How to Qualify for Sainsbury Finance Loans

Major supermarkets no longer just sell groceries, several have set up as banks in their own right. If you're able to meet the eligibility criteria for Sainsbury finance loans, you stand to benefit from a great deal. Prior to submitting your unsecured loan application, it's important to make sure that you're the sort of customer that they want. It's also recommended that you apply online, rather than over the phone, because you'll pay a lower rate of interest.

Qualifying for an Unsecured Sainsbury's Loan

  • You'll need to be at least 18 to apply.
  • A good credit history - no defaults, such as County Court Judgements (CCJ's) or bankruptcies.
  • A permanent address. You'll need to provide your address or addresses for the last 3 years.
  • You must have a bank account in your own name.
  • The payments must be affordable to you. You're expected to provide a breakdown of your income and expenditure.

Size of Sainsbury Finance Loans

You'll find that unsecured Sainsbury's loans are broken into three categories, small (less than £7,499), medium (between £7,500 and £14,999) and large (between £15,000 and £25,000). If you're a homeowner with sufficient equity in your property, you may be able to borrow more than £25,000.

How to Use a Sainsbury's Loan Calculator

You can ascertain the terms of repayment by entering the principal, lending term and your date of birth into the loan calculator. It's important to appreciate that loans for between £7,500 and £14,999 are by far the cheapest. While a loan for £20,000 has a representative APR of 8.6%, borrowing £10,000 will cost you just 6.9%.

Sainsbury's Unsecured Loan Comparison

It's inadvisable to make multiple loan applications because each credit search is recorded by Experian, Equifax and Callcredit for 12 months. Use a loan comparison site, such as moneysupermarket.com, to find out how much other banks are charging. Tesco currently charge 7.4%, Natwest 9.9% and the Co-operative bank 9.9%. Sainsbury finance loans are a competitive way to borrow money on an unsecured basis.

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