Sainsbury's Finance is offering cheap loans to shoppers
Shoppers are being offered a 7.9 per cent typical personal loan with Sainsbury's Finance.
Sainsbury's customers are being urged to take advantage of its cheap loan deal rate of 7.9 per cent APR typical.MoneyExpert.com claims that the average rate on a non-secured personal loan between £7,500 and £15,000 is currently 10.4 per cent.
However, the supermarket is offering cheap loans of between the same amounts at just 7.9 per cent.
Shoppers who agree to a loan with Sainsbury's Finance will be rewarded with double nectar points and fixed repayments for the entire period of the loan.
In addition, Sainsbury's customers will receive a "personally-tailored repayment period, from one to seven years".
Steven Baillie, head of loans at Sainsbury's Finance, said: "Anybody considering a loan needs to move fast now to take advantage of this offer.
"All of our loans customers enjoy one of the most competitive rates available and those who shop at Sainsbury's will be rewarded further, with double nectar points on their shopping for two years."
Sainsbury's personal loan offer of 7.9 per cent typical will expire on 26th January.
The news comes in light of a report by moneysupermarket.com which claimed that personal loan rates are beginning to drop.
The loan information and advice website revealed that the average rate of the top ten loan deals had fallen to 8.35 per cent.
Despite the cut in rates, some lenders remain reluctant to lend money to consumers who are not current account holders.
Written by Barbara Wintergreen
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