Loans -
Sainsbury's announces reduction in personal loan rate - 19/12/2007
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Sainsbury's Bank announced yesterday that it will be cutting the interest rate for many of its personal loans.
The cut, to affect personal loans of more than £7,000 taken out from the provider, will sea the rate of 6.9 per cent APR reduced to 6.5 per cent.
Under the new rate, a loan of £7,500 from Sainsbury's would carry monthly repayments of £146 - £3 down on what they would be previously.
Steven Baillie, head of loans at Sainsbury's, said: "We are committed to providing our customers with great products and are delighted to be able to offer this market leading rate while other loan rates may be rising.
"[It comes] at a time when our customers are getting ready for Christmas and planning for 2008."
Alternate personal loan rates from high street rivals can hit ten per cent, research cited by Sainsbury's claimed.
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