The bank states it’s made “temporary upgrades” to its funding standards because of the current uncertainty arising from the coronavirus catastrophe. It states it’s going to continue to maintain the standards under review.
We’ve seen many top 0% credit card prices worsen lately and suppliers tighten their financing, but Sainsbury’s Bank is the earliest we’ve seen to bring into a blanket ban on charge card also loan software for many self-employed men and women.
Sainsbury’s Bank now gives the joint-longest 0% interval for purchases on a credit card and features in our best purchases for 0% balance transfer cards and charge cards that offer rewards.
In case you desire a new credit card or loan, visit our Cards and Loans guides for all of the current top choices.
Could I still receive a charge card or loans if I’m self-employed?
It is very important to stress that Sainsbury’s Bank is your sole bank we have seen implement this type of blanket limitation up to now.
HSBC, Lloyds Banking Group, M&S Bank, MBNA, Nationwide, Santander, Tesco Bank, TSB and Virgin Currency have told us that they ARE still committing to a self-employed men and women, though every bank will have its own standards for that it takes.
This implies that if you’re self explanatory you may nevertheless have the ability to receive a number of the highest credit cards and loans on the market – for instance, M&S Bank now gives the joint-longest 0% balance transfer card.
However, lending criteria have become tighter across the board in recent months, so before you apply, it’s worth using our eligibility calculators for credit cards and loans to see which products you’ve the best chance of being accepted for.
What does Sainsbury’s Bank say?
A Sainsbury’s Bank spokesperson said the pause on lending to self-employed people was a temporary measure due to the current situation, adding: “We constantly review the market and consider a number of factors, when providing credit cards and loans. We’re sorry for any inconvenience this may cause these customers and we’re keeping this decision under constant review.”