Loan News Sainsbury’s Bank Cuts Internet Loan Rate
09 November 2005
Sainsbury’s Bank is cutting the annual percentage rate (APR) on its internet loans just in time for Christmas.
The new rate now stands at a competitive 6.1 per cent APR – down from 6.3 per cent – and applies only to internet loans of £5,000 and above.
Loans manager at Sainsbury’s Bank, Rachel Bereton, said: “We are committed to offering consistently competitive rates.
“The new rate is perfect for anyone planning a holiday or looking to make a few special purchases for Christmas.”
Customers who decide to take out a Sainsbury’s loan online will receive an instant decision on their application and could have their loan cheque within 24 hours of applying.
And customers can enjoy a stress-free Christmas and New Year since they do not need to make any repayments for the first three months.
Recent figures from the Office for National Statistics (ONS) revealed the average UK adult owes over £4,000 in loans and credit cards.
The figure is ten per cent higher than the previous year.