Loans Frequently Asked Questions

You can apply for a loan online or by contacting us. And you'll usually get an instant decision. We’re here Monday to Friday 8am–10pm, Saturday 8.30am–6pm and 9.30am–5.30pm on Sundays. Calls may be recorded for security purposes and monitored under our quality control procedures. Calls are free from a landline and from a mobile when calling from the UK.

Once your loan has been approved, you may be able to complete your application online without the need for paper documents. Alternatively we will post the loan agreement to you for review, sign and return.

When you complete your application online we'll usually transfer the money to you straight away.

If we've sent you documents to sign and return to us, once we've received everything we need, we'll transfer the money to you within 1 to 5 working days of receiving your signed documents.

Like most lenders, we use credit scoring and affordability checks to assess the loan applications we receive. This includes the information that:

  • you give us on your application form
  • we have about you (if you're already a customer)
  • is held on your credit reports.

If you're not happy with our decision then you can write to us at the address below. We'll give you a detailed explanation of how we assessed your application.

Underwriters (CLS Appeals)
Sainsbury's Bank
PO Box 4955
Worthing
BN11 9ZA.

If you want to see your credit report you can get a copy from these companies:

Experian Ltd
Consumer Help Service
PO Box 8000
Nottingham NG1 5GX
www.experian.co.uk

Equifax plc
Credit File Advice Centre
PO Box 1140
Bradford BD1 5US
www.equifax.co.uk

Callcredit plc
Consumer Service Team
PO Box 491
Leeds LS3 1WZ
www.callcredit.co.uk

If you applied for your loan on or after 10 December 2017

You can find your balance online if you’re registered for online banking. Not registered? You can register now. Or you can contact us and we’ll let you know what your outstanding balance is.

If you want to settle your loan in full please refer to Can I pay my loan back early? below.

If you applied for your loan before 10 December 2017

We can let you know what your balance is if you give us a call on 0800 096 0543.

If you want to settle your loan in full please refer to Can I pay my loan back early? below.

We'll be happy to consider another application after a period of 6 months.

Because all applications are treated on an individual basis we can't guarantee the rate you'll be offered. Your offer depends on a number of factors including your personal circumstances and credit assessment.

But at least 51% of customers who are offered a loan will be offered our Representative APR. All other accepted applications will be offered a higher rate.

Any amount from £1,000 to £40,000

You can use your loan for pretty much anything – to buy a new car, make some home improvements or consolidate your debt.

There are a few things you can't use your loan for:

  • To buy or finance timeshares
  • To buy a UK or foreign property or pay any associated costs (eg stamp duty)
  • To finance a limited company
  • For business purposes
  • To invest in the stock market
  • For gambling
  • For illegal purposes
  • As a deposit to support a mortgage application with any lender
  • To repay negative equity or to pay off any part of a mortgage
  • To refinance a loan arranged through the student loan company

Because your interest rate is fixed for the duration of your loan, we can work out the exact amount of interest you'll need to pay over the course of your loan. How we determine interest will be explained within your Terms and Conditions.

No, your repayments are fixed for the duration of your loan.

Of course, you've got 14 days to change your mind about a personal loan. After that, you'll be bound by the terms of your loan. If you decide your loan is not right for you within 14 days, give us a call on 0800 096 0543. We're here Monday to Friday 8am-10pm, Saturdays 8.30am-6pm and Sundays 9.30am-5.30pm.

Calls may be recorded for security purposes and monitored under our quality control procedures. Calls are free from a landline and from a mobile when calling from the UK.

Lenders usually do a search on your credit report to help them assess your credit history before they lend to you. During a credit search, credit reference agencies will give lenders information about your credit history based on your name and address. This leaves a footprint on your credit record so other lenders will know that you've recently applied for credit if they search your record.

Representative APR is the interest rate we offer at least 51% of our customers. The APR you're offered might be different from our Representative APR. That's because your application is treated on an individual basis and the rate you're offered depends on a number of factors including your personal circumstances and credit assessment.

You must make your monthly repayments by Direct Debit.

You can choose not to pay your loan for the first 2 months, but you must select this option during your application. Remember that interest will still be charged during this time.

Here are a few things you can do:

  • Make all your regular payments on time. If you missed a credit card, mortgage or loan payment (or even a utility bill), it could be registered on your credit report and affect your chances of getting credit in the future.
  • Check that you're registered on the Electoral Roll at your current address: Lenders use this to confirm your name and address.
  • Check the information on your credit report is accurate and up to date. Dispute anything you don't agree with. If you've financial links to people on your credit report which are no longer correct − for example, if a former partner is still shown as a financial associate − ask for them to be removed
  • Don't apply for lots of cards, loans, or other credit products, at the same time. Try to spread out your credit applications and investigate any credit refusal before you apply elsewhere.

A credit reference agency is an agency which collects and stores information about people in the UK. It creates credit reports using information from credit card companies, banks and other public records.

Once you've made your first repayment you can change your repayment date. Make sure to get in touch at least 10 working days before your next payment is due so that we can make this change in time.

If you applied for your loan on or after 10 December 2017

You can send us a message through online banking or contact us to request this change.

If you applied for your loan before 10 December 2017

Call us on 0800 096 0543* to request this change.

*We're here Monday to Friday, 8am to 10pm, Saturday 8.30am to 6pm and Sunday 9.30am to 5.30pm. Calls may be recorded for security purposes and monitored under our quality control procedures. Calls are free from a landline and from a mobile when calling from the UK.

Of course, once your first payment has been made, you can send us a message through online banking or just contact us if you need to change your Direct Debit details.

You can register a claim on your Payment Protection Insurance by calling us on 0345 602 9101. We're here Monday to Friday 8am–6pm. Calls may be recorded for security purposes and monitored under our quality control procedures. Calls are charged at local rates from a landline and from a mobile when calling from the UK.

APR stands for Annual Percentage Rate. This shows how much you'll be charged for borrowing in an average year, over the period of your loan. To see an example APR in terms of how much money you'll need to repay, you can use our loan calculator.

Pick up a Nectar card application at your local Sainsbury's store. A Nectar card is included in the pack, so you can start using it almost immediately. All you need to do is activate your card online at the Nectar website.

Or you can quickly apply online at the Nectar website. It only takes a few minutes.

If you applied for your Sainsbury's Loan before February 2009 then you can call us on 0345 725 3519 and select option six to talk about your complaint.

There are some differences between joint and single accounts. If you take out a joint loan then the Terms and Conditions apply to everyone named on the account – as a couple and as an individual. That means we can claim the amount you owe us back from you as a couple or as an individual. This doesn't change if you're no longer in the relationship.

If one of you dies, their estate will be responsible for repayment of the loan along with the other joint account holder(s).

Please get in touch as soon as you think you might not be able to make your monthly payment. Call us on 08085 40 50 60 or write to us at:

Sainsbury's Bank
PO Box 4955
Worthing
BN11 9ZA

If you applied for your loan on or after 10 December 2017

If you miss a monthly repayment

  • You'll be charged a £25 late payment fee
  • You could be in breach of your agreement with us
  • You might have to repay all amounts you owe to us
  • We might take the monthly payment you owe us from money you hold in savings accounts with us (whether or not it is in just your name or held jointly with someone else)
  • Your credit rating will be seriously affected and it could be harder to get credit in the future

If you're concerned about your repayments or you've missed a monthly payment, get in touch by calling us on 0800 056 0565 or writing to us at:

Sainsbury's Bank
PO Box 5021
Worthing
BN11 9BB

If you applied for your loan before 10 December 2017

If you miss a monthly repayment

  • You'll be charged a £25 late payment fee
  • You could be in breach of your agreement with us
  • You might have to repay all amounts you owe to us
  • We might take the monthly payment you owe us from money you hold in savings accounts with us (whether or not it is in just your name or held jointly with someone else)
  • Your credit rating will be seriously affected and it could be harder to get credit in the future

If you're concerned about your repayments or you've missed a monthly payment, get in touch by calling us on 0808 145 0392 or writing to us at:

Sainsbury's Bank
Mail Services (MCP Leeds)
Lovell Park
Leeds
LS1 1NS

You have to repay your loan by Direct Debit or by making overpayments in line with our Terms and Conditions.

If you need to change your Direct Debit details, you can do so after your first payment has been made.

You can make overpayments to your loan account by bank transfer. Before making any overpayments please get in touch to let us know that you're planning on doing this, in line with our Terms and Conditions.

If you applied for your loan after 10 December 2017 then you can manage your account online. Just head to sainsburysbank.co.uk/register to log in or register for online banking.

If you applied for your loan on or after 10 December 2017

You'll get an annual loan statement. It'll be posted to you around a year after you took out your loan.

If you're registered for online banking then you can look at your statement online. For quicker access to your statements and to help us help the environment, you can choose to go paperless. You can do this using online banking. Just select 'My Details' and then 'Correspondence preferences'.

If you applied for your loan before 10 December 2017

You'll get an annual loan statement. It'll be posted to you around a year after you took out your loan.