Sainsbury’s Finance has announced it is offering shoppers a reduced personal loan rate of 7.9% APR Typical and double Nectar points on their shopping for two years. To get the Nectar points, applications have to be made between December 29, 2009 and February 28, 2010.
Sainsbury’s shoppers with a Nectar card can apply for loans between £7,500 and £15,000 and is available through all channels except aggregator sites, the company said in a statement.
Borrowers looking for larger loan amounts may well be interested in applying for a secured loan with CreditFlex, the MoneyHighStreet.com loan partner.
Steven Baillie, head of loans at Sainsbury’s Finance, said, “We’re always looking for ways to reward our customers and with this offer we’re giving the Sainsbury’s shopper a rate that is the best in the market and offering them fantastic rewards on their shopping at the same time.”
He said the company wants to provide its customers with the best available rates in the market as a way of giving thanks for their loyalty.
“All of our loans customers enjoy one of the most competitive rates available, but those shopping at Sainsbury’s can now take advantage of an even better deal and get rewarded for it in the process.”
MoneyExpert.com said that the average rate on non-secured personal loans between £7,500 and £15,000 is currently 10.3%. Sainsbury’s Finance is over 20% less than the average.
More importantly, Sainsbury’s shoppers who will take advantage of the offer will be rewarded with double Nectar points on their shopping in store, online and in petrol filling stations for two years when taking out a loan from Sainsbury’s Finance.
For example, customers who spend £50 a week with Sainsbury’s and have a Sainsbury’s personal loan as well as a Nectar card would receive £52 worth of Nectar points a year, the company explained.
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