Sainsbury's Bank (Sainsbury's Finance) Loans Review

Sainsbury's Bank was originally started as a joint venture between J Sainsbury (owners of chain of retail outlets and supermarkets) and the Royal Bank of Scotland. Currently, the bank has over 11 million clients. Sainsbury's was first of its kind to offer financial services to the public though their original line of business was in supermarkets and departmental stores.

Though Sainsbury's offers a large amount of products to individuals, some of their most common products offered include credit cards, auto loans, mortgages, savings and current accounts along with all sorts of personal loans.

The range of financial products and services offers by Sainsbury’s Bank Loans is huge. The range of their personal loans varies from £1000 to £25,000 and the interest rate is as low as 6.5%.

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Sainsbury's Bank Personal Loans

If an individual chooses to apply for their personal loan, either secured or unsecured, the best bet is that they would not be expected to wait for a long period of time in order to get the loan approved.

Benefits

• The loan is generally approved within 24 hours.
• The lender will not be required to make payments for the initial three months.

Limitations

• It is not possible to obtain a current account with Sainsbury Bank. They do not offer it. They mostly operate as free banking available on the high street.
• In the absence of current account facility, the option of providing internet banking facility is also ruled out.

Sainsbury's Bank Home Improvement Loans

There is a wide variety of personal loans offered by Sainsbury’s Bank Loans. One of these is home improvement loan. This loan is granted to individuals who need necessary cash in order to do home improvement, necessary mending chores or even home enhancement.

Benefits

• Offers good APR rates in the industry.
• The loan can be accredited as value for money.

Limitations

• Beware of hidden costs. Requirements like GOLD insurance can crop up under the terms and conditions even when applying for a personal loan.
• This can result in increasing of the interest rates manifolds.
• This expensive insurance can eventually end up affecting the rates of personal loan applied for as well.

Sainsbury's Bank Car Loans

Sainsbury’s Bank Loans offers car loans to its customers as well. The clientele for this kind of loan particularly comprises of automobile dealers, first time car buyers and car insurance agents.

Benefits

• The Sainsbury’s Car loan allows the individual to purchase their dream car without having to wait to collect the entire amount in cash before they are in a position to purchase the car on cash down basis.

Limitations

• While going for a car loan, be prepared for a long, hard slog in trying to repay the amount.
• Sainsbury’s Bank Loans offers nice, attractive packages but it can be quite a task to repay them conveniently because of long repayment period.