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Sainsbury’S Bank To Offer Low-Rate Unsecured Loan Up To £35,000

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http://www.theguardian.com/money/2014/oct/17/sainsburys-bank-low-rate-unsecured-personal-loan

Borrowers who want to take out a personal loan are not only being offered rock-bottom interest rates – but also the chance to borrow record amounts of up to £35,000.

Sainsbury’s Bank has become the first provider to offer new and existing customers a personal unsecured loan of £35,000. It comes with a typical interest rate of 6.9% for those borrowing over five years, or 6.8% for those borrowing between one and three years.

Personal loans are usually available for amounts up to £25,000, where the best rate is just under 5%.

Sainsbury’s said its decision to move into the “larger loans market” was because it wants to offer “greater choice and flexibility to those considering making a significant investment or purchase, such as home reconfigurations and renovations like an extension.”

The tightening of rules on mortgage lending may also be behind the move. These came in April this year and have meant it is harder for borrowers to get a home loan or to extend an existing one to pay for something like home improvements.

Supermarkets becoming banks. The financialisation of the global economy continues. Still soon you may need a loan like this to buy a loaf of bread.

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Next will be the CO OP offering cheap loans for funerals.....borrow money to buy your monthly food shop, pay for it a year after you have eaten it, forgotten what you bought but still having to pay for what you can't remember buying.

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excellent news for people with student loans. Borrow £35,000 pay off your student loan declare yourself bankrupt.

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