Sainsbury’s Bank cuts loan interest rate

| December 30, 2008 | 0 Comments

Supermarket giant Sainsbury’s has announced a cut in the annual interest rate that its banking arm charges for loans.

The reduction follows increasing government pressure on lenders to reduce the rate of interest charged on loans in line with Bank of England cuts to the base rate.

Sainsbury’s Bank has reduced that annual percentage rate (APR) on loans of between £7,000 and £15,000 from 8.9% to 8.2%.

The new reduced rate is one of the most competitive available in the UK.

Sainsbury’s Bank said the 0.7% reduction in APR is a limited offer, and is only available to those who apply for a loan online.

HBOS-owned Halifax recently advised its customers to shop around for the best financial products in the same way that they’d look for bargains in the January sales.

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