Loans
Customer Support

Loans Frequently Asked Questions

The Reward loan was closed to new applications on 16th December 2014. All applications made before this date will be honoured.

All Nectar points already earned and any further points earned over the 2 year double Nectar Point period will continue to be credited to your account as normal.

Your Loan will continue to run as normal until the end of its term or if you choose to repay it early (whatever comes first).

Please contact us if you have any further questions.

You can apply for a loan online now and in most cases you will get an instant decision, or you can call 0800 169 8503. We’re open Monday to Friday 8am–10pm, Saturday 8.30am–6pm and 9.30am–5.30pm on Sundays. Telephone 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 you've applied and have been approved, we'll send you an agreement to read, sign and return to us.

Any amount between £1,000 and £40,000

APR (Annual Percentage Rate), is how much it will cost to borrow money in an average year, over the term of your loan. It’s a way to compare the cost of borrowing from different lenders.

Representative APR is the interest rate we give to the majority of customers (at least 51%) for a particular amount. The rate we offer you depends on your personal circumstances, our credit assessment and other related factors.

We treat all our customers and their applications on an individual basis. At least 51% of accepted loan applicants will be offered our advertised Representative APR or less. All other accepted applications will be offered a higher rate. The APR and the interest rate we offer are determined by the details you supply, along with an independent verification of your credit and repayment history.

The total amount you repay on your loan includes the amount you borrow (capital) and the total amount of interest payable (total charge for credit). At the start of your loan we calculate the interest over the term of the loan and add this to the capital. The capital and interest is shown together as the total amount repayable on your loan agreement.

Your monthly payment will be the same every month and will consist of a percentage towards the amount of capital you borrowed and a percentage towards the interest due over the term of your loan. With every monthly payment, the amount of capital outstanding reduces, so the amount of interest charged decreases and the amount of capital you repay each month increases.

Like most lenders, we assess your application by using credit scoring. Credit scoring works by awarding points based on:

  • Information you provide on your application form
  • Information we already have about you, if you’re already a customer
  • Information held on your credit reports − which you can check with credit reference agencies

Additionally to meet our responsible lending obligations, we carry out further checks to make sure that the loan repayments are affordable.

This is a search on your credit report to assess your credit history. It's based on your name and address and is provided by credit reference agencies. Our searches will be noted against your name to make other lenders aware we have requested information about you.

These are agencies which collect and store information about people in the UK. They source information lenders such as credit card companies, banks and from other publicly available records. They use this information to compile credit reports.

If you're unhappy with our decision, you can write to us at the address below. We'll provide you with an explanation as to how your application has been assessed. Underwriters (CLS Appeals)
3 City Park
The Droveway
Hove
East Sussex
BN3 7AU
You can also get a copy of your credit report from the following 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

We’re happy to consider another application after six months.

Here are a few things you can do if you want to improve your credit rating:

  • 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 have 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.

Once we’ve approved your application, we'll send your agreement by first class post. You’ll need to check all the details and sign the agreement as well as the Direct Debit. Once we have your signed documents, we’ll transfer your money directly to your bank account, usually three to five working days later.

Your Sainsbury's Bank personal loan can be used for virtually any legal purpose like a new car, holiday, home improvements, or debt consolidation. We don't give loans for businesses, speculative purposes such as investments and timeshares.

Yes. You have 14 days to change your mind about your personal loan. If you decide you no longer want it, call us on 0800 096 0543. We're open Monday to Friday 8am-10pm, Saturdays 8.30am-6pm and 9.30am-5.30pm on Sundays. After 14 days you'll be bound by the terms of your loan.

Telephone 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.

No, your payments are fixed for the term of the loan and won’t change even if interest rates change.

Yes. We give you the opportunity to take a repayment holiday of two months at the beginning of your loan. Interest is accrued during the payment holiday.

We’ll collect your payments monthly by Direct Debit.

You can change the date of your Direct Debit after you have made your first repayment. To give us time to make this change, please call us a minimum of 10 business days before your next payment is due. Call us on 0800 096 0543. We're available Monday to Friday, 8am to 10pm, Saturday 8.30am to 6pm and Sunday 9.30am to 5.30pm and will be happy to help you.

Telephone 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.

To find out you outstanding balance, simply call us on 0800 096 0543.

You can pick up 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. However, you will need to activate your card online at the Nectar website.

You can also apply online at the Nectar website. It only takes a few minutes.

If you applied for your Sainsbury's Loan before February 2009 you may have a valid complaint. To discuss this with us, please call 0345 725 3519 and select option six.

To register a claim on your Payment Protection Insurance policy, call 0345 602 9101. We’re open Monday to Friday 8am–6pm. Telephone 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.

You can apply by calling us on 0800 055 6411 and quoting P0625T. Once you've applied and have been approved, we'll send you an agreement to read, sign and return to us. (only available to Northern Irish customers)

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