Finance Choices
Sainsbury's Loans
The Sainsbury's loan is part of a growing trend of high street stores and supermarkets branching out into personal finance. But what makes the Sainsbury's stand out from the crowd? And is it a good idea to borrow from such a new venture? Read on for Finance Choices impartial guide to the Sainsbury's loan.
Who's behind the Sainsbury's loan?
Sainsbury's Bank was established in 1997, so it has been providing financial services for as long as many of the most successful online banks. It has the backing of one of the most well-established high street building societies as it is a joint venture between J Sainsbury plc and Halifax Bank of Scotland. In the past seven years, Sainsbury's Bank has branched out into providing, credit cards, insurance, savings accounts, ISAs and, of course, the Sainsbury's loan.
Is the Sainsbury's loan a good deal?
The Sainsbury's loan offers one of the lowest interest rates on the market. The interest rate is fixed for the lifetime of the loan, so your repayments won't change with the evolving financial climate. And the Sainsbury's loan is one of just a few that will allow you to borrow from £1000 to £25,000.
With the Sainsbury's loan you also have the opportunity of delaying your first payment by three months. While this might be a good option if you can't afford to start repaying straight away, the sooner you start repaying your loan the sooner your debt will be cleared. And, while you're on your ?repayment holiday', the interest will continue to build so you'll end up paying more in the long run.
You can repay your Sainsbury's loan by direct debit, and you can choose whatever repayment date suits you best, allowing your repayments to leave your account on payday for instance.
One major disadvantage to the Sainsbury's loan is that you will be charged a fee if you choose to repay your debt early. Although this fee is quite common among the cheaper lenders, there are some that won't charge.
Click here to check out all the available choices.
How do I choose the right loan for me?
Even if you think the Sainsbury's loan would be a good choice, it's worth shopping around before you make any big decisions with your cash. Even with a very cheap loan you'll probably pay hundreds in interest, so you should make sure you're getting the best deal you can get.
The Finance Choices personal loans comparison service is a simple and free way to find out which loan would suit you best. For more info on the Sainsbury Loan simply visit their website below:
Sainsbury Loan
Who's behind the Sainsbury's loan?
Sainsbury's Bank was established in 1997, so it has been providing financial services for as long as many of the most successful online banks. It has the backing of one of the most well-established high street building societies as it is a joint venture between J Sainsbury plc and Halifax Bank of Scotland. In the past seven years, Sainsbury's Bank has branched out into providing, credit cards, insurance, savings accounts, ISAs and, of course, the Sainsbury's loan.
Is the Sainsbury's loan a good deal?
The Sainsbury's loan offers one of the lowest interest rates on the market. The interest rate is fixed for the lifetime of the loan, so your repayments won't change with the evolving financial climate. And the Sainsbury's loan is one of just a few that will allow you to borrow from £1000 to £25,000.
With the Sainsbury's loan you also have the opportunity of delaying your first payment by three months. While this might be a good option if you can't afford to start repaying straight away, the sooner you start repaying your loan the sooner your debt will be cleared. And, while you're on your ?repayment holiday', the interest will continue to build so you'll end up paying more in the long run.
You can repay your Sainsbury's loan by direct debit, and you can choose whatever repayment date suits you best, allowing your repayments to leave your account on payday for instance.
One major disadvantage to the Sainsbury's loan is that you will be charged a fee if you choose to repay your debt early. Although this fee is quite common among the cheaper lenders, there are some that won't charge.
Click here to check out all the available choices.
How do I choose the right loan for me?
Even if you think the Sainsbury's loan would be a good choice, it's worth shopping around before you make any big decisions with your cash. Even with a very cheap loan you'll probably pay hundreds in interest, so you should make sure you're getting the best deal you can get.
The Finance Choices personal loans comparison service is a simple and free way to find out which loan would suit you best. For more info on the Sainsbury Loan simply visit their website below:
Sainsbury Loan
posted by Barbara Gordon at 12:40 PM
Sainsbury's Loans
3 Comments:
When choosing a loan, you shouldn?t just go for the lowest APR you can find ? there are other things to consider too. For instance, you should think about your changing financial circumstances. You might be changing jobs or borrowing to pay off other debts - is it possible that you might be able to pay off your loan early? If so, you should check whether there are any penalties to pay for doing this ? or for repaying part of your loan on top of the usual amount. Most good loan companies don?t charge you for repaying your loan early - but it?s worth checking, just in case.
Sainsbury?s charges you the equivalent of 2 months? interest if you want to pay your loan off early. This might be just enough money and hassle to put you off, but repaying even a small chunk early is a brilliant idea as it can seriously cut the term of your loan and, therefore, the amount you pay back in total.
Another disadvantage to applying for the Sainsbury?s loan is the credit profiling used by supermarkets. In many cases applicants for a rock-bottom rate like this one will be turned down because their credit history does not pass the supermarket's filter. In some instances the applicant will not be rejected but will be sold a higher interest rate loan instead.
When I was buying a new car, I searched the internet for the best deal available. Sainsbury Bank offered one of the best rates available. The loan was agreed over the phone and arrangements made for a courier to deliver the cheque at my convenience. I was allowed a set time to examine the details and to accept the terms of the loan. A payment holiday was offered, deferring the start of the repayments for a three month period. There was a small payment to receive this service which supported my financial plans for the purchase of the car. Highly recommended.
Sainsburys Bank Personal Loans: Requirement for GOLD insurance can creep onto the form without you requesting it. This can push the costs up hugely, so a 6% loan can end up costing nearer to 20%
Check the forms closely.
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