Sainsburys personal loans 4.5% representative on £7500-15000 plus double nectar points
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Sainsburys personal loans 4.5% representative on £7500-15000 plus double nectar points

9
Found 20th May 2014
I spotted this deal on a poster outside my local store the other day.
They're also offering 5000 nectar points and double points for 2 years. Not sure if this is only available after the loan is re paid though.

I've supplied a link to the loan calculator, as if you want to borrow a lower amount the APR is still very competitive.
e.g £7500 over 24 months comes out at a low 4.7%

It's also worth having a mess about with length of payments and in some cases the APR is lower if you don't have a nectar card!?

9 Comments

†Shopper Reward Loan - Terms & Conditions

Offer only available to customers applying for a new loan. The application must be accepted & the loan paid out to qualify for 5,000 Nectar points and double Nectar points.
Offer only available to Sainsbury's shoppers with a Nectar card which has been swiped in-store or online in the last 6 months. We may check your Nectar account to verify this. You must enter your Nectar card number at the time of application.
The loan must be for an amount between £5,000 and £25,000 and must be taken over a period of between 12 and 60 months.
5,000 Nectar points will be added to your Nectar account within 60 days of agreement commencing.

Original Poster

I did see the above ^in the Ts&CS but on the calculator it gives you quotes for if you don't have a nectar card.

was more to answer ur "query"
Not sure if this is only available after the loan is re paid though.

Maybe if the big supermarkets lowered the amount you can borrow to £500 or so they would put the payday loan sharks out of business. I would pay to see that!!

Lower APR elsewhere so looks a poor deal?

Checked HSBC and they are only 4.3% so suspect there are others even lower.
Edited by: "toonarmani" 20th May 2014

The 4.5% is only if you don't use a nectar card. As soon as you enter a nectar card number it assumes you want a Shopper Loan, which has a higher interest rate to compensate for the nectar points.

I've just taken a loan out and had this issue. I took the lower interest rate and forfeited the nectar.

Original Poster

toonarmani

Lower APR elsewhere so looks a poor deal?Checked HSBC and they are only … Lower APR elsewhere so looks a poor deal?Checked HSBC and they are only 4.3% so suspect there are others even lower.

I did see HSBC but the figures are based on taking out a higher loan

only for HSBC customers..

toonarmani

Lower APR elsewhere so looks a poor deal?Checked HSBC and they are only … Lower APR elsewhere so looks a poor deal?Checked HSBC and they are only 4.3% so suspect there are others even lower.

Shopper
Reward Loan
Monthly repayment
£187.33
Total repayable
£11,239.80
Representative APR
4.8%

Standard
Loan
Monthly repayment
£186.02
Total repayable
£11,161.20
Representative APR
4.5%

So if u do shop at sainsburys worth to have the shopper reward is only more £78 expensive (but then u get 5k nectar and double points over 2y)

kapzar

The 4.5% is only if you don't use a nectar card. As soon as you enter a … The 4.5% is only if you don't use a nectar card. As soon as you enter a nectar card number it assumes you want a Shopper Loan, which has a higher interest rate to compensate for the nectar points.I've just taken a loan out and had this issue. I took the lower interest rate and forfeited the nectar.

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