Loan rates cut by Sainsbury’s finance

Sainsbury’s Finance has announced a cut in the rate of its personal loans for online customers.

The lender is reducing the typical annual percentage rate from 8.9 per cent to 8.2 per cent for loans ranging from £7,000 to £15,000.

Those who are considering borrowing such an amount – perhaps to help carry out debt consolidation – will be able to receive the money within 24 hours and will not have to pay any set up fees.

Head of loans at Sainsbury’s finance Steven Baillie said that the lender is “committed” to providing “great products” to consumers.

“[We] are delighted to be able to offer this rate cut at a time when our customers are starting to think about the new year ahead,” he added.

Research by uSwitch.com recently revealed that the cost of taking out an unsecured loan is increasing, with the average interest rate now standing at 9.44 per cent.

By Tom Musk