Sainsbury’s Bank loans offer their best rates to Nectar card customers
Loans displayed have term lengths between 6 months and 7 years, and 3.2% APR.
Warning: Late repayments can cause you serious money problems. For more information see our debt help guides.
uSwitch Limited is a credit broker, not a lender, for consumer credit products. Our services are provided at no cost to you, but we may receive a commission from the companies we refer you to. For some loans a broker fee of up to 12.5% may be added to the cost of the loan.
Sainsbury’s is one of the United Kingdom’s most successful supermarket chains, and they also provide a full range of financial services through their wholly owned Sainsbury’s Bank.
When it started operating in September 1997, Sainsbury’s Bank became the first bank in the UK owned by a supermarket. It was launched as a joint enterprise between Sainsbury’s and the Bank of Scotland, although the bank operates under its own license which was granted in January 1997.
Potential customers of Sainsbury’s Bank can apply for an account or product online or over the telephone. Information about their financial and insurance products are freely available in store, and customers of the bank have the reassurance of banking with a name that they know and trust.
One unique feature that the bank provides is that the use of many of their banking products earns points, and sometimes double points, for their Nectar reward card scheme.
One such tie-in comes through their Sainsbury’s Nectar Bonus Credit Card which gives extra points for purchases made in Sainsbury’s stores, as well as for fuel purchased from their forecourts, after an initial three month exemption period has passed. This means that using the credit card, and other financial products with similar incentives, can help obtain rewards that can be used at the supermarket checkout.
Credit cards aren’t the only lending facility that Sainsbury’s Bank provides. They also offer a wide variety of loans, with variable terms and interest rates depending on the amount that’s to be borrowed. Personal loans may be available for amounts ranging from £1,000 up to £35,000, and they also have secured homeowner loans for eligible customers.
Borrowers have the option of taking a standard loan, or of taking an enhanced Shopper Reward Loan which again can result in extra Nectar points being earned. There’s also an opportunity to take a repayment holiday at the commencement of the loan period.