a value of between £7,000 and £25,000.

The supermarket stated that the rate is one of the best that is currently on the market and comes into effect today.

Head of loans at Sainsburys Finance Steven Baillie added that the reduction makes the lender's products "even more competitive", having already performed well in comparison tables.

"Our new rate, one of the lowest available, should appeal to those looking to either consolidate their existing debts or make a major purchase in 2009," he remarked.

Successful applicants will receive their money within 24 hours and benefit from a repayment plan that is personally tailored to their needs.

Last week the Bank of England brought the official base rate down by 0.5 per cent to 1.5 per cent - its lowest level in its 315-year history.

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