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Sainsburys Bank Personal Loan Reviews

Ratings based on 39 reviews Last review 2 months ago

Sainsburys Bank personal loan reviews on Smart Money People are honest reviews. If you're trying to determine whether this is the right personal loan for you, reading our Sainsburys Bank personal loan reviews can help you to find out what other people...

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Sainsburys Bank personal loan reviews on Smart Money People are honest reviews. If you're trying to determine whether this is the right personal loan for you, reading our Sainsburys Bank personal loan reviews can help you to find out what other people have to say. Smart Money People launched in October 2014 to help people like you to find the best personal loans. If you have used a Sainsburys Bank personal loan, we'd love you to write a quick review too.

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Your Personal Loan Reviews (39)

26th April 2019

Terrible customer service that has directly impacted or credit rating

Joint pplication for a personal loan. The first correspondence we had was through post asking to return proof of address, however; no stamped address envelope or information about where to return supporting information was included. Subsequent...

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Joint pplication for a personal loan. The first correspondence we had was through post asking to return proof of address, however; no stamped address envelope or information about where to return supporting information was included. Subsequent information about bank account statements and identification was requested along with a signed copy of contract. This time a small stamped address envelope was provided but not sufficient for returning the required documents. The loan was approved. Another letter was sent by Sainsbury's returning our original bank statements but only 1 of 2 was returned. The letter stated that they would be in touch. That day we contacted Sainsburys bank to request an update on when the loan would be transferred. We were told that the application, which had been previously approved, was now withdrawn. The excuse was that the bank account stated for the loan transfer was not the account of the primary applicant. This was not made clear during the application process as this was a joint application and we were not informed that it mattered which bank acount was used for loan transfer, particularly since statements for current accounts of both applicants were provided. If this had been an issue this should have been addressed before the loan had been approved. The only way forward, we are told, is to reapply. This means that our credit rating is also affected. We will never bank with Sainsburys again after this experience. Every contact with this company regarding the loan application has confirmed the fact that they are amateur outfit with no due regard for potential customers

28th March 2019

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 ...

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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.

28th March 2019

Rip Off

Sainsburys tempt you in with a low interest rate so they are at the top of the best deals list, then when you apply its possible dont get the low interest rate you thought you might be getting (and was tempted with in the first place) and you dont...

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Sainsburys tempt you in with a low interest rate so they are at the top of the best deals list, then when you apply its possible dont get the low interest rate you thought you might be getting (and was tempted with in the first place) and you dont know this until you apply, then if you dont like it your reluctant to try elsewhere because you have already just applied for credit and might not get accepted. I am trying to pay my loan off early (had it 2 months) and the interest is ridiculous, out of the £197.00 per month that I pay £57.00 is interest (over 25% of the repayment) then when you try to pay the loan off early they charge you 58 days of interest on top which in my case is around £100 to add to the early repayment. so all in all I will have made monthly repayments totalling to £592.00 over 3 monthly payments and still have to pay £9,831.50 to close my account (approx £168.00 difference between the original loan value/so everything else is interest. Don't get suckered into taking a loan from Sainburys unless your lucky enough to win the raffle and actually get the interest rate they are tempting you with. (which of course you wont know until you actually apply and create a footprint on your credit search)

26th December 2018

20th century processes

Everything is slow and clunky. Paper forms need sent off!!! It’s 2018 for goodness sake. We were in a hurry for the cash so I phoned to check it was all going ok. ‘Yes all fine - 2/3 working days and you will have the money’ was the answer. Then 8 days...

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Everything is slow and clunky. Paper forms need sent off!!! It’s 2018 for goodness sake. We were in a hurry for the cash so I phoned to check it was all going ok. ‘Yes all fine - 2/3 working days and you will have the money’ was the answer. Then 8 days later dropped through the door. Our application fell at the final hurdle because I had applied in my given name ‘Joe Bloggs’ but the name on the bank statement I sent away included my middle name ‘Joe William Bloggs’. I would have to start from scratch.
Well I went elsewhere and instead Sainsbury’s will have to start from scratch at attracting my custom back to ANY of their businesses. Crazy. Avoid.

23rd October 2018

Very fast and efficient

I applied for a car loan 9k on line at the 2.8% on a Saturday after completing a non complicated form and some security questions I was advised I had been accepted and could sign agreement electronically (much easier) Monday morning the money was in...

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I applied for a car loan 9k on line at the 2.8% on a Saturday after completing a non complicated form and some security questions I was advised I had been accepted and could sign agreement electronically (much easier) Monday morning the money was in my account full contract and details of the loan were sent to me and confirmation email with cooling off period.
I had read reviews regarding time it takes and changed rate, I had a perfect hassle free fast experience.

23rd July 2018

Total con artists

Told usually nonsense about what loan cost would be before going through credit checks. Came back to say happily give you loan but at £300 more. Seems like an utter scam try to get you to continue once credit check completed against your account. I ...

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Told usually nonsense about what loan cost would be before going through credit checks. Came back to say happily give you loan but at £300 more. Seems like an utter scam try to get you to continue once credit check completed against your account. I have a perfect credit score, own my own house and a great salary and previous loans with Sainsbury bank were offered lower rate and repaid perfectly. I seriously doubt anyone gets offered the advertised rate and Sainsbury’s are playing on the fact that once they run a credit check they know the customer won’t like to run too many credit checks on the account or it negatively impacts them. They therefore make a poorer offer afterwards to make as much money from that customer as they can. Such bullyshit from Sainsbury’s

25th May 2018

Slowest loan on the planet

In this digital age, with excellent credit rating you’d expect to apply and get your money within a working week...

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In this digital age, with excellent credit rating you’d expect to apply and get your money within a working week.
Not at Sainsbury’s.

I really wish I could go elsewhere but I’m stuck waiting to get the money for nearly 2 weeks unless I want my credit rating to take a big hit.

Not impressed. 

21st November 2017

Worst Bank experience ever!

The worst service I have ever had from a bank! I applied for a loan online on a Friday which was immediately approved in principle. I was slightly disappointed that they needed to post out documents (supposedly first class) to me to sign and I had to...

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The worst service I have ever had from a bank! I applied for a loan online on a Friday which was immediately approved in principle. I was slightly disappointed that they needed to post out documents (supposedly first class) to me to sign and I had to return them for me to receive the loan.

On Saturday I received another email stating that they could not offer me the advertised 2.7% APR rate but my offered rate would be in the documents they had posted. Once I returned the documents they would process the loan and the money would be in my account in 3 – 5 working days. So much for instant online trading.

Nothing arrived in the post on Saturday, Monday or Tuesday however I received an email on Tuesday stating they needed more information in order to process the loan. I rang the number provided to be told the loan was with underwriting as I was self employed. I was eventually told I had been declined, even though I have a credit score of 999 and have never defaulted on anything in my life!

I only picked Sainsburys as they had the lowest rate on Money Saving Expert who I trust. I will be going to a proper bank now instead of cowboys who should stick to selling bread.

1st July 2017

Old school loan

My loan with Sainsbury's was at a fantastic rate, so really chuffed with that. But setting up was a little more daffy than I'd have liked, and involved confusingly worded emails and posted letters. It all felt a bit old school waiting for things in...

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My loan with Sainsbury's was at a fantastic rate, so really chuffed with that. But setting up was a little more daffy than I'd have liked, and involved confusingly worded emails and posted letters. It all felt a bit old school waiting for things in the post. Emails looked basic which always makes me question the validity of the sender in this world of identity fraud.

29th June 2017

Poor slow service

Applied for a loan three weeks later advised that they were thinking about it and then they tell you can't have the advertised rate, I have a perfect credit history and believe that they pull you in with the offer of something they won't deliver so...

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Applied for a loan three weeks later advised that they were thinking about it and then they tell you can't have the advertised rate, I have a perfect credit history and believe that they pull you in with the offer of something they won't deliver so that they can get more out of you with a higher rate

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