Sainsbury's Medium Loans

Good:
Sainsbury's have a brilliant customer service and efficiency reputation with their loans

Bad:
Application may still get turned down even if you have a good credit history

Verdict:
They have great low interest rates because they are very strict at credit checking - check your credit history before you apply to make sure you have absolutely no adverse credit otherwise you will get declined

Loans from £7,500 to £15,000. You can borrow this for between 1 - 5 years. If you are already a member of the Nectar card scheme then you may be entitled to a better APR rate. Also, Sainsbury's will give you double Nectar points on your Sainsbury's shopping and fuel for two years.

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, Sainsburys 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.