Sainsbury's has cut its rate for online loan applications to just 6.3 per cent, the internet bank announced today.
The offer will be open to those looking for a loan of £5,000 and above, but the new rate is only available until the 8th of November.
Loans manager at Sainsbury’s Bank, Rachel Brereton, said: "We are committed to offering consistently competitive rates.
"This special offer is perfect for anyone looking to plan a winter break away or make a special purchase in the coming months."
Customers taking advantage of the new rates do not need to make any repayments for the first three months and can receive an instant decision when they fill in their online loan application forms.
If their application is accepted, their cheque will be in the post the next day.
Festive research by Sainsbury's last year found that one in five UK consumers were unable to clear their Christmas debt by the end of January and a further 168,000 estimated that is would take them more than a year to be debt-free again.To read more about Loan Companies, click here.
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