written by CadenceMcDowell352 on 08/02/2023
I applied for an online loan with Sainsbury’s as they advertise a good rate at 4.8% for Nectar card customers. I was told I could take out a loan over a period of five years at 4.8%. But when you apply for the loan online a soft search is done and it comes back with a higher interest rate than advertised with an interest rate at 9.9%!! So just be aware if you apply for a loan!!
written by Kailyn381 on 04/08/2022
Came to the end of the loan. So I wanted to double check if I can stop my DD. My fault that I've not changed my address but I gave him all the details old and new and the advisor was no help at all. In the end has blocked me after asking me a total of 9 security questions and asking me the same question up to 3 times. He could tell I was stressed out and I suffer from anxiety and not feeling great and he enjoyed stressing me out today. Shame I would of topped up my loan.
written by KoltenHahn on 17/05/2022
I took out a loan for home improvements. My credit is excellent, I have a good income and the advertised rate changed after the loan was applied for which meant further searches would have messed up my credit. In no other consumer setting would this be ethical or fair. I am tempted to write to the FCA. This should be like the PPI scandal. The worst part of it is even when trying to settle you get a 30 day interest applied as well as the interest to date. In other words it costs you to settle early - no rebate. I used to do my weekly shop at Sainsbury's but after this I have stopped and stopped using my nectar card. A horrible and deceptive bank and I will never give them my business again.
written by JoeRoy271 on 13/02/2022
Needed a loan for 12k to purchase a car, i have mortgage with santander so decided to apply with them. Took 7 days to get letter saying they offer 8.9 when advertised 2.8%. I then applied to sainburys and was offered 2.8% and agreement signed within 5 minutes of applying. Read the agreement which confirmed 2.8 % and money was in my account in 20 minutes. Reading all the bad reviews here after spending the money I thought they would change the APR as others have mentioned here. However i rang them and the confirmed that the 2.8% was the rate offered after the checks so not changing. Overall impressed with the experience but it was stressful thinking the apr would change after spending the money.
written by ReeceHolmes28 on 18/11/2020
Sainsburys Bank is the worst bank in the UK FOR Personal Loans Go to Hitachi Finance if you need a Loan, Hitachi are head and shoulders better and much more Proffesioal than Sainsburys Bank Sainsburys Bank interest rate is 3 times higher than Hitachi Fiance There was nothing I liked about my brief experience with Sainsbury Bank Never Again
written by mondomania on 13/05/2020
I have only just noticed that my interest rate is now 8.2% and not 2.9% as I had applied for. The customer service manager pointed out small print someway underneath the "apply now" button which states interest may be adjusted after application to up to 25% due to individual circumstances. Well I have a 100% perfect credit score, I am employed by the emergency services, hence no risk. There is absolutely no reason why this interest is adjusted and purely a slight of hand fiddle which I'm sure many people have unwittingly fallen foul to. I have escalated my complaint further and if is not successful I will be writing to the financial ombudsman. I urge everyone to do the same.
written by kjDoherty24 on 01/12/2017
Rate advertised was 2.7% but offered 6.3%. They could not explain why I was offered this rate as they did not have the criteria to hand to explain who gets the lower rate.
written by jqBentley424 on 17/09/2017
I applied for a loan 3 weeks ago. It took a weeks for checks, received paperwork and signed and sent off. Just informed it is being checked yet again and despite signing the paperwork the loan is still in principle?! Am informed that I will need to call back on Monday and then it will take 3-5 working days. Interest rate doubled from the advertised. Wish I had never bothered!
written by Emiliaq490 on 16/08/2017
waited 3 days to be told i could have the loan but at a different rate when i know my credit rate was spot on what a waste of time got a loan with m&s in 3 hours at there advertised low rate very disappointed think i will be shopping else where.
written by ohWiley190 on 15/08/2017
Daughter applied for an attractive 3.7% rate and was approved online....3 days later the docs arrived and guess what? They offered a whopping 9.1%. She declined and got a great rate with the Nationwide at 4.5% within an hour of applying. So beware of Sainsburys dangling a juicy low-rate carrot and then when they reel you in serving up a vastly inflated rate. Not ethical, not professional, not appropriate way to treat people.
written by on 07/08/2017
My husband applied on-line on the Thursday morning. Approved in principle was the message received. Subject to a few other checks. The following day an email confirming offer in principle arrived. No mention of interest rates at all. An 18k loan over 5 years- for a new car. On Monday another email arrived stating approved in principle. Then Tuesday the paperwork arrived and the rate offered was the advertised 2.9%. Paperwork sent back Wednesday - no communication but funds in the bank the next Monday. Great interest rate and no problems. It was a little slow due to paperwork being sent by post. However I cannot fault the service or the rate offered. Decent credit history and no defaults.
written by bowyer1980 on 19/05/2017
Not impressed lured in on 2.9& interest rate to wait three days for PPW that then says 10.2% APR!!! Then when I called the call centre they say " o if your not happy let me have a look OK we can offer 9.2%!!" This is not good practice and I am very surprised that it can be allowed to happen off to the high street may pay a bit more 3.6% but at least you know what your getting. I will make sure I tell all friends and family so they are not stung by this underhand practice,
written by 328Simmons on 01/02/2017
Just about every review I saw said the same thing. Advertised rate isnt what you actually get offered. Fortunately, I read some of the reviews and applied to TSB while waiting days for Sainsbury's paperwork to arrive. I had the loan with TSB in my account the same day the paperwork arrived from Sainsbury's even though I started the process 3 days later! TSB did give the rate they advertised 2.9% not like Sainsbury's who said 2.9% but then offered 5.3%. They should stick to supermarket work they're not honest enough for banking.
written by on 08/01/2017
Shame on you Sainsburys! Sharp practice, the advertised rate changes when loan applied for, Come on FSA crack down of this shameful, deceitful practice!
written by IRRT on 20/12/2016
Really disappointed with Sainsburys this time round. After having previous loans with Sainsburys, never missing a payment and overall a good credit score with a healthy income I was extremely disappointed with a confirmed 13.4% APR rate. I received a better % rate all those years back when I had no credit rating. When questioned about the rate strategy I was told they couldn't release that information. I can only assume that when the stores suffer, the loans get hit with the extra percentage rate and the 3.1% advertised has us all fooled. Waste of time, dent on my credit score and loss of a valuable customer.
written by on 19/12/2016
Have just taken out a Sainsbury's personal for some home improvements and can say that from starting the online application to the money being in the bank took less than a week. Sainsbury's staff were very good in keeping me informed in its progress and made the application very straight forward.
written by LanaBates on 11/10/2016
It taken over 10 days for a loan,take two days for paperwork to be sent 2 day to get it back.They don't work weekends,then to top it off the use BACs which can take another 3 -5 days so if your in no rush leave yourself the best part of two weeks or than that don't touch. Other companies electronic paperwork agreed,bank transfer with two hours money in your bank. Staff very helpful need to invest in some proper IT and start getting these Monday to Friday staff to work weekends ,retail 24/7 emergency services,petrol station ,anything public facing etc.... I lost my car purchase due to the length of time it took wish I had just gone to my bank.
written by tonyleach8162 on 08/09/2016
Rates are not what advertised, they take ages to even consider your loan, they agree in principal, then change the rate on the paperwork, withdrew my application went RBS approved straight away. Do not use Sainsburys for a loan They may be good as a supermarket but useless in finance. Should have checked them on here first
written by Putnam441 on 06/09/2016
Applied for a loan at sainsburys bank and it started out at 3.3% and it ended up at 7.5% but I could not be given a reason why. I have a good income, no loans, no outstanding credit card balance and just paid off my mortgage. After I turned down their offer down they had the cheek to offer to match any other Loan offer I should get, if I show them written proof. I don't think so! They should not offer a loan rate at the start and then present you with another rate at the end without giving you a very good reason. Surely you are a good or a bad credit risk and a loan rate is a loan rate. Sainsbury's Bank should be more open and up front about what they are offering. I feel deceived by sainsbury's lack on clarity in their advert.
written by on 01/07/2016
What can I say. Have been a sainsburys customer for years. Applied for a loan and was given an illustration of 4.3%. Have my income details etc (which aren't too shabby). Got an actual 9.3% APR POOR treatment of customers will be your downfall!
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As rated by our community of reviewers
Spvallard's Comment
Written on: 24/01/2019
I had exactly the same situation. I filled in the form truthfully and exactly to ensure no mistakes . I was given the right of 2.8 this was acceptable and I ticked the box to agree to that right. I was surprised the money was in the bank the next day I waited for the paperwork before spending the money but after 15 days of waiting and nothing coming I called the staff to ask where is the paperwork and I want to know exactly the right as 2.8 was a good rate and after reading that so many people were duped by this corrupt company I was suspicious then they told me 10% there was no way of knowing that the rate has changed from what I signed for because it's online I had no proof. what other strange thing was they didn't even set up an onlineinformation checkershe said there was no need to do this as I was going to pay back but 8000 pounds I was going to take out as there's no way I was going to pay this silly interest rate. just thank God I hadn't spent it as they would have so much money in their bank of mine.