Sainsbury's bank personal loans 'could prove popular'
www.moneynews.co.uk > Debt > Sainsbury's bank personal loans 'could prove popular'
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Money News |
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Sainsbury's bank personal loans 'could prove popular'
Thu 22nd Jan 2009
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The bank has cited the beginning of the year as one of the busiest times for people looking to take out personal loans.
It claims that a combined £2.93 billion could be borrowed by consumers looking to consolidate their debts.
The bank is currently offering a reduced loan rate of 8.1 per cent online for balances between the value of £7,000 and £25,000 and this could prove popular with customers looking to get their finances in order.
"Debt-consolidation is always a good idea if you have multiple sources of debt, maybe a store card and credit card or a historical loan," said Steven Baillie, head of loans at Sainsbury's.
Taking this approach could enable people to save "hundreds or thousands of pounds" in interest repayments compared to paying various individual rates, he added.
Earlier this week, Halifax announced the launch of a new All In One credit card deal, which it claims could save customers an average of £151 a year on outstanding payments.
Click here for more loans news
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Related News : Loans |
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Related News : Sainsbury |
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