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Review of the Sainsburys Bank, Personal Loan:

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Not the lowest rate as advertised!

The loan application is simple enough, you fill in some details and they give you a likely interest rate (in my case 2.9% on £7500). You then proceed and they carry out a credit check leaving a, "mark" on your credit file and come back to offer an interest rate of over 7% (somewhat higher than indicated!). I have no outstanding debt, i am mortgage free, I earn over 40k a year i have never defaulted on a payment for anything. Of course you then become wary of applying for a loan from another company because of potential damage to your credit rating. Anyhow i applied to first direct, who did not claim to offer interest rates at 2.9 % and despite the credit check carried out by Sainsburys they offered me a loan at 5%. Still higher than id like but a lot better than Sainsburys and without being misleading. So in summary i would not bother with Sainsburys and as far as their Nectar card goes, I've some good ideas as to what they can do with that, but i don't think its appropriate to type that here. Reviewed on: 28th March 2019

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