Lending Criteria

The following is a list of income which is not allowed to be considered when applying for your Sainsbury's Bank Loan

  • Child Benefit
  • Child Tax Credit
  • Foster Carer's allowance
  • Guardians allowance
  • Housing Benefit
  • Income Support
  • Job Seekers allowance
  • Maintenance payments
  • ESA – (Employment and support allowance) where the customer has been declared fit to work.
  • Net Profit from a business
  • Non regular overtime or commission
  • Income from solar power generation
  • Only 75% of rental income can be used to finance the loan
  • Only 75% of investment income (dividends etc) can be used to finance the loan

Please note, we do not lend for any of the following purposes:

  • Purchase or financing of timeshares
  • Purchase of a UK or foreign property and any associated costs (e.g stamp duty)
  • To a limited company
  • Business purposes
  • Stock market investment
  • Gambling
  • Illegal purposes
  • To provide the deposit to support a mortgage application with ANY lender
  • To repay negative equity or to pay off any part of a mortgage even if this is to fully repay the remaining balance
  • Refinance of loans arranged through the student loan company

Please also note:

  • When you key your expenditure details, you must enter the full amount of your mortgage and council tax if you are named on it, even if you only pay half or do not contribute.
  • If you live exclusively on benefits, you are not eligible to apply for a loan in your sole name. However, you can be a second applicant on a joint loan, as long as the other applicant has an acceptable form of income.
  • If you are a student, you cannot apply for a loan (with or without regular income) in your sole name. However, you can be a second applicant on a joint loan, as long as the other applicant has an acceptable form of income.
  • If you are a student nurse, work while training and receive a bursary, you can apply for a loan in your sole name. You'll need to enter your status as employed and key the name and address of the hospital, where you work and train, as your employer.
  • You cannot apply if you are a resident of: the Isle of Man, Channel Islands (Jersey, Guernsey, Alderney, Sark, Herm, Jethou, Brecqhou and Lihou) and the Republic of Ireland.