LOWEST EVER Loan Rate of 2.8% APR @ Sainsbury's
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LOWEST EVER Loan Rate of 2.8% APR @ Sainsbury's

46
Found 28th Dec 2016Made hot 28th Dec 2016
Cost shown is interest paid on a £10k loan over 1 year

Sainsbury's are offering 2.8% on loans of between £7500 and £20000.

Max 3 year term and must have a Nectar Card (though these are free to get)

2.9% up to 5 year term

Due to new(ish) FSA and ASA rules companies have to offer the rate to 50% of applicants - so a very good chance of getting it!

Link -

sainsburysbank.co.uk/bor…501

46 Comments

time to buy the wife a motor

Subject (of course) providing you have an outstanding credit rating

yay i can finally put down 5% on that inner city bedsit

****upto****I dont think anyone gets this rate.Correct me if anyone does get it

Original Poster

Arjun7

****upto****I dont think anyone gets this rate.Correct me if anyone does … ****upto****I dont think anyone gets this rate.Correct me if anyone does get it



According to uswitch and thisismoney.co.uk a company has to offer the headline rate to 50% of applicants. So a lot! I got their last headline rate

Arjun7

****upto****I dont think anyone gets this rate.Correct me if anyone does … ****upto****I dont think anyone gets this rate.Correct me if anyone does get it



Most customers have to be offered this rate for them to advertise as a typical APR.

Marekj

Most customers have to be offered this rate for them to advertise as a … Most customers have to be offered this rate for them to advertise as a typical APR.



51% of customers have to be offered this rate for them to advertise as a typical APR

So more people will be declined for the loan based on them having to give over 50% this rate. Is that how it works?

​Regardless who gets declined ....half of those accepted will get the headline rate. ....they will only turn down a higher than average credit risk..
Edited by: "grahamwill39" 28th Dec 2016

thecinfin8

So more people will be declined for the loan based on them having to give … So more people will be declined for the loan based on them having to give over 50% this rate. Is that how it works?



They won't necessarily decline you, but you may not get the headline representative rate. Most customers (at least 51%) will get this, but they may offer you a higher rate. Depends on your credit profile and the type of customers they want to on-board at any given time (not necessarily those with a spotless credit history).

Original Poster

50% of ACCEPTED applications are guaranteed to get the headline rate

So am I correct to say these rates have recently gone down? Only about two months ago I checked borrowing £19500 and the lowest rate was 3.1% with Sainsbury's. Now it is 3%? How long will these rates be for?

I'm not sure if this has been covered yet - how many applicants have to get the headline APR?

VanDutch

I'm not sure if this has been covered yet - how many applicants have to … I'm not sure if this has been covered yet - how many applicants have to get the headline APR?



I want to know the percentage that are not offered this APR, but are still offered a loan.

Chungz

So am I correct to say these rates have recently gone down? Only about … So am I correct to say these rates have recently gone down? Only about two months ago I checked borrowing £19500 and the lowest rate was 3.1% with Sainsbury's. Now it is 3%? How long will these rates be for?



Probably as long as inflation is high. No one can answer your question as no one knows the answer.

12hours too late for me. I've just applied for a loan this afternoon and been accepted @ 3.1%.

Original Poster

coffinncuddler

12hours too late for me. I've just applied for a loan this afternoon and … 12hours too late for me. I've just applied for a loan this afternoon and been accepted @ 3.1%.



This is still showing at 3%?

Yep, I'm still getting 3.1% and it jumps to 3.5% when you reach £20k

3% ian the lowest I can get in the calculator

I'm after £20k over 60 months

Original Poster

the porter

3% ian the lowest I can get in the calculator




This is my source -

http://www.thisismoney.co.uk/money/cardsloans/article-4068980/Cheapest-loan-2-8-Sainsbury-s-slash-rates-sums-7-500-20-000.html

Very reputable so I'd expect some time today

Chouman

I want to know the percentage that are not offered this APR, but are … I want to know the percentage that are not offered this APR, but are still offered a loan.


i applied a few months back hoping to get the advertised 3.1%apr (already had an offer from nationwide for 3.2% apr with a price match guarantee to match and reduce the apr ) but was offer double that at over 6%apr from sainburys- did say that they would price match my offer from nationwide but wasn't worth all the hassle to wait days for the cash- nationwide paid instantly.

May i also add- when you applied online with sainsburys it only tells you that you have been approved - it does not tell you the apr you have been offered until you receive the offer in the post- or you can confirm by calling them up and asking.

Edited by: "yeelan" 29th Dec 2016

thank you for this, applied this morning and have been approved 2.9%

Original Poster

AmyNisbet

thank you for this, applied this morning and have been approved 2.9%



Pleasure

I would be grateful for a little advice.....
I currently have a personal loan (nationwide) if I were successful with the Sainsbury's application and accepted online, would I be bound to the loan straight away?
My plan,
1. To get Nationwide to "price match" the Sainsbury offer if I have proof of acceptance, then pay off remainder of current loan then live life on the lower apr and some change in the bank.
2. Keep the Sainsbury offer but then arrange an early pay off with Nationwide.
My concern is that it goes balls up and I'm stuck with 2 loans. Does anyone know if my options are do-able or offer some alternative advice. Many thanks.

Edited by: "Sgbull" 29th Dec 2016

Original Poster

Sgbull

I would be grateful for a little advice.....I currently have a personal … I would be grateful for a little advice.....I currently have a personal loan (nationwide) if I were successful with the Sainsbury's application and accepted online, would I be bound to the loan straight away?My plan, 1. To get Nationwide to "price match" the Sainsbury offer if I have proof of acceptance, then pay off remainder of current loan then live life on the lower apr and some change in the bank.2. Keep the Sainsbury offer but then arrange an early pay off with Nationwide.My concern is that it goes balls up and I'm stuck with 2 loans. Does anyone know if my options are do-able or offer some alternative advice. Many thanks.



Until u sign the CCA and return you are not bound in any way. Simply being accepted doesn't hold u to anything. Though the CCA will expire so don't keep it at home too long without returning - if u need it

Applied but didn't get the advertised rate. Will call them shortly to find out what rate they've offered me!

samspud

Until u sign the CCA and return you are not bound in any way. Simply … Until u sign the CCA and return you are not bound in any way. Simply being accepted doesn't hold u to anything. Though the CCA will expire so don't keep it at home too long without returning - if u need it


Cheers!

Dellsy

Applied but didn't get the advertised rate. Will call them shortly to … Applied but didn't get the advertised rate. Will call them shortly to find out what rate they've offered me!



​I had that response to start with then had an email to call them, they then approved the loan when on the phone at 2.9 rather than 2.8

samspud

Pleasure



​you've saved me over 50.00 a month in repayments and a reduction from 12.9% on current loan (ridiculous rate I know) really do appreciate you taking the time to post

I was looking for a mortgage of £30k thinking now it would be best to pay as much as possible leaving myself debt of £19,999 it currently shows 2.9% over 5 years, has to be better than a mortgage?


Edited by: "snappyfish" 30th Dec 2016

Original Poster

Probably not. At an LTV of 60% or less you can get mortgage rates of nearly 1%

samspud

Probably not. At an LTV of 60% or less you can get mortgage rates of … Probably not. At an LTV of 60% or less you can get mortgage rates of nearly 1%



Went through London & Country and they offered 2.20 fixed for 5 years?
Edited by: "snappyfish" 30th Dec 2016

Sgbull

I would be grateful for a little advice.....I currently have a personal … I would be grateful for a little advice.....I currently have a personal loan (nationwide) if I were successful with the Sainsbury's application and accepted online, would I be bound to the loan straight away?My plan, 1. To get Nationwide to "price match" the Sainsbury offer if I have proof of acceptance, then pay off remainder of current loan then live life on the lower apr and some change in the bank.2. Keep the Sainsbury offer but then arrange an early pay off with Nationwide.My concern is that it goes balls up and I'm stuck with 2 loans. Does anyone know if my options are do-able or offer some alternative advice. Many thanks.




that was my plan too- back fired when sainsburys didnt give me the advertised apr :-(

samspud

Probably not. At an LTV of 60% or less you can get mortgage rates of … Probably not. At an LTV of 60% or less you can get mortgage rates of nearly 1%



Probably not for first time buyer at this rate either.

already had a sainsburys loan 3 years to go £9500 to pay at 3.6%, so thought see if i can get it cheaper went through the process and he said 6.9% lol 10 mins of my life i wont get back

Got paperwork in this am. Said online I didn't get advertises rate, but has come in 2.8%. Much cheaper than car finance. Cheers!

Original Poster

louone

Got paperwork in this am. Said online I didn't get advertises rate, but … Got paperwork in this am. Said online I didn't get advertises rate, but has come in 2.8%. Much cheaper than car finance. Cheers!



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