Sainsbury's Loans Reviews - www.sainsburysbank.co.uk

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Latest Reviews

★☆☆☆☆

“All 5 star until the end -Very unhelpful ”

Written on: 04/08/2022 by Kailyn381 (1 review written)

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.

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★☆☆☆☆

“Underhand tactics and no rebate for early settlement”

Written on: 17/05/2022 by KoltenHahn (1 review written)

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.

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★★★★★

“Fast , easy, low interest rate”

Written on: 13/02/2022 by JoeRoy271 (1 review written)

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.

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★☆☆☆☆

“Worst Lender For Personal Loans”

Written on: 18/11/2020 by ReeceHolmes28 (1 review written)

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

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★☆☆☆☆

“Highly deceptive loan provider, Do not apply!”

Written on: 13/05/2020 by mondomania (1 review written)

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.

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★☆☆☆☆

“Rate advertised was not rate offered”

Written on: 01/12/2017 by kjDoherty24 (1 review written)

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.

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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.

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★★☆☆☆

“3 weeks from application and still waiting”

Written on: 17/09/2017 by jqBentley424 (1 review written)

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!

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★☆☆☆☆

“THE TRUST HAS GONE”

Written on: 16/08/2017 by Emiliaq490 (1 review written)

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.

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★☆☆☆☆

“Hook, Line and Stinker”

Written on: 15/08/2017 by ohWiley190 (1 review written)

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.

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★★★★☆

“No problems! ”

Written 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.

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★☆☆☆☆

“change of APR beware”

Written on: 19/05/2017 by bowyer1980 (1 review written)

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,

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★☆☆☆☆

“Shameful and disingenuous! Never use them!”

Written on: 01/02/2017 by 328Simmons (1 review written)

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.

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★☆☆☆☆

“The advertise rate changes when you apply for loan”

Written 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!

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★☆☆☆☆

“Waste of time!”

Written on: 20/12/2016 by IRRT (1 review written)

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.

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★★★★★

“Personal Loan for Home Improvements”

Written 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.

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★☆☆☆☆

“SO BAD”

Written on: 11/10/2016 by LanaBates (1 review written)

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.

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★☆☆☆☆

“Do Not use”

Written on: 08/09/2016 by tonyleach8162 (1 review written)

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

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★☆☆☆☆

“Deceitful and disgraceful practice”

Written on: 06/09/2016 by Putnam441 (1 review written)

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.

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★☆☆☆☆

“Double the advertised rate with excellent credit .... Poor”

Written 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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★☆☆☆☆

“double the advertised rate then 8 days to send”

Written on: 16/06/2016 by goWoods371 (1 review written)

From start to finish what a shambles. I applied for a loan online and was asked for phone numbers. when i didnt include a home one it wouldnt continue so i had to make one up which then flagged it to the underwriters. I called up and they told me they would offer me the loan at 9.6 not 4.3 I asked what possible reason it would double as if i was a risk dispite a excellent credit score why give me the loan in the first place as charging me more would not diminish the risk. They refused to give me a answer saying they couldnt tell me how or why the rate was decided. They then said they would send me the documents to sign and send back. I asked why didnt they do that via email they said it wasnt secure i asked why they didnt give a link to download and upload from their site theysaid they didnt know. today they should have the documents yet they say they dont but they also said when they do they will send the payment via bacs 3 to 5 days wait to save £30 so again why dont they offer me the choice to pay the fee to have it same day. Not helpful at all and a very slow way of doing things. Doubling the apr is to me very very dishonest without explaining the reasons why. avoid at all costs. Im now seeking to take a loan from elsewhere instead.

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