Sainsbury’s Bank was the UK’s first supermarket bank. It opened for business in February 1997 and came under Sainsbury’s full ownership in January 2014.
Sainsbury’s Bank offer loans, credit cards, mortgages, savings accounts, and travel money services, while they also provide car, home, pet, travel, and life insurance.
What loans can I get from Sainsbury’s Bank?
Sainsbury’s offer unsecured loans ranging from £1,000-£40,000. You’ll be able to borrow money for a variety of reasons, whether it’s for a car, a holiday, a home, or a wedding.
What interest rate will I get with a Sainsbury’s Bank loan?
Sainsbury’s loans come with a fixed interest rate – this means the rate you pay back at won’t change over the term of the loan. Fixed rate loans can make it easier to budget your repayments as the amount you pay back each month stays the same.
Sainsbury’s offer a range of APRs, from 2.8% to 26.9% - however the advertised APR only has to be offered to 51% of successful applicants. The actual interest rate you’ll be offered will depend on a number of factors.
This includes your personal financial circumstances, your credit history, as well as the amount you want to borrow and over how long.
Sainsbury’s loans don’t come with any application or arrangement fees, but like all financial products, there are usually certain default charges.
Representative example: If you borrow £5,000, you would make 36 monthly payments of £146.60. The total amount repayable is £5,277.72. Representative 3.6% APR, 3.6% (fixed) p.a..
How long do Sainsbury’s loans last?
Sainsbury’s loan terms can last from one to seven years, however some loan amounts may require you to pay back in less than this. For example, you’ll only be able to take out a £3,000 loan for one to five years.
You’ll also have the option to make early repayments on either part or all of your outstanding balance, though for loans longer than 12 months you may have to pay an early settlement fee.
You may also be able to take a payment holiday, which means you can take a break from paying off your loan – but you may have to meet certain conditions to qualify.
How to contact Sainsbury’s Bank
If you need to contact Sainsbury’s Bank, you can find them by:
Phone (for quotes or applications): 0800 169 8503
Phone (for all other questions): 0800 096 0543
Phone (complaints – inside the UK): 08085 40 50 60
Phone (complaints – outside the UK): 00 44 131 549 8040
Post (complaints): Sainsbury's Bank, Customer Relations, PO Box 4952, Worthing, BN11 9YW.
Online (online banking app)
How to apply for a Sainsbury’s Bank loan
You’ll be able to apply for a Sainsbury’s Bank loan online, by post, or through the phone. If your application is approved, you might be able to finish the process online, however they can also send you the loan agreement by post for you to sign and return.
You should have the following with you:
- Your residential address for the past three years
- Your employer’s details
- Your bank details, such as your sort code and account number
- Your income and expenditure
If you have a Nectar card you should have this ready too, as it may let you get on to more favourable interest rates.
Do I qualify for a Sainsbury’s Bank loan?
Sainsbury’s Bank loans require you to:
- Be between 18 and 80 years old when you apply, and younger than 83 when the final payment is due
- Have a UK bank or building society account
- Have a permanent residential address in the UK
- Be either permanently employed, self-employed, or retired with a pension
- Earn at least £7,500 a year in gross income
- Not have any CCJs or bankruptcies.
Compare loans with MoneySuperMarket
The easiest way to find a better loan deal is by comparing your options on MoneySuperMarket. All you need to do is tell us a little about the loan you want, including how much, over how long, and what for, and we’ll give you a list of quotes specifically for the type of loan you need.
You’ll be able to go through the list of deals and compare them by interest rates and overall cost, as well as any fees included and how likely you are to be accepted if you apply. When you’ve found the right deal, just click through to the provider to finalise your application.
