Sainsbury's Bank has cut the loan rates on some of its telephone applications to 6.1 per cent annual percentage rate (APR).
Previously, the bank's APR was 6.5 per cent.
This new rate will be available until March 27th and applies to telephone applications of £7,000 or more.
Customers choosing to take out a loan from the bank can opt to make no repayments during the first three months and can get an instant decision and have their cheque sent to them within 24 hours.
"We are committed to offering consistently competitive rates and this loan rate is perfect for someone looking to tidy up their post-Christmas finance or anyone planning a major purchase in 2006 be it a car, holiday of a lifetime or even a wedding," said Steven Baillie, loans manager at Sainsbury's Bank.
© Adfero Ltd