Sainsbury's make play for the UK loans market

Slowly but surely as we see signs that finance and liquidity are returning to the personal and business markets Sainsbury's appears to be making a play for the UK personal loan market. Customers who hold Sainsbury's nectar loyalty cards are being offered cheap personal loans from between £5000 and £15,000 if they apply on line. The more conventional rate is 8.1% but all holders of nectar cards are able to secure a rate of 7.9%.  This is the cheapest rate that is available without having to be an existing customer of a lender.   Fascinatingly, there is no cut-off point at which you need to be a nectar card holder therefore many people have been applying for the card and then applying for a loan. This is visibly a very clever ploy by Sainsbury's to increase interest in its loyalty card and at the same time secure personal finance transactions well in excess of UK base rates. This will probably be a sign of things to come with the likes of Tesco very active in the finance market as well.  In their own right, offers such as that available through Sainsbury's would mean very little in a review of the UK economy but when pieced together with significant improvements in mortgage rates and improved liquidity in the market place, slowly but surely there are signs of hope for the UK. 

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Dan Gale Moneyextra.com

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