Sainsbury’s Bank loan features:
- Borrow from £1,000 to £35,000
- Repayment turns up to 60 months
- Option of 2 month repayment holiday at start of loan
- Price Promise - if you're offered a better rate on a like-for-like loan elsewhere, they claim they will beat it
To be eligible for a Sainsbury’s Bank loan you must:
- Be aged between 18 and 80 years old and less than 83 when the loan is repaid
- Have a permanent UK address
- Have a household gross annual income of over £7,500
- Not have a history of County Court Judgments or bankruptcy
- Not be intending to use the loan for: Business purposes, purchase or deposit for a property, investment or gambling.
It’s important to remember that although the maximum amount this loan permits to be borrowed is £35,000 that does not necessarily guarantee you will be able to borrow it. How much the lender will be willing to loan you will be dependent on your credit score and other individual financial circumstances.
Sainsbury’s Bank loan calculator
If you are interested in taking out a Sainsbury’s personal loan, you could use the Sainsbury’s Bank loan calculator to get an impression of what your repayments might be. You just need to enter how much you want to borrow and how long you want the repayment period to last and the Sainsbury’s Bank loan calculator can generate an estimate for you using the lender’s Representative Annual Percentage Rate for a loan of that size. If you do decide to apply for a loan however you may be offered a different APR which will change what you are required to repay, both in total and in instalments. This is because lenders may tailor the APR they are willing to offer a borrower following an assessment of their credit score and other financial circumstances.
Before you apply for a loan
Shopping around to try and compare the market is a good idea before you take out a loan to try and find one that is appropriate to your specific requirements, as there is a diverse range of products on the market from various lenders. You can use the comparison table above to see different loans from lenders.
There are other types of borrowing than personal and home owner loans such as authorised overdrafts and credit cards you might wish to consider.