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  • FIRST POST
    • MSE Luke
    • By MSE Luke 29th Dec 16, 4:58 PM
    • 246Posts
    • 57Thanks
    MSE Luke
    MSE News: Sainsbury's Bank launches cheapest-ever standard personal loan at just 2.8%
    • #1
    • 29th Dec 16, 4:58 PM
    MSE News: Sainsbury's Bank launches cheapest-ever standard personal loan at just 2.8% 29th Dec 16 at 4:58 PM
    The low rate is available on loans of £7,500 to £20,000, provided you have a Nectar card and repay within three years...
    Read the full story:
    'Sainsbury's Bank launches cheapest-ever standard personal loan at just 2.8% APR'

    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.
Page 1
    • Pincher
    • By Pincher 29th Dec 16, 11:40 PM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    • #2
    • 29th Dec 16, 11:40 PM
    • #2
    • 29th Dec 16, 11:40 PM
    £20k at 2.8%?

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

    Stoozing opportunity.
    • rtho782
    • By rtho782 30th Dec 16, 4:02 PM
    • 1,011 Posts
    • 720 Thanks
    rtho782
    • #3
    • 30th Dec 16, 4:02 PM
    • #3
    • 30th Dec 16, 4:02 PM
    Heh, I could use this as a mortgage overpayment and have a net saving, but I doubt I'd get the advertised rate.
    Deposit Saved since 01/12/15: £13,000 / £15,000 House Bought!

    Debt Cleared since 01/12/15: £6,000 / £7,500
    • Sasahara
    • By Sasahara 30th Dec 16, 5:40 PM
    • 65 Posts
    • 32 Thanks
    Sasahara
    • #4
    • 30th Dec 16, 5:40 PM
    • #4
    • 30th Dec 16, 5:40 PM
    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
    • By Dunnie 18th Jan 17, 10:15 PM
    • 5 Posts
    • 0 Thanks
    Dunnie
    • #5
    • 18th Jan 17, 10:15 PM
    Sainsbury loan
    • #5
    • 18th Jan 17, 10:15 PM
    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
    • By PeacefulWaters 19th Jan 17, 5:12 AM
    • 7,152 Posts
    • 8,806 Thanks
    PeacefulWaters
    • #6
    • 19th Jan 17, 5:12 AM
    • #6
    • 19th Jan 17, 5:12 AM
    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??????
    Originally posted by Dunnie
    Be in the top 51% of accepted applicants.
    • Pixie5740
    • By Pixie5740 19th Jan 17, 9:03 AM
    • 11,089 Posts
    • 15,343 Thanks
    Pixie5740
    • #7
    • 19th Jan 17, 9:03 AM
    • #7
    • 19th Jan 17, 9:03 AM
    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??????
    Originally posted by Dunnie
    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.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • Dunnie
    • By Dunnie 20th Jan 17, 2:19 PM
    • 5 Posts
    • 0 Thanks
    Dunnie
    • #8
    • 20th Jan 17, 2:19 PM
    • #8
    • 20th Jan 17, 2:19 PM
    Whoops!! I must have been, got my offer today at 2.8% . Happy days!!
    • Westminster
    • By Westminster 21st Jan 17, 8:48 AM
    • 815 Posts
    • 500 Thanks
    Westminster
    • #9
    • 21st Jan 17, 8:48 AM
    • #9
    • 21st Jan 17, 8:48 AM
    Expect another flurry of posts complaining about not getting the headline rate .....

    ��
    • Paul Spencer-White
    • By Paul Spencer-White 20th Apr 17, 6:07 PM
    • 2 Posts
    • 1 Thanks
    Paul Spencer-White
    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
    • By DCFC79 20th Apr 17, 6:48 PM
    • 30,252 Posts
    • 19,141 Thanks
    DCFC79
    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.
    Originally posted by Paul Spencer-White
    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%.
    Last edited by DCFC79; 20-04-2017 at 9:41 PM.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • zx81
    • By zx81 20th Apr 17, 8:33 PM
    • 14,038 Posts
    • 14,718 Thanks
    zx81
    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??
    Originally posted by Paul Spencer-White
    That is about 2.4% higher than the headline rate.
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