Lowest EVER loan rate at 2.7% for 1 - 3 years @ Sainsburys Bank ( NOW LIVE )
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Lowest EVER loan rate at 2.7% for 1 - 3 years @ Sainsburys Bank ( NOW LIVE )

17
Found 4th AprEdited by:"cliosport65"
Sainsburys Bank are dropping there rate from 2.9% to 2.7% rep APR for loans on 1 - 3 years today at 11AM

This will be for loans between £7.5k - £15k

To be eligible for the rate you will need a Nectar Card

Apply online or over the phone

Credit to MSE

11:25 - Checked and the site has been updated to reflect the change
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17 Comments
Can I have staff discount on this too
S**t bank. Customer service from sewage.
mikki7774th Apr

S**t bank. Customer service from sewage.


You might be unlucky with a person having a bad day, I’ve used them for a while now and found they have been a decent company to deal with.
MrMoneySaver4 m ago

May not be the best place to get financial advice but I'm curious as to …May not be the best place to get financial advice but I'm curious as to whether taking out a 12 month loan and paying it back would be positive for credit score. I have been lucky enough to never not really need a loan for anything (except student loans) so my credit history is fairly empty except for two credit cards which I've had for just over a year and pay off in full each month. I could dump this £7,500 in high interest current accounts/regular savers to pay off the interest. Think I'll post on MSE too but interested in anyone's opinion


Getting credit and paying it back will help your credit score! Without having loans and cards etc much harder to get a mortgage!
The CS look like this?

33576311-PAuUa.jpg
But why we pay interest when on credit cards with free balance transfer to your current account for 36months or slightly less... May be you just end up paying once small fee on balance transfer for next 2 to 3 yrs of interest free amount...??
Balance transfer does not put amount in your bank like the loan. Also the limit/amount tends to be lower.

You can make use of a combination of money transfer card and a number of balance transfer cards to get the same result as the loan for lower overall cost but it is a little effort.
Edited by: "AstalaVista" 4th Apr
pepper851 h, 0 m ago

Getting credit and paying it back will help your credit score! Without …Getting credit and paying it back will help your credit score! Without having loans and cards etc much harder to get a mortgage!


If you have credit cards which you use and pay off every month. That is good enough for your credit score. I used to be a mortgage advisor (until recently) it’s never been an issue people applying with either no credit at all; but I’d say having a credit card and paying in full is positive as opposed to negative as it shows you have access to revolving credit when you need it and you can fully repay when you borrow . The problem with having loans when applying for a mortgage is the monthly repayment will affect your overall affordability for the mortgage application.. Plus borrowing at 2.7% unless you have a savings account paying more than this it’s not worth borrow to save it. Hope this helps.
Have had a loan with Sainsburys for three years and had no issues what's so ever. Would recommend.
Had a loan from Sainsbury’s twice now and I have a good credit score but have never got their headline discounted rate
skkskk1 h, 0 m ago

Had a loan from Sainsbury’s twice now and I have a good credit score but h …Had a loan from Sainsbury’s twice now and I have a good credit score but have never got their headline discounted rate


I also took out a loan with Sainsburys, have an experian score of 999 and still didn't get the advertised rate. First time in my life this happened.
wordmongerer2 h, 7 m ago

I also took out a loan with Sainsburys, have an experian score of 999 and …I also took out a loan with Sainsburys, have an experian score of 999 and still didn't get the advertised rate. First time in my life this happened.


Same. Have a credit score of 990+ and they offered me 5.9%. Never missed a payment in my life either
Experian rating is useless. You may have 999 and yet may not get good interest rates. Better check if all of your details in their credit record is correct. I had a tough time with them. They did not have any details of mine except my bank account and yet they gave me 990.
alexc1003 h, 7 m ago

Same. Have a credit score of 990+ and they offered me 5.9%. Never missed a …Same. Have a credit score of 990+ and they offered me 5.9%. Never missed a payment in my life either


Maybe someone should speak to ASA about this. I have a good credit score and have applied for one of there loans 3 times. Always end up with an inflated rate compared to the advertised one
jakerushworth4 h, 33 m ago

Maybe someone should speak to ASA about this. I have a good credit score …Maybe someone should speak to ASA about this. I have a good credit score and have applied for one of there loans 3 times. Always end up with an inflated rate compared to the advertised one


That's pointless. They only need to give 50% or more the advertised rate. You're one of the 49%..
MrMoneySaver16 h, 53 m ago

May not be the best place to get financial advice but I'm curious as to …May not be the best place to get financial advice but I'm curious as to whether taking out a 12 month loan and paying it back would be positive for credit score. I have been lucky enough to never really need a loan for anything (except student loans) so my credit history is fairly empty except for two credit cards which I've had for just over a year and pay off in full each month. I could dump this £7,500 in high interest current accounts/regular savers to pay off the interest. Think I'll post on MSE too but interested in anyone's opinion


Generally when you get a loan and make regularly payments and pay it off on time it will boost your credit score, they say the best way to do so is with credit cards or finance on a car 👌 check money saving expert for more advice on best ways to boost you score
I got the advertisement rate. Initially I was refused and phone them up to quary and they explained something about my address was irregular (possibly ni) and straight after accepted at advertised rate. Don't know my rating but have a high clearscore number.
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