Battle to offer best personal loans hots up as Sainsbury's cuts rates
Sainsbury's has concluded the war by reducing its personal loan rates as banks compete to offer the best personal loan.
Sainsbury's has lowered its rates on unsecured personal loans such as supermarkets and banks are competing for customers.
Sainsbury's Finance has reduced its interest rates on personal loans in excess of £ 7 500.
The loan from the Sainsbury's Bank is available to Nectar card holders repayment periods from one to three years at a competitive rate of 6.8%.
For longer repayment periods, interest rate of 6.9% applies.In an effort to take on the edges of downtown, Finance Sainsbury's has begun offering products increasingly competitive personal finance, including a fixed account rate savings with interest at 4%.
major banks like Santander are also keen to attract savers, with ISA available with flow rates up to 3.3%
Michael Ossei, ready to uSwitch expert commentary on the new offers available on the market: "War of the loan rate has really expanded recently to compete nationally and Santander earlier this month to lower their rate 7.2% before Sainsbury's entered the fray with a rate of market leading 7.1%.
Then last month Marks and Spencer's fake all with a rate of 6.8%.
"This bold initiative today by Sainsbury's to regain its place atop the table, buying more good news for consumers - especially as it could signal a new attack on rates, forcing them even lower.
"While rates are down, people should think seriously about debt and make sure they chose the right product for them.
"Some may need a loan, but for other credit card offers with balance transfer, or a good introductory offer for new purchases is the best option.
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