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 offers loans, credit cards, mortgages, savings accounts, travel money services and various insurance products.
Sainsbury’s Bank offers fixed-rate, unsecured personal loans with the following features:
Sainsbury's Bank provides a range of loan amounts to suit most purposes which can be paid off over several years
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.
The interest rate is given as the APR (Annual Percentage Rate), however the advertised APR only has to be offered to 51% of applications. The rate you’re given may be lower or higher, depending on the loan you want to take out and your own personal financial circumstances.
A number of factors affect the rate of APR you will be offered – it will likely differ from the representative APR shown and will be based on your personal circumstances, the amount you want to borrow and the repayment term. Loans are subject to application, financial circumstances and borrowing history.
Applying for a loan, whether it’s with Sainsbury’s bank or any other provider, will leave a mark on your credit report – and too many of these, successful or unsuccessful, is likely to make lenders hesitant. However, unsuccessful loan applications are the more damaging.
When you compare loans with MoneySuperMarket, we perform a soft search that won’t harm your credit score. We’ll also show you which loans you’re pre-approved for, so you know that if you apply, you’ll be accepted – and get the deal you see.
If you apply online you could get an immediate decision and, if eligible, you’ll be able to digitally sign your loan agreement. Once completed, the money will be sent to your bank account – usually on the same day. Other applications take longer, and a decision could take several days.
Money is transferred instantly after completing an online application, but if you prefer a paper application, it can take one to five working days to arrive after signed documents are received.
You have the right to cancel your loan agreement within the first 14 days of receiving your loan agreement letter. You don’t need to explain why you are cancelling and you will not need to pay an early settlement fee to cancel.
All loans from Sainsbury’s Bank can be repaid early. However, if you want to pay it off in full you need to request an early settlement quote.
Yes, but you need to link your Nectar account to your Sainsbury’s Bank loan.
Yes, either by topping up the existing loan and paying over a longer time period or by taking out a second loan at their current interest rate to run alongside the existing one.
Applicants must satisfy the following criteria:
You can apply for a Sainsbury’s Bank loan online, over the phone, or through a postal form. Before you apply you should make sure you have the following details available:
You’ll be able to apply for a Sainsbury’s Bank loan online, by post or on 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 can apply for loans this quickly and easily by using MoneySuperMarket to compare a wide range of lenders. We use what’s known as a soft search on your credit history, so your credit score won’t be affected. When you’re pre-approved for a loan, you know that if you apply, you’ll definitely be accepted and you’ll definitely get the deal you see. The loan amount, duration and interest rate are all confirmed.
Moneysupermarket is a credit broker – this means we’ll show you products offered by lenders. We never take a fee from customers for this broking service. Instead we are usually paid a fee by the lenders – though the size of that payment doesn’t affect how we show products to customers.