Sainsbury's personal loan rate cut

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Sainsbury's personal loan rate cut

Sainsbury's Bank has announced a cut in its personal loan rate for sums of £7,000 or more.

The move, which becomes effective on December 18th 2007, will see the typical APR fall from 6.9 per cent to 6.5 per cent and is accompanied by the offer of a payment holiday, which will allow new customers to postpone their first repayment for three months.

Steve Baillie, head of loans for Sainsbury's, was pleased to be able to buck a trend that has seen many lenders increase their rates in the wake of the problems caused by the credit crunch.

"[Sainsbury's is] delighted to be able to offer this market leading rate while other loan rates may be rising; at a time when our customers are getting ready for Christmas and planning for 2008," said Mr Baillie.

A recent market survey by Moneyfacts found ten per cent of lenders withdrew from the unsecured personal loan market during November and that many other loan providers had increased rates.
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