Sainsbury's Loans www.sainsburysbank.co.uk Reviews
Latest Reviews
★☆☆☆☆
“Sainsbury loans will - most likely- reject you...”
Written on: 16/06/2013
Sainsbury loans will - most likely- reject you OUTRIGHT! and then palm you off to Freedom Finance, who offer a COMMISION to Sainsbury for every loan that THEY offer! Sainsbury apparently have an INTERNAL scoring system which will reject most of applications!.. AVOID to mar your Credit Report (read more)
★☆☆☆☆
“Sainsbury loan”
Written on: 07/06/2013
I have a credit score if 999 Excelkent and only applied for a loan switch because sainsbury had a lower APR or musleadingly advertised a lower APR. I dont know why I was refused but gutted that it will affect my credit history :( (read more)
★☆☆☆☆
“Don't waste your time.”
Written on: 06/06/2013
Excellent credit score (998), no ccj's, defaults, missed payments ect, £60k salary, home owner, 6 years plus on electoral roll at current address....fail. Thank you sainsburys for sending your email offering me up to £15k at 5.5%, then declining my application after sending me an email saying I'd been sucessful. I really do thank you for doing your bit to get the country moving financially. What's more, I'm awfully grateful for you not being able to tell me why my application was... (read more)
★☆☆☆☆
“small personal loan ”
Written on: 30/04/2013 by shark1232
had to give 1 star has there was no option for zero do not i repeat do not make the sam mistake i did and apply for a loan with sainsburys i have a credit rating of 996 and guess what thay refused me a loan for £7500 the only reson i was pulled in by them was that the rate was good wish i went else were has this will now go against me read all reviews before u apply and if u are dumb like me and still whish to apply good luck lesson lernt (read more)
★☆☆☆☆
“Don't believe they even credit check you”
Written on: 20/04/2013
I applied for sainsbury loan, i passed all the criteria and i was refused within seconds of submitting the application, even though i have a 983 credit score and have never missed a payment or made any late payments on any other form of credit that i have ever had.sainsburys can't explain why they refused me the loan, i believe they only give out loans to the first 50% of people who contact them.Don't apply for sainsbury loans they are very suspicious. (read more)
★★☆☆☆
“Sainsbury's not what they were”
Written on: 11/04/2013
Be careful about your answers. I have had 2 previous loans with Sainsbury's over the years and found them quick and simple to apply for. All paid off on time and in full. Thought I would use them again. But this time they turned me down. Odd because I now earn more and have lived in my house longer and have worked for my employer longer. There was a hitch with their webiste so I called to check as I couldn't believe I had been refused. They couldn't tell me why. I can only think that... (read more)
★☆☆☆☆
“Don't ruin your credit rating with a Sainsburys loan”
Written on: 10/04/2013
After being approved for a Sainsburys loan through their 'soft search', I then went through the entire application process over the telephone and was told again I had been accepted and to wait for the paperwork. However the following day, I was refused the loan for no reason. I have an excellent credit rating and have never been turned down by anyone before. Sainsburys seriously need investigating after reading all the previous reviews. I plan to shop elsewhere after this. DO NOT APPLY FOR A... (read more)
★☆☆☆☆
“KNOCKED BACK AND COULDN'T TELL ME WHY!”
Written on: 06/04/2013
Same happened to me...great credit score, no debt etc etc, instant decline! I wrote 3 letters to them asking why I was declined and they openly admit that could not tell me as they don't know. They told me to mabey re-apply in 6 months...wtf?lol DO NOT APPLY FOR A LOAN WITH SAINSBURY'S!!! (read more)
★★☆☆☆
“Not the best”
Written on: 25/03/2013 by ziggy0707 (1 review written)
I managed to get a loan from Sainsbury however it was 1.5% above the rate advertised that I was applying for. Being excited nonetheless at getting my loan I agreed to getting a credit card from the member of staff who phoned me to confirm my loan. Having used the card I have found the web site awful. It is hard to navigate, freezes and whenever I try to pay off my balance it times out. I tried paying via the phone however I received a letter a few days later informing me that the... (read more)
★☆☆☆☆
“do not use these for financial services”
Written on: 14/03/2013
Along with many other unfortunate people who have attempted to loan money from Sainsburys I am in full time employment, a good salary and an excellent credit history. However I was refused following a several day wait. No specific excuse given. I checked the credit reference file that they checked against and I have a 5 star rating. I realise that lenders can have additional criteria but when they advertise those criteria and all are met they should give further information to allow an... (read more)
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Showing 1 - 10 of 68 Reviews
★☆☆☆☆
“shambolic and dreadful customer service”
Written on: 11/03/2013
from start to finish sainsbury has managed to mislead me, get me jumping through hoops and then demonstrating a total lack of comminication within their own departments to leave me still waiting for the loan which was promised would be with me having fulfilled all that was asked of me. Best of all ive been offered Sainsbury vouchers as a way of compensating their faults and rubbish customer services - I dont even have a Sainsburys near me! Stear well clear of them. they offer you rates... (read more)
★☆☆☆☆
“Believe All The Bad Reviews !!”
Written on: 02/03/2013 by 5274777
I made the mistake of reading the reviews and ignoring them. I too have an excellent credit rating. I work full time, never missed a payment on a bll in my life. I pressed the submit button online and got an INSTANT refusal. I do not believe that they even LOOK at your credit rating. There is a decision made based on the answers to the standard question that can make them refuse without even checkng your credit history. My answers were - address (there are no credit problems associasted with... (read more)
★☆☆☆☆
“Do not use if you value your credit rating!”
Written on: 26/02/2013 by Manoat
I filled in the details on the Sainsburys website while looking around for a loan. This was unfortunately before I looked on the internet at reviews for this provider. The online process was fine, but the website kept showing me a ‘poor connection’ and I was not sure if the application had gone through. There was no ‘thanks for your application’ page, email or any other feedback to indicate my application was in the system. A week later I recieved a letter from Sainsbury asking for... (read more)
★☆☆☆☆
“Are they really lending ??”
Written on: 16/02/2013
I have pretty much a perfect credit report .... I know as I had to organise copies of my reports with 3 credit referencing agencies after being knocked back on a loan application with Sainsbury's. Before I was a 'credit score fail and your credit reports will tell you why'. Now I'm just a 'credit score fail and we won't tell you the exact reason (but it has nothing to do with the content of my near perfect (999 score on Experian) reports)'. (read more)
Parlevouzhispanic's Comment
Written on: 19/02/2013
Would take this further, my colleague in Andover recieved a letter from them in November 2012 citing ''system issues'' invited her to ''reapply'' and it went through.
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★☆☆☆☆
“refused with good credit”
Written on: 15/02/2013
didnt believe all the negative reviews,, wow i was wrong! i have good credit with never bad payment in 30 years and they still refused me, stay clear, it will affect your credit rating. BELIEVE these negative reviews. (read more)
★☆☆☆☆
“Liars”
Written on: 10/02/2013 by K-B- (4 reviews written)
Excellent credit rating, applied for a loan, I WAS accepted but not for the advertised rate, but a rate 1.1% higher. I know all about representative rates etc etc, but there is no reason whatsoever for me to not receive the advertised rate! Where do these companies get off, advertising one thing in big bold type and then selling you something totally different!?! UNACCEPTABLE, tut tut. No explanatory letter regarding the rate, and the ACTUAL rate repayable was in teeny tiny print hidden... (read more)
Bobclayton's Response to K-B-'s Review
Written on: 10/02/2013
You say you know what representative rates are, so why are you complaining?!
Only 51% of people have to get that rate, it doesn't matter how good your rating is, if they have enough people then you're not gonna get it. God...
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K-B-'s reply to Bobclayton's Comment
Written on: 11/02/2013
Because it has left an unnecessary credit search on my file.
Also for your information it DOES matter how good your rating is because that is ONE of the things that IS taken into account when choosing the % to get the representative rate.
My review is aimed to assist other people who MAY NOT know what a representative rate is, what it means, how it works.
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★★★★☆
“Money in account in 3 days of signing agreement”
Written on: 22/01/2013
Have read a lot of the reviews on here have to say I had no problems at all £7500 over 24 months got advertised apr money arrived into account 3 days after I had sent back the agreement I am surprised that so many people have had a bad experience. Found staff most helpful my own bank Lloyds tsb offer of loan was 6% more than Sainburys !!! I liked the ease of application and helpful staff and yes I would recommend them and have to other people who also are happy with their offered rates of... (read more)
Lunmsy's Comment
Written on: 11/03/2013
Hi, since you've had great success applying with sainsbury's and eventually got your money within 3 days, can I ask what sort of criteria you think they used in considering you a suitable candidate for the loan you applied for? Like, how is your credit score and report with all the agencies they used? i.e experian, Equifax and Call credit? what sort of full time job do you do and have you lived at your address for so long?
I found it difficult to believe that I got declined (i've never been declined for credit ever in the past on applications I made) and upon obtaining my credit score for these againcies, I have a good credit history, never defaulted in payments, never been a victim of fraud and my details have never been used fraudulently, have been in my current Job for more than 6 years working full time and earning a decent salary- so i fail to understand why i got declined hence i am asking you who seems to have been accepted?
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★☆☆☆☆
“What more do you want Sainsburys?”
Written on: 15/01/2013
My daughter aged 22 years decided this year to renew her poor clapped out old car. We visited garages, researched vehicles makes etc and looked at how to finance her purchase. She was very excited. She works long hard hours 24/7 and deserves something nice for herself. After visiting Moneysupermarket Sainsbury's Bank loan came up as one of the best (I too have a car loan with them). We sat around the computer, eagerly filling in her details then BAM in an instant ......refused. She has... (read more)
★☆☆☆☆
“Do Not Apply”
Written on: 07/01/2013 by ProfessionallyMinded
Sainsbury Personal Loan The process is a waste of time, affects your credit score, and Sainsbury's does not have the decency to fully explain their actions. The system is poorly structured and the way in which they communicate should be an embarrassment to Sainsbury's senior management. I applied for a loan, keen on purchasing a new car in the new year. I had considered using my existing bank, but whilst shopping in my local Sainsbury's, saw a loan leaflet and thought I would use them... (read more)
★☆☆☆☆
“Still not good enough”
Written on: 13/12/2012
Ive just tried applying yet again for a Sainsbury's Loan after last time they said try again once circumstances have changed. Im in a well paid job and I have a great credit rating which I requested after the last time I was refused. I suggest that you DO NOT use Sainsburys as you have to wait a year before your credit will be ok again as they have refused you. Its ridciulous (read more)
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Showing 11 - 20 of 68 Reviews
★☆☆☆☆
“Waste of time!”
Written on: 10/11/2012 by Lucky5
I have a fantastic credit history! But Sainsburys must have poo in there eyes because they didn't see it that way! Ex Sainsburys customer loving tesco and M (read more)
Michael48Elton's Response to Lucky5's Review
Written on: 27/11/2012
Totally agree. Applied Online yesterday for a Sainsburys Nectar credit card. we own our own house,pay off my 2 cards every month and have well in excess of £100 K per annum income with no CCJ's.
I was refused !!! We did spend approx £7500 a tear on groceries alone with Sainsburys but methinks not much longer.
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★★★★☆
“Bad credit when you apply for a loan from Sainsburys!!!”
Written on: 09/11/2012
I applied for a £5,000 loan I filled in the application online and within a few seconds got a reply to say I wasn't accepted I have a good income and have never been refused anything and have a good credit history!! If you want a loan do not get one from Sainburys has you will get an instant refusal and an instant bad credit history!!! (read more)
K-B-'s Comment
Written on: 10/02/2013
Why have you given them 4 stars?
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Waseem1's Comment
Written on: 27/02/2013
Do not Not Ever Apply With Salisbury
whatsoever u credit score is they will decline you and will leave foot print on credit file worst worst worst suck a bad name on lending
they only lend i think age up to 60 so beware whatever they say do not apply waist of time bad footprint on credit file they full of joke
their name should be joke bury rather than sainsbury
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★☆☆☆☆
“Mugged by a Sainsburys credit card promotion staff member”
Written on: 01/11/2012 by fanofsainsburys-not
So there I was minding my own business in Sainsburys Watford (just popped in for a sandwich) when I was apprehended by a Sainsburys member of staff who told me to just wait a moment so he could tell me all about Sainsburys 15 month 0% interest free credit card promotion! I declined. OK, I'm a sucker for the soft sell so listened while (I have a name) sold me all the benefits. I ticked all the boxes on his form and felt confident that my £40K job and perfect credit score would be just... (read more)
Beegee001's Response to fanofsainsburys-not's Review
Written on: 12/05/2013
Just wondered if you got anywhwere wiith this?
I am thinking of doing the same as although I got a loan (for 20k) they have put it as 25k on my experian report and will not alter it insisting it is correct as it includes interest I have to pay over the loan period!
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★☆☆☆☆
“What a JOKE!”
Written on: 17/10/2012
I applied for a loan with Sainsbury's regardless of the reviews on this website (Big Mistake)...I applied for £7,500 over 5 years. Here is my basic profile... - 45 years old, great job security - £68,000 Salary pa - Homeowner (No mortgage) - Credit Score (Experian) = 997 - Low monthly outgoings - No CCJ's, No Defaults, 1 late payment in the last 6 years - 0 dependents Sainsbury's Answer = NO Honestly cannot understand this what so ever, the only reason i went to them is because being a... (read more)
Bagpussbee's Comment
Written on: 23/10/2012
The same thing happened to me yesterday. I am wondering whether it's just a bit of a scam actually since yesterday I also downloaded my credit report which was excellent. The only problem I had was that, having just moved back to my parents' address, I am not on their electoral register. Sainsbury's were very quick to try and palm me off to 'Freedom Finance' however who I'm sure would have offered me a much higher interest rate. Does anyone get a loan through Sainsbury's I wonder? Is it just a front to try to get you to go through Freedom Finance?
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★☆☆☆☆
“No consideration to customer loyalty!!!!!”
Written on: 23/08/2012
I have been a loyal customer to Sainsbury for years. Have had loans from them before and applied last night for another loan. I have a credit rating of excellent and have never missed a payment. Our joint earnings are 70,000 per year and we own 85% of a 400,000 house. I went through the application process for a 5,000 pound loan and it was rejected! No reason why just a telephone number to contact the credit check company. After an hour of panic not knowing why - I managed to talk to... (read more)
Pablo06's Comment
Written on: 25/09/2012
I absolutely agree with the comments above. I have an excellent credit rating, mortgage paid up, zero on credit cards and no missed payments in 46 years of having a bank account. Sainsbury's refused my application for a loan of 10,000 over seven years at £145 a month. I have an occupational pension and state pension about to start with other income from part time employment. They refuse point blank to say why I have been refused- the first time I have ever had this experience in my life. I feel insulted and humiliated. All they will say is that they cannot give me a reason because 'it would reveal their criteria for granting loans'! I would give this 'bank' zero for customer service. All you get is a brick wall. Tesco, on the other hand, accepted my application in a ten minute phone call. I willl never recommend Sainsbury's bank and will steer clear of their grocery shops and filling stations from now on.
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Bagpussbee's Comment
Written on: 23/10/2012
The same thing happened to me yesterday. I am wondering whether it's just a bit of a scam actually since yesterday I also downloaded my credit report which was excellent. The only problem I had was that, having just moved back to my parents' address, I am not on their electoral register. Sainsbury's were very quick to try and palm me off to 'Freedom Finance' however who I'm sure would have offered me a much higher interest rate. Does anyone get a loan through Sainsbury's I wonder? Is it just a front to try to get you to go through Freedom Finance?
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Perrin21's Comment
Written on: 14/11/2012
No lol, they are most likely discriminating because youre credit rating is too good. Having an excellent credit rating isnt their lending criteria. Remember the line "subject to acceptance criteria' this means the following.
Are you likely to pay the whole amount back early based on history?
Are you a 0% credit card hopper?
Do you 'need' the money?
Have you ever been Late on a Payment?
Think about it, if you have a history of paying off a 3yr loan in 12 months and look responsible with money, have a good job and dont appear like you really need the money and have never been late on a payment. This makes you non profitable and a waste of money. They want someone who will pay off the loan over the agreed term, be late on the odd payment so they can charge a fee and be in a position where they are considered responsible enough to pay off the full loan but not have quite a good enough credit rating to be able to credit hop for the lowest deals. That way if you missed a payment for a month they could tag you as a missed payment on your credit file and hike up the rate knowing you cant go elsewhere but you would be highly likely to pay the full amount over time. All banks do this, i was trained on this by Santander. They have systems that do all the calculations based on whatever criteria they choose.
Dont take it as an insult. Take it as a compliment and pay cash :P you can clearly afford to
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★☆☆☆☆
“Clean credit history earning £60000 a year but...”
Written on: 20/08/2012 by tamboki (4 reviews written)
Clean credit history earning £60000 a year but refused now that will be on my record thank you Sainsbury now taken my custom elsewhere this will include my shopping too (read more)
★☆☆☆☆
“£15,000 5.9% 5yr but REFUSED ”
Written on: 16/08/2012 by Cyrus2012
Absolutely rubbish, refused loan despite earning 30k with no loan or mortgage. was told that i have poor credit rating from either Experian, Equifax or Call Credit, shocked, so paid £2 to get credit report, no bad history what so ever. Shame on you Sainsbury's, no wonder so many bad reviews, stick to selling fruit and veg. I have taken my business to a real bank. (read more)
Tamboki's Response to Cyrus2012's Review
Written on: 20/08/2012
I earn over £53000 a year with a very clean credit history and me to refused.
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★☆☆☆☆
“Avoid - advertises 5.9% but offers 7.9%”
Written on: 10/08/2012 by ZakDoe
Like a previous reviewer I applied for a sainsburys loan due to low apr but instead of 5.9% apr I was offered 7.9%. This is despite having an excellent credit history!!! Avoid as all it will do is damage your credit file - because you will end up rejecting this and looking elsewhere but will be recorded on ur credit file (read more)
★☆☆☆☆
“excellent credit score = no loan or ridiculous rates”
Written on: 06/08/2012 by Whatever4 (1 review written)
I am very disappointed. first I ve try for 14 thousand for a year ( computer said no), then 15 thousand for 3 years. and they proposed 8.9%. I laughed and hung up. I have excellent credit scor and a flat without a mortgage. I dont know what do you need to do to get a loan with 5.9% rate. Waste of time.Avoid them. (read more)
★☆☆☆☆
“Offered loan but not at advertised rate - slow service!”
Written on: 02/08/2012
Despite having a good income and perfect credit score I was not offered the advertised rate but 2% over it. They don't use soft credit scoring, so they've not only not given me what I applied for they've also damaged my chances of getting what I need elsewhere. When I said actually, I don't think i'll bother it was suddenly reduced by 1%. They're just a bunch of con artisits! Nice one, I wish I had gone elsewhere now! Other things that are poor, you have to wait for them to send the... (read more)
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Showing 21 - 30 of 68 Reviews
★☆☆☆☆
“absolutely no go”
Written on: 29/07/2012
Although I had an excellent credit history with no default for the past 8 years, and earning a decent income on a regular monthly basis from self employment on professional services, sainsbury fins me to be not wealthy enough to lenda loan for buying a car. that too for less thatn half of my annual income. It is not for those who needs money. It is for the rich who needs the loans to make their taxable income appear less. (read more)
★☆☆☆☆
“Sainsburys Underwiters have lost the plot”
Written on: 26/07/2012 by Rawlings135 (1 review written)
My ex husband walked out 3 yrs ago leaving me to pay a hefty joint loan on my own. The payments per month are £298. per month. I have just received a court order with a financial settlement of me paying the rest of the loan off in exchange for the family home. I must get his name off the Sainsburys loan within 28 days otherwise I could go to prison (scary when you have 2 children). I rang up Sainsburys to get apply for a loan and was refused on the basis of my credit score which incidently... (read more)
★☆☆☆☆
“Waste of time. ”
Written on: 17/07/2012
I have excellent credit score completed the form online then get a page saying accepted on principle. I then phone a number go all through it again over the phone,only for the advisor to tell me to ring back in 72 hours. I then asked if they email me. She replied no you have to phone back. Very poor customer service there. When you fill in the application it's advertised at 5.9 yet that's not what you get. After five days I have emailed them to get a reply saying I have been refused but... (read more)
★☆☆☆☆
“Excellent history - DECLINED!”
Written on: 16/07/2012 by MrSmythe (1 review written)
Applied for a small £2K over 1 year on-line. Their rates were showing as the most competitive. I was instantly declined?!?!... I have an excellent history with an above average income. I have very little in the way of outgoings, very low debt and have lived in the current address for almost 4 years... I really do wish I had read this thread first!!! Something doesn't seem right here?! (read more)
★★★★☆
“Got loan”
Written on: 12/07/2012
Applied online. Used coriour. Paid one week from application! Rate as advertised. Staff friendly. Happy customer. Only regret: reading reviews!!! (read more)
★☆☆☆☆
“Sainburys Cheap Loan Scam”
Written on: 09/06/2012
Applied for a Sainsburys loan today via MoneySavingExpert.com as it was listed under the cheapest loans over £5000 section with an APR of 7.6%. Followed the link, filled in the application and submitted. A message came up telling me to call Sainsburys finance in order for them to fill in the gaps (so to speak) from my application as well as give me a final decison. I did this and after answering several questions that I had already filled out on the initial online form I was offered the... (read more)
Guest's Comment
Written on: 30/06/2012
It is good news for you that you didn't go ahead with the loan from Sainsburys Bank. In my view, they are as bad as all the other banks. We have forgotten that they are just money lenders Because of their wealth they are able to create a veneer of respectability but day by day their unfair and immoral business practices are coming to light. As soon as they find out that you have equity in your home they don't stop trying to entice you with loans. They don't even ask to see a bank statement to assess your affordability. They don't care if you can afford it or not as they will just take your home from you if you cannot pay.
I took out a loan with Sainsburys a couple of years ago in order to gift my Brother £5000 after he lost his job at the age of 58 because he was diagnosed with Altziemers. I called Sainsburys Bank this week to inform them that my salary will be a little less for the next 6 months or so as I am building up a sales department. Therefore, my commision/salary will be lower. As a result of this I will need to reduce the payments for 6 months or so then i will back on track as normal. I have never missed any payments in the past but because of the recession I am feeling the squeeze.
The first question to me was "Do you own your own home, how much is it worth and how much equity do you have in it? I reiterated to him on several occasions that this is only temporary and I will be back on track in six months or so and I am prepared to pay the interest on the loan until such a time as my salary increases. After an hour I gave up.
I am fully aware that Sainsburys is a business not a charity and they are there to make a profit. But I thought that they would have been a little more understanding. No. They have proved to be no better than the other moneylenders out there. Buyer Beware!!
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★☆☆☆☆
“Con”
Written on: 06/04/2012
Applied for a loan refused! Never had a problem before. 2 hours later had call from high interest loan company which attaches to home.Told em not interested. Snotty women asked why. I said i don't appreciate my details being sold on she hung up!says it all (read more)
★☆☆☆☆
“They don't listen if you have problems”
Written on: 09/03/2012
Have had a loan with Sainsbury's for over a year now and have never missed a payment. Tried to extend the term in the Summer to ease the payments. Had to close down original loan and reopen new one - but to my surprise the new loan was refused even though I would be paying less! Have carried on paying on time but spoke to them today to see if we could temporarily reduce payment, the call centre was abrupt, didn't even ask for my name or details, and told me my only option was to default. ... (read more)
★☆☆☆☆
“Dont bother ”
Written on: 24/02/2012
I rang up wanting to change my direct debit and was told I had to get a letter from my bank to say they were happy to accept my direct debit, in 15 years of banking it is the first time I have been requested to do this and it will be the last, I would never go with Sainsbury's loans again, I would rather pay a higher rate of interest. (read more)
★☆☆☆☆
“Don't bother, go somewhere else...”
Written on: 25/01/2012 by mrszubby
I wish I had read these reviews before I applied. I have an excellent credit rating, never missed a payment, own my own home and have a pretty good salary coming in. I have never been refused credit. I applied online to Sainsbury's, attracted by the rate. It says instant decision - erm, no there wasn't one. I was just left in limbo not quite sure what to expect next. After a couple of days I looked on their website and after reading what the process was, I then expected them to call... (read more)
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Showing 31 - 40 of 68 Reviews
★★★☆☆
“Got there in the end!!!”
Written on: 19/12/2011 by iuliamfc (1 review written)
Filled out an on-line application, reiceved an e-mail asking me to call, it was a Sunday so did't call. Work took over on the Monday so planned to call Tuesday. Recieved another e-mail on Tuesday where advised I had been accepted and documents on there way to me. Documents arrived next day - I signed them and sent them back - the letter stated I would have funds in 3 days. 3 days later a letter arrived asking for proof of identity. Sent documents back immediately. A week later, no money -... (read more)
Guest's Response to iuliamfc's Review
Written on: 22/05/2012
Hey what sort of questions do they ask you on the phone?
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★★☆☆☆
“Don't believe the headline rate at all ”
Written on: 09/11/2011
I applied to borrow £7,900 at the advertised 6.2% APR After placing my online application I was sent an email asking for me to call back as a few details were needed to complete the in-principle agreement. At this stage they quoted the rate as being 8.2% due to credit scoring. After I questioned this and mentioned my faultless credit record they lowered it to 7.2%, still higher than the advertised rate for the amount borrowed. I am continuing with the application at that rate but I am... (read more)
★☆☆☆☆
“Beware!”
Written on: 02/11/2011
This must be some sort of a scam surely! The story goes something like that... I have applied for Sainsbury's loan 4-5 times over last 18 months, not that I cant get loan elsewhere - but Sainsbury's rates are always advertised as lowest on the market, so it is obviously tempting to switch. Each and every time my online application finished with a random quasi-positive answe. Like, that my application is being processed but some additional details are needed or even that it has approved... (read more)
★☆☆☆☆
“Excellent credit rating yet added 3% onto APR!!!!”
Written on: 22/06/2011 by bursiene (3 reviews written)
Decided to go for a loan with sainsbury due to there double nectar points offer which was at 7.2%. Completed application and received email to call them. Spoke to them and they came up with some cr*p about credt rating issue and said I could have the loan but at 10.2%!!!! Cancelled the application immediately and decided to check my credit score to see what they were on about. Never missed a payment no outstanding debt other than mortgage and as I thought I had an excellent credit score of... (read more)
Guest's Response to bursiene's Review
Written on: 23/06/2011
Yep! Don't waste your time. My credit score 999 excellent. Just checked this as well. Never missed a payment ever. Its a Con!
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Guest's Response to bursiene's Review
Written on: 28/06/2011
I agree. Applied for a loan yesterday, was offered 6.8%, agreed in principle on-line. Emailed me today and asked me to call them re: sending out the paperwork etc, and in the course of the conversation upped the APR to 8.8%? How come? Credit score - which I have checked is excellent. I think the 6.8% is a marketing ploy to reel you in!!!
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★☆☆☆☆
“Got my 3 credit files before applying to check for...”
Written on: 24/05/2011
Got my 3 credit files before applying to check for inconsistencies. No problem with any of the files. Excellent credit rating. Refused a loan on line. Phoned customer services for feedback and they told me there must be a problem with my credit score. When I told them I had my credit file and there were no issues they suggested I appeal to the customer appeals department and could not help any further. Absolutely terrible service - my nectar cards going in the bin and I'm shopping at Tesco. (read more)
Guest's Comment
Written on: 29/05/2011
I faced exactly the same problem with Sainsbury on the 23rd May 2011. When I checked all the three credit EQuifax, Credit expert Experian and , call credit check and I have no problem with my credit score matter of fact Experian my score was 997 quoted as excellent and I rang the customer service of sainsbury and was told that I have to write to Sainsbury Customer Appeal Under rating.. I have a nectar card and that is going in bin and shopping Tescos and Morrisons...
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★☆☆☆☆
“devasting!!! i just think sainsbury want people to...”
Written on: 15/05/2011
devasting!!! i just think sainsbury want people to keep shopping in their store thats why they keep advertising loans,claiming they provide affordable loans to people, just applied with an excellent credit histroy, never miss payments and yet was declined, i should have read other people's review before applying, please do not waste your time and leave foot prints for no reason on your credit report, i will never shop in sainsbury store ever again, and will inform my friends and family... (read more)
Pj_1973's Comment
Written on: 18/05/2012
Old review, but I can say just experienced the same thing. Have an Excellent credit rating but still declined... It's pretty common knowledge to get these great, market leading rates you must have an excellent credit score.. yet when you meet that criteria and still get declined, with reasons they can't discuss with you, it's so annoying. Not sure what type of customers they're really after - perhaps Mary Popins with an excellent credit score perhaps... Will soon be clearing my CC with them off and will never, ever, ever, ever use the Mo Fo's again...
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★☆☆☆☆
“WHAT A WASTE OF TIME, APPLIED ONLINE WITH AN EXCELLENT...”
Written on: 23/04/2011 by bigroy (2 reviews written)
WHAT A WASTE OF TIME, APPLIED ONLINE WITH AN EXCELLENT CREDIT SCORE, DIDNT THINK THERE WOULD BE ANY PROBLEMS HOW WRONG WAS I? AND THEY DONT EVEN BOTHER TO LET YOU KNOW UNTIL AFTER A WEEK I PHONED ONLY TO BE DECLINED WITH NO EXPLANATIONS, APPLIED TO A REAL LENDER AND APPROVED, CASH IN BANK WITHIN 8 DAYS (read more)
Guest's Response to bigroy's Review
Written on: 16/01/2012
Where did you get your loan from in the end? Really struggling to find someone decent! I have a great credit rating and only require a small loan for further education for my daughter.
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★☆☆☆☆
“What a waste of time applying with sainsburys! My...”
Written on: 20/04/2011
What a waste of time applying with sainsburys! My credit rating is excellent i have never missed a payment i earn more than enough to repay every month but yet i get declined!!
Halifax accepted my application just last week but i havent gone ahead with it due to the apr rates so why would halifax accept me if i was bad news?
DONT WASTE YOUR TIME APPLYING!
(read more)
Guest's Comment
Written on: 29/05/2012
just to make you aware sainsburys loans are provided by hbos aka halifax bank of scotland lol bit weird
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★☆☆☆☆
“I borrowed 10K from Sainsbury's Fiance over 62 months...”
Written on: 21/02/2011
I borrowed 10K from Sainsbury's Fiance over 62 months in 2006. I have NEVER missed a payment and have 999 rating with experian. I also have a further 2 credit cards with Sainsbury's finance (1 card was issued with the loan on condition that I transfer my outstanding balance from my master card - at a preferred rate). I wished I hadn't transferred as once the term expired, Sainsbury's pushed their interests rate up to 29.05%.
Since last year, I have focused on paying down their main card...
(read more)
★★★★☆
“This is my second loan with Sainsburys, both time`s...”
Written on: 14/01/2011
This is my second loan with Sainsburys, both time`s I`ve used my Nectar card to get points too.. I knew I had an A* credit rating before I applied, so I didnt think there would be a problem.
The lady on the phone went through everything in fine detail, read me my right over the phone, along with terms and conditions. She also tried to make me have a credit card which I rejceted. BEWARE, the lons are automatically defferred for two months, meaning you get two months without having to pay...
(read more)
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Profil767's Comment
Written on: 18/03/2013
Yes I got turned down too; but "interestingly" they referred me to some other loan company who "mysteriously" could offer me a loan but "strangely" (or not??) at a much higher rate. This was in spite of my having an EXCELLENT credit history with no defaults. As you rightly say, they don't seem prepared to say why you are refused, just refer you to someone like Experian, who charge you for the pleasure!! Perhaps Sainsburys Bank is on a "kick back" commission?
Kroberts123's Comment
Written on: 19/03/2013
I can't understand how they're not being investigated by the FSA for the misadvertisement of this product. It took me months for HBOS to admit that they were in the wrong previously and if I hadn't had the original notes taken by the personal banker as to why I had been refused then they would have dished out the same old yarn. Unfortunatley I don't have any further evidence this time so have to put up with the usual excuse. However, would be really interested to see the real criteria for giving loans and refusal. Bet its got nothing to do with stability and the ability to repay!