Personal loan shoppers have until next Tuesday (26 January) to avail of Sainsbury's 7.9% offer. Anyone with a Nectar card who applies for a
personal loan from the provider will also benefit from double points on their shopping in store, online and in petrol stations for two years.
Sainsbury's is urging customers to "move fast" to take advantage of the competitive rate, which applies to
personal loans of between £7,500 and £15,000.
Meanwhile, financial analysts have suggested that
personal loan rates in general are finally beginning to fall and are reaching their lowest since the Bank of England's base interest rate hit 0.5%.
According to the latest figures from Money Supermarket, the average rate of the current top ten
personal loan deals is just over 8%, though many lenders are still restricting
personal loans to existing
current account customers.
Tim Moss, head of loans and debt at the site, commented that recent moves suggest lenders are "willing to open their purse strings just a little wider".
"In 2006 the average rate of the top ten loan products available was at 5.8%, and yet now we are pleased to see it come down to 8.35%," he added.
