13 October 2005
An online bank has announced a drastic cut in interest rates for new accounts – but only until November 8th.
Sainsbury's Bank will, until that date, offer rates of 6.3 per cent APR for customers asking for a loan of £5,000 and over – with no repayments necessary over the first three months and an instant answer to their online application promised.
As Christmas is around the corner, the bank is hoping that – with its loan cheques guaranteed to be posted the day after any accepted application – consumers will flock to take advantage of the fact that they are not being obliged to make repayments around the festive period.
Rachel Brereton, loans manager for the bank, said: "This special offer is perfect for anyone looking to plan a winter break away or make a special purchase in the coming months."
Research from the bank in May suggested that 38 per cent of personal loan customers only obtain one quote before committing themselves to a deal – with £650 million being lost because people have not sought the best deals.
Compare all UK personal loans at uSwitch.com and find the one to suit your needs.
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.