The Sainburys loan is a flexible deal with below-average rates and excellent repayment terms (take a holiday, get the money fast if you need it). Note there's no cooling off period on the contract, and early redemption will cost you two months interest.
Sainburys loan examples (correct at publication date, uninsured):
|£3000 across 2 years
|£5000 across 5 years
|£10000 across 7 years
Your Sainburys loan is remarkably flexible- not only because you can pick one up with your shopping. With loan amounts from £1000 to £25000, they offer immediate approval online or over the phone, although phone deals attract slightly higher rates. If you're really desperate, for a £35 fee, they'll even courier the cheque over to you within 24 hours, but that's not going to be great value. You can also choose to take a holiday of up to three months before beginning repayments- very useful if you're between jobs for example, or consolidating debts.
There are a few restrictions- a Sainburys loan can only be taken out for a maximum of five years (if you want longer, see other providers), and cannot be used for speculative (i.e. business or sharedealing) purposes, or timeshares. This is pretty standard. Note also that unlike some companies which offer you a cooling off period, once your Sainburys loan agreement is signed there's no going back.
Payment is by direct debit, and you can choose which day of the month you'd like to pay on. Sainburys are also clear about redemption: if you want to pay the sum off early, you'll be penalised two months' interest.
Like all too may sites, whilst protection is offered on your Sainburys loan (and interestingly, there are three levels of cover), rates are not clear on the website, so ask before you buy.