Sainsbury's 'one of just four UK lenders' offering less than 8% APR

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Sainsbury's 'one of just four UK lenders' offering less than 8% APR

There are currently only four lenders in the UK offering consumers an APR of eight per cent or less, and supermarket bank Sainsbury's is one of them.

This is according to research carried out by Defaqto, which found that the number of lenders offering this rate or less on loans between £5,000 and £15,000 has significantly decreased in recent times.

It also discovered that in May 2008, there were 42 lenders, or 57 per cent, offering such a deal, but in May 2009, just seven per cent of lenders have rates of eight per cent or less.

Head of loans at Sainsbury's Finance Steven Baillie said that these new findings mean that "anyone considering taking out a loan today needs to ensure more than ever before that they shop around to take advantage of the best rates out there".

Earlier last month, Nationwide announced to customers hoping to borrow between £7,500 and £14,999 that its typical APR is now 7.9 per cent, compared to a previous rate of 8.2 per cent.
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