Review of the week: Sainsbury’s Personal Loan – double Nectar points offer

Activity in the personal loan market remains subdued, with many people struggling to find a good rate. However, there are a couple of lenders competing in this arena, one of them being Sainsbury’s Finance.

Its loan has had one of the leading rates for a number of months now – 7.8% - but a new additional benefit is that borrowers will also receive double Nectar points for two years.

If you’re looking for a loan, read on to find out if this is the right deal for you…

What’s the deal?

The Sainsbury’s loan has a joint market-leading rate of 7.8% for those looking to borrow between £7,500 and £14,999. But it comes with the additional benefit that new customers will also receive double Nectar points each time they use their Nectar card for the next two years – you can only get this offer if you apply through or direct via Sainsbury’s website.
Applications can be made online and, as long as the loan is arranged by 3.30pm, you will receive your funds the following day by way of a cheque.

You can also opt to delay repayments for the first three months.

Any catches?

This deal is only available to Nectar Card holders and you must have used the card within the last six months - Sainsbury’s states that it reserves the right to check your Nectar account to verify this information.

However, if you don’t have a Nectar Card it doesn’t mean you can’t get the deal from Sainsbury’s. You can apply for a Nectar Card through the Sainsbury’s website or through Once it arrives, all you have to do is go to your local Sainsbury’s and use it. You can then apply for the loan.


The rate of 7.80% is a ‘typical’ rate, which means it won’t be offered to everyone. Only those with the best credit scores will qualify so be prepared for the fact that you may be offered a higher rate of up to 12.9%.

Also, bear in mind that, while the option to defer your repayments may seem attractive, it will cost you more in the long run because you will be charged interest during that time.


It’s welcome relief to see at least a few lenders wanting to compete in the personal loan market. Alliance & Leicester is also offering a rate of 7.8%. The Nectar offer gives the Sainsbury’s loan the slight edge but both products are worth considering if you are looking to borrow.

Click here if you’d like to apply for the Sainsbury’s loan.

Top Tip

Try not to delay starting to repay your loan. While the option to defer repayments for three months may seem attractive, it will cost you much more overall.

Please note: Any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.

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