Sainsbury's Large Loans
Good:
Fantastic and quick service - loans processed and paid out efficiently
Bad:
Really high charges if you were to fall behind on payments or default
Verdict:
Lots of reviews about applicants with perfect credit histories having to wait days to be told they're rejected or offered a higher rate than advertised
Loans from £15,000 to £25,000. You can borrow this for between 1 and 5 years. If you are already a member of the Nectar card scheme then you may be entitled to a better interest rate. Also, Sainsbury's will give you double Nectar points on your Sainsbury's shopping and fuel for two years if you have a loan with them.
You can apply online with Sainsbury's or you can apply over the phone. You will be given an instant provisional decision and they will email or call you that day letting you know if you have been approved. They will send a copy of the loan agreement out to your home so you can sign it and send it back. You may need to send proof of documents back too, but they will let you know. A courier service can speed up your application if you require the money quickly, for a fee. Once received, Sainsbury's should pay out within 3 -5 working days.
Sainsbury's do not offer loans to people who have been refused credit in the past 30 days or if you have a history of bad debt such as late payments, defaults, CCJs or bankruptcy. Also, bear in mind they have early settlement charges so if you think you will pay the loan off earlier than expected you need to check what the additional charges will mean for you. One of the main complaints on customer review sites is slow service and being declined even if you have good credit history. Their credit scoring system does seem to be quite strict so may not be the best option if you have been refused credit before.
Loan Calculator (Representative 8.2%APR)
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Sainsburys Bank Personal Loans: Requirement for GOLD insurance can creep onto the form without you requesting it. This can push the costs up hugely, so a 6% loan can end up costing nearer to 20%. Check the forms closely. They argue like mad when you try to exctricate yourself. Eventually folded, though
I got a loan out 5 years ago, and have to admit service was brilliant and I thought I would use them again. I settled the loan early this year, but I do have to say I am now not impressed. Due to dates of payments and the settlement date I have been forced to overpay by two months payments. I am now been waiting two weeks for my refund and have been told I have to wait another 3 to 5 days. So my advice, don't settle early if you don't want to wait for refunds!!!!
Cannot fault sainsbury's online loan, the day after I applied it was confirmed and dealt with on the phone brilliantly, can't fault them would definitely recommend if you have good credit.
Loans up to £25,000 - 5 years
- You must be in full-time, part-time or self employment earning £1,000 per month
- You must have been a UK resident for 1 year or longer and have a permanent UK address
- You must have a bank account or building society account with Direct Debit facilities
- You cannot have been declined credit within the last month
- You must not have a history of bad credit such as arrears, CCJ's, payment defaults or bankruptcy
- You need: bank/building society details, residential address for the last 3 years, details of monthly income/outgoings, employer's name and address and Nectar card number (if applicable)
- You must be 18 years of age or older to apply
- Courier Fee to receive your documents quicker - £59.00
- Order to gain new address - £50.00
- Direct Debit returned unpaid - £25.00
- Default expired - £50.00
- Letter requesting payment - £10.00
- Pre-default notice - £30.00
- Phone call requesting payment - £10.00
- Issue of solicitors letters - £50.00
- Instruction of agency to collect balance - £50.00
- Instruction of solicitor for court proceedings - £50.00
- If your loan is longer than 12 months - 58 days interest will be charged
