The finance arm of Sainsbury’s supermarkets has started offering a loan with a very low APR of 6.9%. This loan is open to those who have the Nectar rewards card. The loan also comes with several other benefits for shoppers as they will have double reward points for two years on all purchases, including petrol. A £25 voucher will also be issued to the person who takes out the loan. The interest rate and the offers are open to loans that are from £7,500 to just shy of £15,000.
Head of Loans for Sainsbury’s, Steven Baillie has said, “We are always looking for ways to bring our customers a better deal. This loan will allow them to find the extra capital to do many things, such as bring existing debts under control or just purchase a new big ticket item. By offering them in store rewards as well it really is a better deal than customers will find elsewhere. The double rewards mean customers can really feel a difference, if you spend £50 a week in the store, you will see a reward of over £50 at the end of the year.”
The new loan from Sainsbury’s also comes with a great many other benefits. There will be no set up fee and the money will be transferred directly into your personal bank account. The repayment period is very flexible and can be for up to seven years. The decision on lending is instant and there are fixed repayments.