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.
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