Consumers who shop at Sainsbury's are being offered a reduced
personal loan rate of 7.9% APR and double Nectar points for two years if they apply for a
personal loan with a Nectar card between now and 28 February. According to Sainsbury's Finance, the offer is available for loans of between £7,500 and £15,000.
With the average rate on non-secured
personal loans of between £7,500 and £15,000 currently standing at 10.3%, as highlighted by the latest
personal loan data from financial search engine Moneyfacts, representatives for the provider say they're offering over 20% less than the average. The double Nectar points apply to purchases made in stores, online and in petrol filling stations.
Steven Baillie, head of loans at Sainsbury's Finance, points out that a customer who spends £50 a week at the supermarket and has a Sainsbury's
personal loan - as well as a Nectar card - would receive £52-worth of Nectar points a year.
"All of our loans customers enjoy one of the most competitive rates available, but those shopping at Sainsbury's can now take advantage of an even better deal and get rewarded for it in the process," he concludes.
Financial News
