Sainsbury's Small Loans
Good:
Professional, fast and efficient service from start to finish with Sainsbury's
Bad:
You may have trouble settling the loan early without paying high charges
Verdict:
Sainsburys' loans are highly recommended but you can only apply if you have a really good credit history - you can't have any adverse credit on your file at all so it may be best to check it before you apply
Loans from £1,000 to £7,499. 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, 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 7.8%APR)
Loan Amount £
Loan Term months
Monthly Repayment
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I was refused a loan from Sainsbury's 3 months ago - i was advised to check my credit report which i did, i discovered that the council hadn't updated my address onto their system... this was done last month. so i have submitted all my details requesting for a loan and yet again i have been declined. I have a good job and get paid well, I own my own house, I'm not in any debt and dont understand how i can be refused AGAIN!! Personally i think Sainsbury's just pretend to over loans and they decline everyone...... looks like I'll be shopping elsewhere.
Had a good experience. Advertised 6% with M&S, was offered 12% ! I hastily checked experian (998 out of 999 rating) thinking something was amiss. Was offered 6.1% for same application and paperwork arrived next day. Call centre staff were more than proficient and helpful. So far a good experience. Looking through these reviews they seem polarised. perhapse some leanders just want certain people or their systems highlight different risk profiles?? I would advise to try antoher company if unsucessful as my 12% M&S offer was pluckked from somewhere with no grounds i can think of. They didnt get my business, so its not me thats lost out. I thought they would be fighting for good creditors, but what do I know about finance eh? Well done sainsburys Bank though.
Went through the whole application, took longer than i thought then at the end of it refused!!!! dont know why I am in full time employment didnt want loads of money just a short term loan.
I have tried to swap my direct debit and am told I cant unless I get a letter from my bank saying they are happy to set up a direct debit with them, I would never go with Sainsburys' finance services again, far far too much trouble.
refused with reason, I have good credit, all details correct, no debt
refused with reason, I have good credit, all details correct, no debt
applied for a loan ,only to be declined without any other explanation,i,ve no debts ,an excellent credit rating and are in full time employment, perhaps this loan offer of 6.3% is another ficticious pr draw to put sainsburys on top of the pile,not heard of anyone getting a loan either after asking an number of people,the only thing i did find was some disgruntled people with the same scenario on a forum in money credit expert, come on sainsburys ,explain,or give me a valid reason for being declined ,or i start shopping at tesco,
sainsbury is a joke, they can refuse you for no reason. beware. you might get bad score for credit refusal. they first agreed loan then refused without a reason.
One of the best yet ive ever come across and they are very helpfull
I went to Sainsbury's and when I applied they let me know almost straight away that I was accepted and then I had to sign their form. After that it took less than a week to get my money.
I cannot fault Sainsbury's online loans. The day after I applied, it was confirmed and dealt with on the phone brilliantly. They sent me my documents and I got my loan within a few days. I can't fault them and I would definitely recommend them if you have good credit.
I was very happy with my loan from Sainsbury's until I found a better rate elsewhere. I asked for an early settlement and they gave me a settlement figure. I was told that no further interest would be charged but to my surprise, they had kept £100. My advice is to not believe everything they tell you.
After applying, I am pleased to say my personal experience was a very positive one. I received the paperwork to sign within two days and the money was in my account within six working days from my initial application. When I did call them with a query, their staff were very polite and helpful.
The whole application process took no more than about 15 minutes, then within the following 5 minutes, my loan was accepted. The money was in my account within 5 days of them receiving my signed form. A very fast, efficient service from which all the other companies should take note.
Sainsbury's Small Loans are definitely the best option if you have good credit. They handle your application process extremely professionally and are confidential and discrete. I would recommend them to anyone looking for a loan.
I was accepted instantly and I had the cheque within 24 hours (thanks to the £30 optional courier fee and the optional “gold insurance”). I did have some problems changing my payments from monthly to weekly which lead to some problems with my credit file. Just make sure if you take out a loan with them, you are prepared for the full loan term.
Loans up to £7,499 - 5 years
- 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 be in full-time, part-time or self employment earning £800 per month
- You must be 18 years of age or older to apply
- 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)
- Issue of solicitors letters - £50.00
- Instruction of agency to collect balance - £50.00
- Instruction of solicitor for court proceedings - £50.00
- Letter requesting payment - £10.00
- Pre-default notice - £30.00
- Phone call requesting payment - £10.00
- Courier Fee to receive your documents quicker - £59.00
- Order to gain new address - £50.00
- Default expired - £50.00
- Direct Debit returned unpaid - £25.00
- If your loan is longer than 12 months - 58 days interest will be charged
