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
Student grants
Student loans
Student bursaries
Universal Credit

The following income is what can be considered:

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:

If you are self employed, you can borrow up to £25,000, up to 5 years.
When you key your expenditure details, you must enter the full amount of your mortgage, 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.
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.