Sainsbury's cuts loan rates

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<div class="rxbodyfield" xmlns:o="urn:www.microsoft.com/office" xmlns:st1="urn:www.microsoft.com/smarttags" xmlns:st2="urn:www.microsoft.com/smarttags2" xmlns:w="urn:www.microsoft.com/word" xmlns:x="urn:www.microsoft.com/excel"><p>Sainsbury&#39;s Bank has announced it is to cut rates for people applying for its online loans, good news for the vast majority of Britons concerned about forthcoming interest rate rises.</p><p>The terms of the loan have been altered so that people borrowing loans of &#163;7,500 or more, up to a total amount of &#163;25,000, will find their rates reduced to 6.5% typical APR.</p><p>Furthermore, it has revealed customers will also have the option of making no repayments in the first three months.</p><p>Steven Baillie, Loans Manager for Sainsbury&#39;s Bank, said: &quot;Our new rate, which is one of the lowest around, should be helpful to those looking to carry out any home improvements this summer or those planning to order a new car and highlights our commitment to continually offer competitive rates to our customers&quot;.</p><p>The news comes as Nationwide found UK consumer confidence has dropped from last month&#39;s year and a half high</p><p>Nationwide&#39;s Chief Economist, Fionnuala Earley said: &quot;The fall in confidence in June reflects some weakening sentiment about the economy and jobs, both now and in the future.</p><p>&quot;Higher interest rates are likely to be a major factor behind this as consumers recognise their impact on the wider economy as well as on their own pockets. Spending confidence ticked up very slightly in June but overall it is significantly lower than this time last year,&quot; she added.</p><p>Indeed, a meeting of the Bank of England&#39;s Monetary Policy Committee tomorrow is expected to raise base rates by at least 0.25%, potentially bringing interest rates up to 5.75%.</p><p>Looking for a loan? uSwitch.com&#39;s loans comparison service provides an impartial search of the entire UK loans market to pair you up with the one best suited to your needs. And if you have a question, we have the answers. Let uSwitch.com <a href="http://www.uswitch.com/Loans/Index.aspx">find a loan to match your circumstances.</p><p></p></div>