Sainsbury’s loans calculator and 2023 review

86% of Sainsbury's Bank customers in our 2023 customer satisfaction surveywould recommend the brand to a friend.

Sainsbury's Bank ditched its price match guarantee in 2019

Sainsbury’s loan calculator

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

How much do you need to borrow? £

15000

How long do you need to borrow for?

3

years

Sort by:

Name	Product	Total Payable	Monthly Repayment	Representative APR	Link
Sainsbury's Bank Non-Nectar Cardholder Loan Finder Award					View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 5.4% p.a. (fixed). Representative APR 5.4% and total payable £10,833.12 in monthly repayments of £300.92.	Compare	loading Fetching your data...
Sainsbury's Bank Nectar Cardholder Loan Finder Award					View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 4.8% p.a. (fixed). Representative APR 4.8% and total payable £10,740.60 in monthly repayments of £298.35.	Compare	loading Fetching your data...

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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?

How much do you need to borrow? £

15000

How long do you need to borrow for?

3

years

Sort by:

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 5.9% p.a. (fixed). Representative APR 5.9% and total payable £10,910.52 in monthly repayments of £303.07.	Compare	loading Fetching your data...
Sainsbury's Bank Non-Nectar Cardholder Loan Finder Award					View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 5.4% p.a. (fixed). Representative APR 5.4% and total payable £10,833.12 in monthly repayments of £300.92.	Compare	loading Fetching your data...
Novuna Personal Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 5.9% p.a. (fixed). Representative APR 5.9% and total payable £10,910.52 in monthly repayments of £303.07.	Compare	loading Fetching your data...
Zopa Personal Loan					View details	Representative example: Borrow £1,500.00 over 3 years at a rate of 19.9% p.a. (fixed). Representative APR 19.9% and total payable £1,959.84 in monthly repayments of £54.44.	Compare	loading Fetching your data...
Barclays Bank Existing Current Account Customer Barclayloan					View details	Representative example: Borrow £25,100.00 over 3 years at a rate of 13.1% p.a. (fixed). Representative APR 13.1% and total payable £30,173.76 in monthly repayments of £838.16.	Compare	loading Fetching your data...
Fluro (formerly Lending Works) Personal Loan					Check eligibility View details	Representative Example: Assumed borrowing of £7,500.00 over 48 months at 16.9% APR representative. Monthly cost of £211.47. Total amount repayable of £10,150.38. Interest rate of 15.7% p.a.(fixed) and total fees of £150.00.	Compare	loading Fetching your data...
Sainsbury's Bank Nectar Cardholder Loan Finder Award					View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 4.8% p.a. (fixed). Representative APR 4.8% and total payable £10,740.60 in monthly repayments of £298.35.	Compare	loading Fetching your data...
My Community Bank Personal Loan					Check eligibility View details	Representative example: Borrow £6,000.00 over 4 years at a rate of 18.85% p.a. (fixed). Representative APR 18.85% and total payable £8,335.00 in monthly repayments of £173.64.	Compare	loading Fetching your data...

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Sainsbury's loan rates at a glance

The Sainsbury's Bank Non-Nectar Cardholder Loan charges 5.4% APR representative on loans between £7,500 and £15,000. 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 Nectar Cardholder Loan charges 4.8% 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 £40,000.

Overview of Sainsbury’s loans

• Sainsbury's Bank Non-Nectar Cardholder Loan
• Sainsbury's Bank Nectar Cardholder Loan

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 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 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 – over – 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.

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 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.

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).

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

Sainsbury’s Bank’s personal loans won our 2023 customer satisfaction awards, with customers praising the Bank’s competitive rates and easy application process. One customer said “The rate was really good and everything ran really smoothly from application to acceptance and then payout.” 86% of customers surveyed said they would recommend a Sainsbury’s personal loan to a friend.

Frequently asked questions

• I've found a cheaper loan elsewhere. Does Sainsbury's offer a price match guarantee?

  Not anymore, unfortunately. If you’d been approved for a better rate elsewhere, Sainsbury’s used to beat the APR by 0.1%. However, there were caveats to this promise, plus one or two hoops to jump through.

  Firstly you needed to have been offered a loan (but not yet accepted the offer) by both Sainsbury’s and the other lender. Provided this was the case, you could mail a copy of the other lender’s loan offer/agreement to Sainsbury’s Bank, quoting your Sainsbury’s Bank loan agreement number. Sainsbury’s Bank would then confirm that both its own and the other lender’s offers were in your name.

  Sainsbury’s Bank
  PO Box 4953
  Worthing
  BN11 9YX

• How long does it take to get the money?

  If you apply online you’ll usually get an instant decision. Provided your application is successful, you can then accept the formal loan offer online and Sainsbury’s Bank states that it will usually transfer the money to straightaway.

  You normally won’t nee to sign anything and you won’t need to send documents. The all-seeing credit reference agencies allow lenders to bypass this process.

• Who actually provides these loans?

  Founded as a Drury Lane grocer in 1869, Sainsbury’s launched its retail bank in 1997 as a joint venture with Bank of Scotland, but it’s now wholly owned by Sainsbury’s.

• What if I get rejected?

  Sainsbury’s will actually give you a detailed explanation as to its reasoning if you write to:

  Underwriters (CLS Appeals)
  Sainsbury’s Bank
  PO Box 4955
  Worthing
  BN11 9ZA

  …and you can also use that address if you want to appeal the decision.

  You can always re-apply for a smaller loan, but first you may wish to check out your credit record to see if it could be deterring lenders.

• Can I top up my existing Sainsbury's loan?

  Yes, there are two ways you can top up. Your first option is to top up your existing loan and repay over a longer term. Alternatively you can take out an additional loan to run alongside your current loan. The interest rate on your new loan may be different to your original loan.

• Can I change my mind?

  Yes, you have 14 days to change your mind. Once the 14 days have passed you’ll be bound to the terms of your loan.

• Can I defer my repayments?

  Sainsbury’s allow you to take a two-month repayment holiday at the start of your loan. In other words you won’t have to pay anything back for the first two months. Unusually, this doesn’t increase the loan term, but be aware that your loan will still be accruing interest during this period, so you’ll pay slightly more each month and a chunk more overall.