Sainsbury’s personal loans are available for UK residents aged 18 and above for a number of purposes from car purchases to home improvements. As a personal loan is unsecured it is more targetted towards people who do not own their own property or who have a property that is mortgaged.
Features of Sainsbury’s Unsecured Loans
With a Sainsbury’s unsecured personal loan you can borrow between £7,000 and £25,000, get a preliminary decision on your application within minutes and possibly a cheque in your hands within twenty four hours once your Sainsbury’s personal loan is approved. You can choose a 1 to 7 year repayment schedule, 3 types of optional personal loan payment protection to cover you in times of need – sickness, accident and/or unemployment and enjoy fixed monthly repayments for the entire loan repayment period. A deferred payment plan for the first three months of the Sainsburys loan repayment schedule is also available to some customers. Added to this, low interest rates and the ability to apply online combined with the backing of a reputable lender make Sainsbury’s personal loans very appealing.
Sainsbury’s Unsecured Personal Loans and Optional Repayment Protection
Like all loan arrangers, Sainsbury’s Bank ensures it offers its loans customers optional loan repayment protection. As repayment protection is a type of insurance that is optional it comes at an additional cost over and above the Sainsbury’s loan repayment that it is protecting.
Sainsbury’s repayment protection can cover your loan repayments should you be unable to meet them due to sickness, an accident resulting in an injury or job loss. If you decide that Sainsbury’s personal loan repayment cover is appropriate for you, you may benefit from the following*:
- An amount up to the value of £2,500 per month in the case of unemployment claims for 1 year.
- £50,000 worth of critical illness cover.
- Up to £2,500 per month for illness and accident claims for 1 year.
* The actual terms of your Sainsbury’s personal loan along with the repayment protection you receive will vary depending on your personal situation.
Application Criteria for Sainsbury’s Bank Personal Loans
The main criteria for successful applications for Sainsbury’s personal loans are that you must:
- be a UK resident,
- be aged 18 or older,
- pass a credit assessment,
- have a building society or bank account,
- andnot have been refused a credit application in the month prior to applying for your Sainsbury’s loan.