Tough times are what the world is looking at and there seems to be no end of that in the near future. Economies are only going through stress hence making life tough for many, especially financially. In such times, one has to sometimes consider taking a loan in order to meet certain obligations.

Luckily, with banks offering loans and with great terms, like Sainsbury’s Bank, you can easily secure a loan. The good thing about the bank is that you have an easy-to-apply process.

Read on to find out more about how you can apply for a personal loan with Sainsbury’s Bank, interest rates charged by the bank and more.

Benefits/Features of the Sainsbury’s Bank Personal Loan

There aren’t a lot of benefits that you can get when you apply for a loan other than the money itself. But with Sainsbury’s Bank, there are some benefits that you get when you apply for a personal loan.

For starters, you have a clear understanding of the amount that you’ll pay in the end. This means that you can easily plan your finances. Additionally, there are some more features to consider.

Flexible Repayment

Most banks offer tight repayment plans that prove to be difficult to pay easily.

With Sainsbury’s Bank, however, you have a flexible repayment term that stretches up to 60 months.

APR

Another worry that you have when it comes to taking a loan is the interest rate. And with this specific bank, you have some of the best rates that are there in the market.

With an APR as low as 2.9%, you certainly have a financial partner that truly cares about you.

Credit Limit

Credit limit is an issue no matter what type of loan you look at taking. It is no different when you are considering taking a loan with Sainsbury’s Bank. The good thing, however, is that you can get up to £15,000 for a personal loan.

How much you get, however, is determined by a number of factors. Your credit score is the ultimate defining factor as to how much you get as far as your loan limit is concerned.

Interest Rates and Fees

With Sainsbury’s Bank, you don’t have to pay any fees to access a loan. There are no initiation fees, generation fees, and no early payment fees.

As a representative example of rates you can expect, though, note the following.

  • Borrow £10,000 over 60 months with 60 monthly repayments of £187.77
  • Total repayable amount of £11,266.20
  • Representative 4.9% APR
  • Annual fixed interest rate of 4.9%

How to Apply for a Personal Loan with Sainsbury’s Bank

Before you can apply for any loan, ensure that you have as much information about the specific loan as possible. With Sainsbury’s personal loan, you have to be 18 years old or more to be able to access the loan.

You can learn more about the other requirements of taking up a personal loan with this bank on the bank’s website.

Before you apply, you should also make use of the loan calculator on the bank’s website to find out how much you’ll be paying at the end of your loan. You can easily apply for a loan by going to one of the branches of the bank. Alternatively, you can make use of the easy online application process.

To begin your online application, just visit the Sainsbury’s Bank’s website, and click on the ‘borrowing’ menu. From there, you can choose the type of loan that you want and then click on the ‘apply now’ button. There’s an easy to fill out form on the next page that will take you approximately 10 minutes to complete.

Sainsbury’s Contact Information

You can reach out to the bank through their number at 08085 40 50 60.

The bank’s head office is located at 33 Holborn, London EC1N 2HT, England.

Conclusion

Taking up a personal loan with Sainsbury’s Bank is easy and convenient. All you have to do is visit the bank’s website, where you’ll find all you need to know and do to secure a loan.

Note: There are risks involved when applying for and using a loan. Consult the bank’s terms and conditions page for more information.