Sainsbury's loan interest rates cut

www.moneynews.co.uk > Banking > Sainsbury's loan interest rates cut

Sainsbury's loan interest rates cut

Thu 15th Jan 2009

Sainsbury's has announced that it will cut the rates of interest on loans with immediate effect.

The supermarket's financial services division said that those applying online for loans of between £7,000 and £25,000 would now benefit from a typical annual percentage rate (APR) of 8.1 per cent.

Sainsbury's said this new figure compared favourably with the typical APRs offered by Asda, M&S Money and Barclaycard for loans of £7,500.

Steven Baillie, head of loans, Sainsbury's Finance, said: "Our new rate, one of the lowest available, should appeal to those looking to either consolidate their existing debts or make a major purchase in 2009."

Recently, research conducted by the price comparison site moneysupermarket.com found that personal loans have become more expensive over the past few months.

A survey by the website found that the average rate of interest was over five per cent more than the Bank of England's base rate.

Click here for more banking news

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'

Related News : Sainsbury
	Sainsbury's Finance announces loan rate reduction
	People pay out 7m per year due to 'cowboy' traders, claims Sainbury's
	Sainsbury's sees 43% increase in lost or stolen holiday possessions
	Sainsburys Finance highlights benefits of credit card shopping
	Sainsburys Finance encourages customers to read terms and conditions
	Watch out for frosting thefts, advises Sainsburys Finance
	Sainsburys Finance warns consumers over crucial checks
	Sainsburys Finance lauds 'savvy shoppers'
	Sainsburys Finance 'offers extra cash to travellers'
	Sainsburys Finance highlights affordability issues relating to pets

Related News : Barclaycard
	Credit cards becoming generous despite rising APR, says Defaqto
	Credit cards are 'convenient and cost-effective' ways to pay
	Barclaycard offers longest ever balance transfer deal
	Barclaycard research shows no sign of credit card debt consolidation
	Barclaycard credit card 'could allow debt consolidation'
	Consumers could consolidate debt with Barclaycard product, says Confused.com
	Barclaycard SmartPay set to be unveiled this summer
	Barclaycard: Credit cards being used more
	Barclaycard predicts increased spending on debit and credit cards
	Barclaycard Freedom pledges greater rewards for cardholders