Sainsburys loans

Bigbadslimjim

Very disappointed with sainsburys loans as on a price comparison site they came up as the cheapest which was correct according to their interest rates, but they defer the first 2 months payments while still charging interest so you actually end up paying more.

[Deleted User]

Don't defer the two payments then. Just make them as normal.

Bigbadslimjim

It doesn't let you pay them. The deferral is automatic.

[Deleted User]

Have a read of their FAQs here -http://www.sainsburysbank.co.uk/borrowing/support/support_loans_faqs.shtml#accordion-item-1-20 .

Particularly the bit about being able to make overpayments.

Bigbadslimjim

No I haven't but will have a look thanks.

Apples2

From the homepage
http://www.sainsburysbank.co.uk/borrowing/bor_borrowing_zone.shtml

Choice of repayment holiday at the start of your loan.#

redpete

Bigbadslimjim wrote: »

It doesn't let you pay them. The deferral is automatic.

It wasn't when I took one out last December.

iolanthe07

You can choose whether to defer or not when taking out a Sainsbury's loan. In common with other lenders, if you do defer they still charge interest. This is normal industry practice with deferments

R_P_W

Bigbadslimjim wrote: »

Very disappointed with sainsburys loans as on a price comparison site they came up as the cheapest which was correct according to their interest rates, but they defer the first 2 months payments while still charging interest so you actually end up paying more.

Someone else posting utter tosh without knowing what they are on about!

Bigbadslimjim

I obviously didn't read the terms properly when I took it out 2 years ago. Lesson learnt there thank you very much.

Bigbadslimjim

R_P_W wrote: »

Someone else posting utter tosh without knowing what they are on about!

Thanks for that.