Sainsbury's Small Loans Reviews, Loan Calculator and Complaints

(16 customer reviews)

Average Customer Rating

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Acceptance Criteria

You need: bank/building society details, residential address for the last 3 years, details of monthly income/outgoings, employer's name and address and Nectar card number (if applicable)
You must not have a history of bad credit such as arrears, CCJ's, payment defaults or bankruptcy
You must be 18 years of age or older to apply

You must be in full-time, part-time or self employment earning £800 per month
You must have been a UK resident for 1 year or longer and have a permanent UK address
You must have a bank account or building society account with Direct Debit facilities

You cannot have been declined credit within the last month

Loan Details

APR

7.8% - 18.6%

Representative APR

7.8%

Loan Amount

£1,000 - £7,499

Repayment Period

Minimum Term 1 year

Loans up to £7,499 - 5 years

Repayment Method

Direct Debit

Speed To Payout

3-5 working days from when they receive your signed documents

Arrangement Fee

No Fee

Payment Holidays

3 month repayment holiday at the beginning of your loan

Payout Method

Transferred into your bank account

Income Protection Available

No

Average Customer Review

(16 customer reviews)

Loanfinder Ranking

20th for APR of 423 loans in the UK (See Lender League Table By APR)
101st for Customer Satisfaction (See Customer Reviews)

Other Sainsbury's loans

Sainsbury's 7.2% Medium Loan

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Sainsbury's Large Loans

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Sainsbury's Medium Loans

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About Sainsbury's Small Loans

Loans from £1,000 to £7,499. You can borrow this for between 1 - 5 years. If you are already a member of the Nectar card scheme then you may be entitled to a better APR rate. Also, Sainsbury's will give you double Nectar points on your Sainsbury's shopping and fuel for two years.

You can apply online with Sainsbury's or you can apply over the phone. You will be given an instant provisional decision and they will email or call you that day letting you know if you have been approved. They will send a copy of the loan agreement out to your home so you can sign it and send it back. You may need to send proof of documents back too, but they will let you know. A courier service can speed up your application if you require the money quickly, for a fee. Once received, Sainsbury's should pay out within 3 -5 working days.

Sainsbury's do not offer loans to people who have been refused credit in the past 30 days or if you have a history of bad debt such as late payments, defaults, CCJs or bankruptcy. Also, bear in mind they have early settlement charges so if you think you will pay the loan off earlier than expected you need to check what the additional charges will mean for you. One of the main complaints on customer review sites is slow service and being declined even if you have good credit history. Their credit scoring system does seem to be quite strict so may not be the best option if you have been refused credit before.

Charges

Default Fees	Default expired - £50.00 Direct Debit returned unpaid - £25.00
Early Settlement Fees	If your loan is longer than 12 months - 58 days interest will be charged
Other Fees	Courier Fee to receive your documents quicker - £59.00 Order to gain new address - £50.00
Late Payment Fees	Phone call requesting payment - £10.00 Letter requesting payment - £10.00 Pre-default notice - £30.00
Monthly Arrears Fees	Issue of solicitors letters - £50.00 Instruction of agency to collect balance - £50.00 Instruction of solicitor for court proceedings - £50.00