MSE News: Sainsbury's Bank launches cheapest-ever standard personal loan at just 2.8%

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MSE_Luke
MSE_Luke Posts: 295 MSE Staff
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in Loans
The low rate is available on loans of £7,500 to £20,000, provided you have a Nectar card and repay within three years...
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'Sainsbury's Bank launches cheapest-ever standard personal loan at just 2.8% APR'
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  • Pincher
    Pincher Posts: 6,552 Forumite
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    £20k at 2.8%?

    Potentially, I can buy things that pay dividends higher than 2.8%.

    Stoozing opportunity.
  • rtho782
    rtho782 Posts: 1,189 Forumite
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    Heh, I could use this as a mortgage overpayment and have a net saving, but I doubt I'd get the advertised rate.
  • Sasahara
    Sasahara Posts: 83 Forumite
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    Since they have to give 51% of successful applications the advertised rate it's a safe bet there would be a large number of unsuccessful applications. The eligibility criteria for such a good loan will probably be steep. :)
  • Dunnie
    Dunnie Posts: 5 Forumite
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    I earn circa £40k, I have no debts and very few outgoings,my credit rating on the MSE site is 999, I applied for the 2.8% Sainsbury's loan and have not been offered the headline rate!! What do you have to do to get it??????
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
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    Dunnie wrote: »
    I earn circa £40k, I have no debts and very few outgoings,my credit rating on the MSE site is 999, I applied for the 2.8% Sainsbury's loan and have not been offered the headline rate!! What do you have to do to get it??????

    Be in the top 51% of accepted applicants.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
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    Dunnie wrote: »
    I earn circa £40k, I have no debts and very few outgoings,my credit rating on the MSE site is 999, I applied for the 2.8% Sainsbury's loan and have not been offered the headline rate!! What do you have to do to get it??????

    If only lenders could see your Experian* credit score eh? Better still if Experian rate you so highly why don't they lend you some money.

    You say you have no debts. No credit history does not equal good credit history.


    *The MSE Credit Club displays your Experian credit score.
  • Dunnie
    Dunnie Posts: 5 Forumite
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    Whoops!! I must have been, got my offer today at 2.8% . Happy days!!
  • Westminster
    Westminster Posts: 1,004 Forumite
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    Expect another flurry of posts complaining about not getting the headline rate .....

    ��
  • Paul_Spencer-White
    Paul_Spencer-White Posts: 2 Newbie
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    I applied for a Sainsburys loan at the rate of 2.8% but when my offer came through the rate was 5.2%!! What is that all about?? Went with another provider.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    edited 20 April 2017 at 9:41PM
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    Paul_Spencer-White wrote: »
    I applied for a Sainsburys loan at the rate of 2.8% but when my offer came through the rate was 5.2%!! What is that all about?? Went with another provider.

    No 1 is entitled to the low rates.

    5.2% is good, not as good as the 2.8% though.

    In fact the website mentions loans starting from 2.9% so ou would be very lucky to have got a loan at 2.8%.
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