Sainsbury's to cut internet loan rate

Sainsbury's Bank has cut its rates for loans over £5,000 applied for on the internet.

The new loan rate, available from Thursday June 23rd, would be lowered from 6.9 per cent APR to 6.5 per cent APR typical.

Customers also have the choice to not make repayments for the first three months of the loan.

According to the bank, decisions about granting loans would be made quickly, and if approved for the loan, customers would receive their cheque within a working day.

This loan deal is particularly suited for people who need money to pay for a holiday, a new car or home improvements, said Rachel Brereton, loans manager at the bank.

"Customers can benefit from convenience and a great rate on their loan by simply visiting our website," she added.

The new loan rate would be available for the whole summer.