Compare Sainsbury’s loans
Sainsbury’s Bank provides personal unsecured loans for a range of purposes, so whether you need to buy a car or want to improve your home, they are well worth considering.
Depending on how much you need to borrow and how long for, it may be worth looking at other ways to raise the money. This could include extending the overdraft on your current account, opening a new credit card or remortgaging.
Before making a decision, it is a good idea to make sure you have as much information as possible about what a Sainsbury’s personal loan has to offer.
Sainsbury’s personal loans
Getting a personal loan from Sainsbury’s Bank can be a fairly quick, simple way to find extra funds when you need them. Unsecured personal loans of this type tend to be for smaller amounts lent over shorter periods.
Advantages of Sainsbury’s personal loans
- Borrow from £1,000 to £40,000
- Repay over 1-7 years
- Fixed monthly repayments
- Price Promise Guarantee – Sainsbury’s offer to beat the APR offered by any other lender on “like for like” loans
- All Sainsbury’s Bank loans allow you to overpay so you can reduce you debt faster
- Some Sainsbury’s Bank loans allow you to pay off you loan early if you later decide to do so
Restrictions on Sainsbury’s personal loans
- You must be a permanent UK resident
- You must be aged between 18 and 80
- You must be less than 83 years old by the time the loan is repaid
- You must have a gross household income of £7,500 or more
- It could harm your credit rating if you fail to stay up-to-date with your repayments
- If you get behind with your payments a bailiff could be appointed by a county court to recover the debt
Borrow more with a secured loan
If you need to borrow a larger amount and/or want a longer repayment period, a secured loan may be more appropriate. This type of loan is tied to an asset, normally property, and the amount you can borrow is often much higher than for an unsecured personal loan. Repayment periods for secured loans are often much longer too.
How much you can borrow will be determined according to a Loan to Value (LTV) ratio. This will be a defined as a percentage of the value of your asset, minus any loans you already have leveraged against it. So, if your bank is willing to offer a LTV ratio of 75% and you have a house worth £100,000 you would be able to borrow £75,000 in total. If you have an existing mortgage for £50,000, you should be able to get a secured loan for another £25,000.
To find the best deals on secured loans, head over to our secured loan calculator.
Need to borrow more than £25k?
When you need to borrow a larger amount, getting the very best deal is of paramount important. This is because details such as the interest rate you are offered can make a huge difference to the final amount you end up repaying.
If you are a homeowner or landlord and need to raise finance for improving your property, our team of specialist loan advisors can help. Simply give Fair Mortgages a call on 0117 313 7780 or use our contact form to get in touch.