Write a review

Sainsburys Bank: Personal Loan reviews

Name: Personal Loan
Rating: 3.3 (69 reviews)

View other Sainsburys Bank products

3.38

Based on 69 reviews, last reviewed 25th May 2024

No new 5 star reviews

in the past 90 days

No new 1 star reviews

in the past 90 days

45%

14%

33%

Latest highest rating:

5

Excellent customer service and they give me excellen... Excellent customer service and they give me excellent rates for personal loan Reviewed on: 25th May 2024

Latest lowest rating:

1

Taking the proverbial Applying for a Sainsbury's loan is very misleading and annoying especially as a Nectar card holder! You give and show a 4.8% APR as a Nectar card hold... Read more Reviewed on: 6th March 2023

Read all reviews Write a review

About this product

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.

Review Sainsburys Bank: Personal Loan now

Help others make smarter decisions by sharing your own experience.

Write a review

Sainsburys Bank Personal Loan reviews (69)

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 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 We were told that the application, which had been previously approved, was now withdrawn.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 Reviewed on: 26th April 2019

Very easy to apply for

Very little fuss and easy to talk to on the phone too Reviewed on: 15th April 2019

Good service

Easy loan good service reliable bank Reviewed on: 13th April 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 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

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 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) Reviewed on: 28th March 2019

Amazing

very helpful, affordable repayments Reviewed on: 5th January 2019

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 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. Reviewed on: 26th December 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 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. Reviewed on: 23rd October 2018

Don't even bother

What an absolute joke! My partner and I were approved we sent our papers off over a week ago and still waiting for our money! Shouldn't even take two days let alone over a week! Joke!! Reviewed on: 28th 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 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 Reviewed on: 23rd July 2018

Do you have a different Sainsburys Bank product?

Share your experiences with products to help others make smarter financial decisions and learn more about different products available. Write a review

Are you a business? Get insights, reply to reviews, invite customers and understand their needs

There's still more to see!

Sainsburys Bank has a range of products available. Check the ratings of each product to find the right one for you. View all products

Join Smart Money People

Keep up to date on ratings of your favourite businesses. Find out about our awards and write new reviews with ease

Create an account

News, guides and insight from our team

View resource hub