Sainsbury’s Suggest Shopping Around for Cheaper Loans
Sainsbury’s Finance head of loans Steven Baillie said this week that anyone looking for unsecured personal loans could save up to £1,000 simply by shopping around.
Mr Baillie pointed to recent research carried out by Moneyfacts.co.uk which found that such a sum could be saved by borrowers seeking personal loans of £10,000, provided they looked carefully for the best deals. “Ultimately, you must make sure you’re getting the best possible rate for your requirements and not paying over the odds, because you don’t have to,” he said.
Mr Baillie’s own lender is currently offering customers unsecured personal loans of between £7,500 and £14,999 at the rate of 7.8 per cent APR. He noted that a good value loan such as this would definitely “come in handy” for large purchases, home improvements and debt consolidation.
Another good deal on unsecured personal loans has been unveiled recently by Nationwide, although potential borrowers require a current account with the building society to access it.
From 7 September, Nationwide current account-holders will have greater eligibility for personal loans with an average APR of 7.7 per cent. These loans will also be available to any customer who has a FlexAccount as a secondary account but who transfers their primary savings to the lender.
Nationwide is now offering the new deal on personal loans between £7,500 and £14,999 to coincide with the release of the new car registration. The building society hopes that many customers will take the opportunity to buy a new car and will require a cheap loan in order to do so.
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