Subject (of course) providing you have an outstanding credit rating
gallacherp
28 Dec 161#3
yay i can finally put down 5% on that inner city bedsit
Arjun7
28 Dec 161#4
****upto****I dont think anyone gets this rate.Correct me if anyone does get it :smiley:
samspud to Arjun7
28 Dec 16#5
According to uswitch and thisismoney.co.uk a company has to offer the headline rate to 50% of applicants. So a lot! I got their last headline rate
Marekj to Arjun7
28 Dec 161#6
Most customers have to be offered this rate for them to advertise as a typical APR.
dush_yant
28 Dec 161#7
51% of customers have to be offered this rate for them to advertise as a typical APR
thecinfin8
28 Dec 16#8
So more people will be declined for the loan based on them having to give over 50% this rate. Is that how it works?
Marekj to thecinfin8
28 Dec 16#10
They won't necessarily decline you, but you may not get the headline representative rate. Most customers (at least 51%) will get this, but they may offer you a higher rate. Depends on your credit profile and the type of customers they want to on-board at any given time (not necessarily those with a spotless credit history).
grahamwill39
28 Dec 16#9
Regardless who gets declined ....half of those accepted will get the headline rate. ....they will only turn down a higher than average credit risk..
samspud
28 Dec 16#11
50% of ACCEPTED applications are guaranteed to get the headline rate
Chungz
28 Dec 16#12
So am I correct to say these rates have recently gone down? Only about two months ago I checked borrowing £19500 and the lowest rate was 3.1% with Sainsbury's. Now it is 3%? How long will these rates be for?
Mada06 to Chungz
28 Dec 16#15
Probably as long as inflation is high. No one can answer your question as no one knows the answer.
VanDutch
28 Dec 16#13
I'm not sure if this has been covered yet - how many applicants have to get the headline APR?
Chouman to VanDutch
28 Dec 16#14
I want to know the percentage that are not offered this APR, but are still offered a loan.
coffinncuddler
28 Dec 16#16
12hours too late for me. I've just applied for a loan this afternoon and been accepted @ 3.1%.
samspud to coffinncuddler
28 Dec 16#17
jamphi24
29 Dec 16#18
This is still showing at 3%?
Dellsy
29 Dec 16#19
Yep, I'm still getting 3.1% and it jumps to 3.5% when you reach £20k
i applied a few months back hoping to get the advertised 3.1%apr (already had an offer from nationwide for 3.2% apr with a price match guarantee to match and reduce the apr ) but was offer double that at over 6%apr from sainburys- did say that they would price match my offer from nationwide but wasn't worth all the hassle to wait days for the cash- nationwide paid instantly.
May i also add- when you applied online with sainsburys it only tells you that you have been approved - it does not tell you the apr you have been offered until you receive the offer in the post- or you can confirm by calling them up and asking.
AmyNisbet
29 Dec 161#25
thank you for this, applied this morning and have been approved 2.9%
samspud to AmyNisbet
29 Dec 16#26
Pleasure
Sgbull
29 Dec 16#27
I would be grateful for a little advice.....
I currently have a personal loan (nationwide) if I were successful with the Sainsbury's application and accepted online, would I be bound to the loan straight away?
My plan,
1. To get Nationwide to "price match" the Sainsbury offer if I have proof of acceptance, then pay off remainder of current loan then live life on the lower apr and some change in the bank.
2. Keep the Sainsbury offer but then arrange an early pay off with Nationwide.
My concern is that it goes balls up and I'm stuck with 2 loans. Does anyone know if my options are do-able or offer some alternative advice. Many thanks.
samspud to Sgbull
29 Dec 16#28
Until u sign the CCA and return you are not bound in any way. Simply being accepted doesn't hold u to anything. Though the CCA will expire so don't keep it at home too long without returning - if u need it
yeelan to Sgbull
30 Dec 16#36
that was my plan too- back fired when sainsburys didnt give me the advertised apr :-(
Dellsy
29 Dec 16#29
Applied but didn't get the advertised rate. Will call them shortly to find out what rate they've offered me!
AmyNisbet to Dellsy
29 Dec 16#31
I had that response to start with then had an email to call them, they then approved the loan when on the phone at 2.9 rather than 2.8
Sgbull
29 Dec 16#30
Cheers!
AmyNisbet
29 Dec 16#32
you've saved me over 50.00 a month in repayments and a reduction from 12.9% on current loan (ridiculous rate I know) really do appreciate you taking the time to post
snappyfish
29 Dec 16#33
I was looking for a mortgage of £30k thinking now it would be best to pay as much as possible leaving myself debt of £19,999 it currently shows 2.9% over 5 years, has to be better than a mortgage?
samspud
30 Dec 161#34
Probably not. At an LTV of 60% or less you can get mortgage rates of nearly 1%
snappyfish to samspud
30 Dec 16#35
Went through London & Country and they offered 2.20 fixed for 5 years?
snappyfish to samspud
30 Dec 16#37
Probably not for first time buyer at this rate either.
the porter
30 Dec 16#38
already had a sainsburys loan 3 years to go £9500 to pay at 3.6%, so thought see if i can get it cheaper went through the process and he said 6.9% lol 10 mins of my life i wont get back :smiley:
louone
31 Dec 16#39
Got paperwork in this am. Said online I didn't get advertises rate, but has come in 2.8%. Much cheaper than car finance. Cheers!
samspud to louone
31 Dec 16#40
Dellsy
31 Dec 16#41
Going to give them a call. Paperwork arrived today with 6.4% Apr. Don't think so!!!
Opening post
Sainsbury's are offering 2.8% on loans of between £7500 and £20000.
Max 3 year term and must have a Nectar Card (though these are free to get)
2.9% up to 5 year term
Due to new(ish) FSA and ASA rules companies have to offer the rate to 50% of applicants - so a very good chance of getting it!
Link -
https://www.sainsburysbank.co.uk/borrowing/micro/med-std-60?SID=717MS&cid=AGG_ALL_091501
All comments (46)
http://www.thisismoney.co.uk/money/cardsloans/article-4068980/Cheapest-loan-2-8-Sainsbury-s-slash-rates-sums-7-500-20-000.html
Very reputable so I'd expect some time today
https://www.sainsburysbank.co.uk/borrowing/micro/med-std-60?SID=717MS&cid=AGG_ALL_091501
May i also add- when you applied online with sainsburys it only tells you that you have been approved - it does not tell you the apr you have been offered until you receive the offer in the post- or you can confirm by calling them up and asking.
I currently have a personal loan (nationwide) if I were successful with the Sainsbury's application and accepted online, would I be bound to the loan straight away?
My plan,
1. To get Nationwide to "price match" the Sainsbury offer if I have proof of acceptance, then pay off remainder of current loan then live life on the lower apr and some change in the bank.
2. Keep the Sainsbury offer but then arrange an early pay off with Nationwide.
My concern is that it goes balls up and I'm stuck with 2 loans. Does anyone know if my options are do-able or offer some alternative advice. Many thanks.
Read the description properly