If you’re looking for the right loan for you, you might have wondered if Sainsbury’s loans have the right plan.
Sainsbury’s loans features:
- Borrow from £1,000 to £35,000
- Repayment turns up to 60 months
- Option of 2 month repayment holiday at start of loan
- Price Promise - if you're offered a better rate on a like-for-like loan elsewhere, they claim they will beat it
To be eligible for a Sainsbury’s bank loan you must:
- Be aged between 18 and 80 years old and less than 83 when the loan is repaid
- Have a permanent UK address
- Have a household gross annual income of over £7,500
- Not have a history of County Court Judgments or bankruptcy
- Not be intending to use the loan for: Business purposes, purchase or deposit for a property, investment or gambling.
It’s important to remember that although the maximum amount this loan permits to be borrowed is £35,000 that does not necessarily guarantee you will be able to borrow it. How much the lender will be willing to loan you will be dependent on your credit score and other individual financial circumstances, these criteria will also be taken into consideration when they calculate your APR meaning it may deviate from the rate you have been quoted using a loan calculator or other similar tool.
Whatever the reason you are interest in getting the loan no matter how big or small it’s important to try and get the best loan for your purpose, remember that Sainsbury’s Bank is just one lender of many. You can use the loan calculator on this site to search over 200 different loans from over 20 lenders to see what options are available.
If you own property and are looking borrow a larger sum of money then a Homeowner or ‘secured’ loan might be a solution for you. In this type of loan because you set up your home or other property as a security on the loan most lenders are willing to offer you more money and for longer periods. You can typically borrow between £25,000 and £250,000 over a period of up to 30 years with a homeowner loan.
Similarly to a personal loan however your specific APR as well as how much you can borrow will be affected by your credit history as well as the value of your home and how much of its equity to possess.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. If you are at all unsure of the suitability of a particular product for your circumstances you should seek independent financial advice.
Before you take out a loan
It is important before you take out a loan that you have made sure it’s the right option for you. Consider alternatives before you apply, for example if you have any savings it might be beneficial to use these instead; as it may be that the interest you pay on a loan will be higher than any interest you earn in your savings.
There are other types of borrowing than personal and home owner loans such as authorised overdrafts and credit cards you might wish to consider.
Also if you are thinking of taking out a loan to consolidate debt understand that spreading your payments over a longer term could mean you ultimately pay more overall than you would with your existing arrangements, even if the interest rate on the new loan is less than the rates you have at the moment.