Medium loans
Key benefits
A rewarding rate
Sainsbury's shoppers with a Nectar card can get a market leading rate of
7.9% APR typical on loans from £7,500 to £14,999. Plus we’ll give you
Double Nectar points on your Sainsbury’s shopping and fuel for 2 years*.
7.9% APR typical** on loans from £7,500 - £14,999
Choose to repay from 1-5 years
Easy to arrange with no set up fees
Fixed repayments for the term of your loan
**7.9% APR typical, for Sainsbury's shoppers with a Nectar card which
has been swiped instore in the last 6 months. We may check your Nectar
account to verify this. Rate correct at time of issue.
To take out a loan with us…
You need to be 18 or over and have:
A bank or building society account
A permanent UK address
A good credit history
No Nectar card?
Don’t worry. You can apply for a Nectar card online at www.nectar.com.
You’ll be given a card number straight away and your new card will be
posted to you. Or pick up a pack instore and fill out one simple form.
There’s a Nectar card in the pack so you can start using it as soon as
you activate it.
Loans must be arranged before 3.30pm for next day delivery. If you
choose the optional courier service an additional amount of up to £49
will be payable 1 month before your first payment. Delivery may take
longer for weekend applications or in outlying areas.
*Double Nectar Points Offer Terms & Conditions Offer only available
to customers applying for a new loan, excluding applications received by
referral from comparison websites. The application must be accepted and
the loan paid out to qualify for Double Nectar Points. The loan must be
for an amount between £7,500 and £15,000 and must be taken over a
period of between 12 and 86 months. If you miss any repayments, double
points will stop at the end of the month this happens and will not be
re-instated, even if the loan is brought back up to date. If the loan is
repaid, double points will stop from the date of repayment. Only the
first loan registered against each Nectar account will qualify for
double points. You may qualify for additional points by taking out other
qualifying products. Base points on qualifying spend in Sainsbury's
will be earned as normal. A bonus equal to the total of these points
each calendar month (subject to a monthly maximum of 2,500 points) will
be credited to the Nectar account by the 10th of the following month,
for up to 24 months from the date the loan is paid out. Excludes points
from Sainsbury's Energy, Telecoms, Digital, Bank and all Bonus point
offers. The monthly bonus will only be calculated on, and credited to
the Nectar card nominated at the time of application. The nominated card
must also be used at the time of each Sainsbury's purchase and points
will not be allocated retrospectively. The collection and use of Nectar
points in the Nectar loyalty programme is governed by the Nectar
Collector Rules set out in the registration pack and available at
www.nectar.com Sainsbury's Bank reserves the right to alter, cancel or
withdraw the offer without prior notice.
How to apply
Does this sound like you?
You're 18 years of age or older
You have a bank or building society account
You have a permanent UK address
You have not been declined credit in the past month
You don't have a history of bad credit such as arrears, county court judgements, payment default or bankruptcy
If so, you're eligible to apply for a personal loan.
What else do you need to apply?
Your residential address for the past three years
Your bank or building society details
Your monthly incomings and outgoings
Your employer's name and address
Your Nectar card number if you have one
Please note:
You can repay your loan at any time during the repayment period. If the
original length of your loan is more than 12 months an early settlement
fee of 58 days interest on your remaining balance will be charged.
By completing and submitting the application you confirm that all the
information you've provided is true and complete and that you're at
least 18 years of age.
We'll run a credit check based on the details you've provided. Once
you're approved, we'll send you your completed application form for you
to sign#.
Missing payments could have sever consequences and make obtaining credit more difficult. For your security
All data sent as part of the application process is protected by 128-bit encryption.
Finally, please read our important information and Privacy Statement before you apply.
#Funds are transferred after our receipt of signed loan documentation
and can take up to three days to clear from date of transfer. If you
choose the optional courier service an additional amount of £49 will be
payable one month before your first payment. Delivery may take longer
for weekend application or in outlying areas.
Summary box
Summary Box key information for our medium personal loan from £7,500 to £14,999
Loan size
£7,500 to £14,999 (available in £1 increments)
APR
Typical 7.9% APR for Sainsbury's shoppers with a Nectar Card - If
successful the interest rate you will pay is based on your personal
circumstances, and the amount you choose to borrow.
Interest rate range
£7,500 - £14,999 from 7.9% to 12.9% representative APR = 7.9%
Interest charging information
The interest rate is fixed and guaranteed for the life of the loan and
is charged monthly on the balance of your loan account on the day before
payment date each month.
Repayment Information
Payment is made by monthly Direct Debit. The first monthly repayment is
due one month after the date the loan has been opened, if you opted for
the repayment holiday then repayments will start two months after the
date the loan was opened. We charge interest between the start of your
loan and the first monthly repayment.
Repayment period
You can choose to repay your loan over 1 to 5 years
Amount of loan available
Loans are available from £7,500 to £14,999 in increments of £1
Application / arrangement fee
There is no application/arrangement fee
Other fees
If you choose the optional courier service to receive your loan
agreements, up to £49 will be payable one month before your first
repayment
Default fees
The following charges will be made if any of the following actions have
to be taken: If a Direct Debit is returned unpaid: Up to £25; Letter
requesting payment or telephone call to home or business: £10;
Pre-default notice: £30; Default expired: £50; Issues of solicitors
letter, instruction of agency to collect the balance, instruction to
solicitor to issue court proceedings or instruction to obtain new
address: £50
Early settlement
You can repay your loan at any time during the repayment period. To do
this you need to pay off the amount under this agreement, which may be
reduced by a rebate.
The interest rate is fixed and guaranteed for the life of the loan and
is charged monthly on the balance of your loan account on the day before
payment date each month.
Illustrative example
Here are a few examples of what your Medium Personal Loan might look
like, depending on the amount of your loan, your loan term, monthly
repayments and what your total repayment would be.
The above figures are based on opting for the 3 month repayment holiday.
The rate you are offered will vary between 7.9% APR and 12.9% APR
depending on credit assessment procedures, your personal circumstances
and the amount you borrow.
Compare competitors
How we compare - 7.9% APR Typical
When you're applying for a loan, rate is key. Compare our market leading personal loan rate and see how much you could save.
Lender
APR
60 monthly repayments of
Total amount repayable
Saving over 60 months
Sainsbury's Finance
7.9% £150.90 £9,054.00
Tesco Bank
8.4% £152.06 £9,123.60 £69.60
Santander (Existing Customers)
8.9% £154.08 £9,244.80 £190.80
Alliance & Leicester
8.9% £154.08 £9,244.80 £190.80
Marks & Spencer Money
9.9% £157.42 £9,445.20 £391.20
Barclays (Existing Customers)
10.9% £162.70 £9,762.00 £708.00
NatWest
12.9% £167.60 £10,056.00 £1,002.00
All figures are based on £7,500 over 60 months. Competitor rates: source
Moneyfacts.co.uk - the money search engine - 16/02/10. Competitors
quoted may offer lower rates to existing customers, internet or
telephone applications or for larger loans.
