Sainsbury’s loans calculator and 2021 review

Use our calculator to see how much you'll pay back on a Sainsbury's Bank personal loan - and then see whether its competitors offer a better deal.

Sainsbury's Bank
You say
★★★★★
Customer satisfaction
Preferential rates for Nectar cardholders
Sainsbury's Bank ditched its price match guarantee in 2019

Sainsbury’s loan calculator

Table: sorted by representative APR, promoted deals first

Will you be approved?

Check your personalised rates and likelihood of acceptance.
Name Product Total Payable Monthly Repayment Representative APR Link
Sainsbury's Bank Standard Non-Nectar Cardholder Loan
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
Sainsbury's Bank Standard Nectar Cardholder Loan
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.
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Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

Late repayments can cause you serious money problems. See our debt help guides.

Our calculator lets you pick how much you want to borrow, and how long you’d like to borrow it for, to estimate how much you would pay back each month and overall. We base our calculations on Sainsbury’s representative APR, but it’s important to note that credit is subject to status and your circumstances may affect the rate you’re offered.

With Sainsbury’s loans you can request a two-month repayment holiday at the start of the loan. This can buy you time to get back on your feet financially, but it pushes up the monthly and overall cost of borrowing. We’ve based our calculations below on the assumption that you won’t use the repayment holiday. We also assume that you don’t repay the loan early.

How do Sainsbury’s Bank loans compare against the competition?

Table: sorted by representative APR, promoted deals first
Name Product Total Payable Monthly Repayment Representative APR Link
Lloyds Bank Existing Customer Personal Loan
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.9% p.a. (fixed). Representative APR 3.9% and total payable £10,601.64 in monthly repayments of £294.49.
Sainsbury's Bank Standard Non-Nectar Cardholder Loan
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
Hitachi Personal Finance Hitachi Personal Loan
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.2% p.a. (fixed). Representative APR 3.2% and total payable £10,493.64 in monthly repayments of £291.49.
Zopa Personal Loan
Check eligibility
View details
Representative example: Borrow £10,000.00 over 5 years at a rate of 8.8% p.a. (fixed) with an application fee of £240.00. Representative APR 9.9% and total payable £12,602.87 in monthly repayments of £210.05.
Barclays Bank Existing Current Account Customer Barclayloan
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 5.5% p.a. (fixed). Representative APR 5.5% and total payable £10,848.60 in monthly repayments of £301.35.
Lending Works Personal Loan
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 7.1% p.a. (fixed) with an application fee of £0.00. Representative APR 10.7% and total payable £11,651.40 in monthly repayments of £323.65.
Sainsbury's Bank Standard Nectar Cardholder Loan
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.
My Community Bank Personal Loan
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 17.1% p.a. (fixed). Representative APR 17.1% and total payable £12,636.72 in monthly repayments of £351.02.
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Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

Sainsbury's loan rates at a glance

The Sainsbury's Bank Standard Non-Nectar Cardholder Loan charges 3.1% APR representative on loans between £7,500 and £25,000. Sainsbury's offers the loan with repayment terms between 1 and 5 years and applicants can apply to borrow from £1,000 to £25,000.

The Sainsbury's Bank Standard Nectar Cardholder Loan charges 2.8% APR representative on loans between £7,500 and £15,000. Sainsbury's offers the loan with repayment terms between 1 and 7 years and applicants can apply to borrow from £1,000 to £30,000.

They provide low rates and a very wide range of loan amounts to apply for.”

Sainsbury's customer in Finder's 2020 survey

Overview of Sainsbury’s loans

Loan typeUnsecured Personal Loan
Loan amounts£1,000.00 to £25,000.00
Loan terms1 Year to 5 Years
Loan rate typeFixed
Product fee0%
Same day funding available
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methodsDirect Debit
Loan typeUnsecured Personal Loan
Loan amounts£1,000.00 to £30,000.00
Loan terms1 Year to 7 Years
Loan rate typeFixed
Product fee0%
Same day funding available
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methodsDirect Debit

If you’re considering a Sainsbury’s loan, the good news is that you don’t have to be an existing customer of Sainsbury’s Bank to apply. You’ll need to have a Nectar card however – it’s free to get yourself one (just ask at the checkout) and it’ll help you bag a reduced interest rate.

With its benefits for Nectar cardholders, Sainsbury’s Bank has become a popular choice for fixed-rate personal loans and credit cards. However with the price wars extending beyond supermarket shelves into financial products such as these, there are savings to be had by shopping around for the best deal.

Sainsbury’s previously offered a price match guarantee if another lender formally offered you a loan at a better rate (it’s not enough to simply show an advert you’ve seen with a better APR). There’s no longer any mention of this on the site, however.

The upper limit of £30,000 is higher than the more standard £25,000 for unsecured loans. This can make a Sainsbury’s loan an appealing bet for heftier expenditures – perhaps a loft conversion or an extension – but you’ll need decent credit and, more importantly, you’ll need to be able to comfortably be able to afford the repayments, to get your application across the line.

Like most lenders, Sainsbury’s now offers a soft-search tool so you can get a good idea whether or not you’ll be approved before you apply, without hurting your credit score.

How do Sainsbury’s personal loans work?

Sainsbury’s Bank offers unsecured personal loans, meaning they’re be based on creditworthiness, rather than using property, vehicles and other assets as collateral. While Sainsbury’s rates are definitely competitive, the advertised representative APR may not be the rate you’ll receive: Sainsbury’s will offer you a rate based on assessment of your personal financial circumstances.

Here’s the typical process for taking out and repaying a Sainsbury’s loan:

  1. Apply to borrow £1,000–£30,000 over £1–£7 years. If you’re happy with the results of your eligibility check, you can proceed to the real application. Sainsbury’s will auto-fill fields with information you’ve already provided. You’ll be asked for your Nectar card number and you’ll need to decide whether you want to take advantage of the two-month repayment holiday at the start of the loan (if you can, it’s cheaper not to).
  2. Get an instant decision (in most cases)… In a few, exceptional cases, Sainsbury’s Bank might request additional information.
  3. …and access funds straightaway. Once your application has been approved, you can accept the loan offer online and the money should be transferred immediately. If you’s prefer to receive and sign the physical documents, Sainsbury’s Bank says it will transfer the money within 1-5 working days of receiving signed documents.
  4. Pay a fixed sum each month for the duration of the loan. Because the interest rate is fixed, you’ll pay the same amount each month and you’ll know upfront how much the loan is going to cost overall.
  5. Repay some or all of the loan early, if you wish to. Pay back your some or all of your loan early at any time. An early settlement fee equivalent to 58 days’ interest on your remaining balance may apply.
Sainsbury's Bank personal loans soft search screenshot
Use the eligibility checker to find out your chances of getting approved for the loan you have in mind (this will involve a “soft” credit search that doesn’t have any affect on your credit score).
Sainsbury's Bank personal loans eligibility results screenshot
Sainsbury’s will present you with your chances of approval and a repayment example. This is a useful indicator but not a guarantee of approval, and the numbers could change after a full credit search.
Sainsbury's Bank loans application screenshot
If your application is likely to be approved you can proceed to the actual application (which involves a “hard” credit search and a slight – usually short-lived – negative impact on your credit score).

What is APR?

The Annual Percentage Rate (APR) is a figure that all lenders have to calculate in the same way, which is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.

Sainsbury’s loans tend to have a very competitive APR – which is usually an indication that you’ll need a decent credit score to get approved, especially for larger loans.

The APR can provide a handy benchmark for comparison (alongside other factors like the monthly and overall cost), but there is a catch. Sainsbury’s is only obliged to award this rate to 51% of its borrowers – the other 49% could pay more. That’s why it’s often referred to as the “representative” APR. The rate you’re ultimately offered will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income.

Am I eligible for a Sainsbury’s loan?

You should only apply for a Sainsbury’s Bank personal loan if you’re happy that you can meet the repayment schedule outlined. You must also:

  • Be aged between 18 and 76.
  • Be a UK resident.
  • Be a Nectar card holder.
  • Hold a UK-based bank or building society account which allows direct debits. If you’re applying for a joint loan, the first named applicant must be named on this bank account.
  • Have a good credit record with no history of County Court Judgements or bankruptcy.
  • Have been employed by your current employer for over three months or retired with a pension. Unfortunately Sainsbury’s does not currently offer loans to self-employed applicants.
  • Have a regular income of at least £7,500 (before tax) annually. Acceptable sources of income include a pension or rental/investment income, but do not include most benefits and allowances (e.g. child benefit, housing benefit, tax credit, maintenance payments, income support or job seekers allowance).

Sainsbury’s Bank customer reviews

Customers in Finder’s 2021 customer satisfaction survey were mostly positive towards Sainsbury’s Bank, with many customers praising its “easy application process” and “good rates”. One customer said: “They have great customer service and they help me out a lot when I need to them.”

Sainsbury’s also scored 3.5 out of 5 in our 2021 customer satisfaction awards, with 71% of customers willing to recommend the lender to a friend.

What credit score do I need to get a Sainsbury's loan?

Sainsbury's typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that Sainsbury's will consider. However if you don't have a high credit score, you're very unlikely to get approved for a Sainsbury's loan.

A "Good" or "Excellent" credit rating would require a score of 881 or higher if you're referring to Experian's scale, 531 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.

Do Sainsbury's loans give an instant decision?

Yes, Sainsbury's offers instant decisions online in most cases (occasionally more information may be required). Sainsbury's can also offer same-day funding of your loan.

Can I get a second Sainsbury's loan?

Yes, Sainsbury's allows you to have more than one loan running at the same time. Each application for credit will be considered on its own merit. Alternatively, Sainsbury's also allows you to effectively "top up" your loan, by closing your current loan and starting a new, larger loan (you can call Sainsbury's on 0800 169 8503 for details). There's no penalty for repaying ahead of time, but bear in mind that any overpayments may be subject to up to two months of interest beyond the date on which you overpay. Because of this, it may work out cheaper to run a second loan alongside the first, rather than consolidating the two.

Can I make overpayments on a Sainsbury's loan?

Yes, you can make overpayments without incurring any penalty fee. However Sainsbury's can continue to charge interest for up to two months on any sums overpaid, so although making overpayments stands to save you money in interest, you may not save quite as much as you'd imagined.

Frequently asked questions

Personal loans ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our customer satisfaction scores ("Customers say") are based on a survey of 751 customers carried out in December 2020.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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