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

MSE_Luke

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

£20k at 2.8%?

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

Stoozing opportunity.

rtho782

Heh, I could use this as a mortgage overpayment and have a net saving, but I doubt I'd get the advertised rate.

Sasahara

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

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

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

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

Whoops!! I must have been, got my offer today at 2.8% . Happy days!!

Westminster

Expect another flurry of posts complaining about not getting the headline rate .....

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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

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%.