Sainsburys - More Than Just A Supermarket (Sainsbury's Bank)

Member Name: junkboxjules

Product:	Sainsbury's Bank
Date:	18/04/02 (243 review reads)
Rating:

Advantages: Quick and easy to arrange, first repayment not due for 2 months, No lenghty form filling

Disadvantages: Don't get caught out by the insurance premium, £30 courier fee

I was recently looking to take out a loan to consolidate my finances. As I already had an existing loan with Sainsburys Bank I decided to request the settlement figure so I knew how much to borrow.

Having received several quotes I decided to close my existing loan with Sainsburys Bank and take out a new agreement with them. One of the main advantages being that as an existing customer they had my details on record and were able to agree to the loan over the phone - in total they took about 20 minutes to ask the necessary questions and agree to the loan.

Sainsburys loans are all arranged over the telephone, once agreed a courier calls within 24 hours and delivers either a cheque or an agreement which you activate by telephoning a number and confirming a few details, this takes about 2 minutes, the money is then transferred into your bank account with 3/4 days.

Another advantage is that the first repayment is not due for 2 months and therefore provides an opportunity to put the money aside for a treat etc.

One disadvantage is that you have to pay £30 for a courier to deliver your cheque and agreement - this is payable the month before the first repayment.

If you are taking out insurance to cover the monthly repayments ask about the level of cover you require, otherwise you will be given the gold cover - the cost of which is considerably more than the bronze and silver cover which may well be better suited to your requirements.

Also don't get caught out with the insurance they try to sell you for accidental damage caused by flood etc - if you have contents insurance you are probably covered anyway. They don't ask if you want the insurance they just tell you that your first payment will be X which covers the courier charges and an insurance to cover accidental damage etc - when I asked how much the insurance premium was I was suprised to learn that it was in excess of £100 - I rejected this and only paid
£30 for the courier - but feel that many will get caught out.

Summary: