Sainsbury's Loans Review

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2.1 stars
Average rating for this product is: 2.1 out of 5

From 0 ratings and 6 reviews

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pjf's Review of Sainsbury's Loans

21st Apr 2009

Overall Rating

0.5 stars
  • Value for money
    0 stars
  • Speed of Application
    3.5 stars
  • Loan Rate
    Not as advertised
  • Customer Service
    3.5 stars
Good Points

Were quick in response to application.


Bad Points

Advertising a low loan APR rate for Necter card holders so that people will apply for loans, then offering a higher rate. Very bad practise.


General Comments

I applied for a Sainsbury's personal loan of £10000, advertised at 7.9 typical APR. I have a good credit score and public sector employment, and have lived at the same address for over 8 years. I have never defaulted on a payment or had any late payments. My loan WAS agreed but at a rate of 10.9 APR. I do not think these loans should be advertised at 7.9 APR when there seems to be no intention of getting the lower rate.

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